Spotlight on Research: Cities for Financial Empowerment Effort

During periods of economic hardship, virtually all segments of the population are adversely affected. While many individuals eventually make strides in recovering financially, some are not as fortunate. The less fortunate are not only unable to effectively improve their financial well-being but they also have difficulty contributing to the revitalization of their communities. In order to assist those in this sector, it is imperative to understand the factors that contribute to the difficulties they encounter in improving their plight, to pinpoint strategies to aid in their endeavor, and to identify the organizations/institutions best suited to help them become financially stable. The Corporation for Enterprise Development (CFED) confronts this challenge in a report that it compiled detailing the efforts of the Cities for Financial Empowerment (CFE) Coalition. The report chronicles the lessons learned by the local governments of the member cities (now 12, but 11 at the time) in addressing the struggles of financially vulnerable populations to restore their economic well-being after experiencing an economic setback. The following is a summary of CFED?s report.