No Struggle, No Progress

New Financial Opportunity Center offers Financial and Employment Coaching

NOVA Workforce Institute of NELA (NOVA), in partnership with national community development partner, Rural Local Initiatives Support Corporation (LISC), announces the grand opening of a Financial Opportunity Center (FOC) to serve the residents of Northeast Louisiana. NOVA has been working with Rural LISC to implement the FOC model to begin offering tailored services designed to help center participants secure living wage jobs, build credit, reduce debt, and gain wealth. “Families in Northeast Louisiana need programs like this now more than ever,” says Caitlin Cain, Vice President of Rural LISC. “Learning how to change financial behavior in ways that increase income, decrease expenses, and help acquire assets during the COVID era is critical. We’re proud to be working with NOVA as they implement our FOC model to help improve financial and employment opportunities in their community.” The new center is part of LISC’s national effort, in collaboration with Fannie Mae, Rural LISC, and NOVA and other industry partners, to expand the FOC model across rural communities. “We are excited to work with Rural LISC and NOVA on the opening of the new Financial Opportunity Center (FOC) in Monroe, LA,” said PJ McCarthy, Fannie Mae Vice President for Community Lending. “Now more than ever, supporting households in rural America is key to ensuring that those who have been impacted by COVID-19 are able to access resources that will help create greater economic mobility and financial stability.” The NOVA-operated FOC is currently open in Monroe, LA. This center will serve residents living in the expanded rural communities in and around the center location. NOVA’s Executive Director Paul West, said “NOVA has been very pleased to work with Rural LISC to explore a model for the FOC that works in our rural communities. The need is great for rural Northeast Louisiana families to obtain comprehensive financial empowerment to connect to available resources and opportunities. NOVA is always looking for ways to help our community progress economically – this model absolutely accomplishes that.” FOCs focus on the financial bottom line for low-to- moderate income individuals. They provide families with services across three areas: employment services; financial education and coaching; and public benefits access. The core services are offered through an integrated, data-driven model to reinforce one another and to provide a multi-faceted approach to income and wealth building. Data has shown that clients receiving this integrated approach through the FOC model, are more likely to increase net income, reduce non asset-related debt, build a positive credit history, and increase their overall net worth. The new FOC has a goal to collectively support more than 50 individuals and families in the first year with customized financial stability action plans. The FOC model serves 30,000 individuals and families annually through LISC’s more than 100 FOCs operating across the country. NOVA’s Financial Opportunity Center coaches are located across Northeast Louisiana. To schedule an appointment, please contact us at (318) 855- 1923 or [email protected]. A Virtual News Conference and Q&A with NOVA is planned for Thursday, August 27, 2020 at 11:00am CST. If you would like to attend, please email [email protected] or [email protected] to gain access to the Zoom call. This session will also be recorded if you are not able to attend. ABOUT RURAL LISC Launched in 1995, Rural LISC is the rural component of the largest community development support organization in the country, called LISC (Local Initiatives Support Corporation). For 24 years, Rural LISC has partnered with rural communities, helping to forge innovative solutions that lead to prosperity and opportunity. Rural LISC provides a wide range of services, including financial support, training, technical assistance and information to help rural community developers address the problems rural communities face. This assistance comes in the form of loans and grants, national policy support and technical and management assistance. To date, Rural LISC’s investments in rural America have totaled $1.25 billion in grants, equity and low-cost loan funds. Rural LISC has leveraged this investment resulting in close to $3.3 billion from public and private sources, to produce 35,000 affordable homes and apartments, create 4 million square feet of commercial and community space, assist 700 businesses, create 12,000 jobs and support 20 early childhood centers. By generating resources and investing in the grassroots efforts of its 92-partner community-based organizations in 44 states, Rural LISC is committed to making rural communities good places to live, work, do business and raise children. Learn more at http://www.lisc.org/rural

 

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