Accessing Community Financial Health Centers in Tennessee
GrantID: 14059
Grant Funding Amount Low: $5,000
Deadline: Ongoing
Grant Amount High: $40,000
Summary
Grant Overview
Community Financial Health Centers in Tennessee
Tennessee faces significant barriers to financial health, especially in underserved communities where access to basic financial services is limited. The Federal Reserve reports that Tennessee ranks among the states with the highest percentage of 'unbanked' individualsapproximately 10% as of 2021. This lack of access to banking and financial advice results in economic hardships for many residents, particularly in rural areas where resources can be sparse.
Residents who live in low-income neighborhoods or rural areas of Tennessee often struggle with obtaining the financial services necessary for economic mobility. Many face issues such as high levels of debt, limited understanding of financial products, and an overall lack of access to quality financial advice. Consequently, individuals may fall victim to predatory lending practices, creating a cycle of debt that is hard to escape.
To combat these challenges, the grant will fund the establishment of community financial health centers throughout Tennessee. These centers will focus on offering free access to financial advice and planning services for those in need. By providing resources in local communities, the initiative aims to reduce financial stress and improve the overall well-being of participants.
Eligibility for this grant will be based on financial need, with an emphasis on serving low-income individuals and families who could benefit from tailored financial education programs. Workshops will cover essential topics such as budgeting, debt management, and saving, ensuring that all participants leave with practical knowledge applicable to their financial situations.
This initiative is critical for Tennessee, where many communities lack sufficient access to financial resources and advice. By equipping residents with the tools they need to make sound financial decisions, this grant will ultimately contribute to improved financial literacy and economic stability within the state. The establishment of these centers will serve as a foundational support system, offering guidance and resources to empower individuals to take control of their financial futures.
Eligible Regions
Interests
Eligible Requirements
