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The New York Department of State has awarded a total of $1.1 million in grant funding to 11 community organizations to establish financial literacy programs.
The programs, open to individuals at or below 200 percent of the federal poverty guidelines, will offer one-on-one coaching with financial professionals as well as education on budgeting and money management.
Participants will receive information on homeownership, improving their credit scores, and decreasing dependance on credit card debt.
The programs will also cover opening check and savings accounts, asset building, and how to avoid financial scams.
According to Gov. Kathy Hochul’s office, a major component of the initiative is to help low-income individuals and families better understand their purchasing power.
“Financial literacy is crucial to helping New Yorkers save their hard-earned money as they work to build a better life for their families,” Hochul said.
“Through these programs, we can arm New Yorkers in communities across the state with the tools they need to build a more secure economic future for themselves and their loved ones.”
The programs, which will each receive a $100,000 grant, will be in the following regions:
- New York City
- Capital Region
- Mohawk Valley
- Western New York
- Southern Tier
- Finger Lakes
Funding for the programs comes from the federal Community Services Block Grant, which provides funds to states, territories, and tribes for support services aimed at alleviating the causes of poverty in under-resourced communities.
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