Columbus Financial Empowerment Center Expanding Services
Published on April 01, 2025
The City of Columbus, in partnership with the national Cities for Financial Empowerment Fund (CFE Fund), announced that it is one of seven municipalities nationwide to receive a $90,000 grant to participate in the Small Business Boost (SBB) initiative. In Columbus, the grant funding is being used to offer specialized support services for women small business owners and entrepreneurs at the Columbus Financial Empowerment Center, which launched in May 2022 as part of a collaborative endeavor between the Columbus Women’s Commission and Jewish Family Services to provide professional one-on-one financial counseling to all Columbus-area adults as a free public service.
“Women are a powerful force in the Columbus economy – driving innovation, creating jobs and promoting upward mobility for children and families,” said Shannon Ginther, first lady of the City of Columbus and chair of the Columbus Women’s Commission. “By deploying the Small Business Boost initiative through the Columbus Financial Empowerment Center, we will ensure that more women in our community have access to the financial tools and knowledge they need to succeed in their professional and personal lives, and at no cost to themselves. When women are empowered to succeed, all of us are poised to thrive.”
Small business ownership is widely regarded as an important pathway toward wealth building. However, many small business owners and entrepreneurs, particularly women, face personal financial barriers that impede their ability to start or grow a business. This initiative, supported by Principal® Foundation – a global nonprofit organization committed to helping people and communities where Principal Financial Group, Inc. operates to build financially secure futures – will help local entrepreneurs and small business owners in Columbus improve their personal finances, better positioning them to access capital and achieve their business goals.
“Small businesses are the mainstay of our nation’s economy, the pathway to financial security for millions of Americans, and the backbone of our communities,” said Jo Christine Miles, director, Principal® Foundation, and Community Relations. “Principal® Foundation supports organizations and programs that remove barriers and create opportunities for small business owners and entrepreneurs so they can grow their business and build financially secure futures. It’s why we continue to support the Cities for Financial Empowerment Fund and its Small Business Boost initiative – a program that has had a positive impact on local small business owners and their communities.”
The CFE Fund first piloted the SBB initiative in five municipalities in 2022. In addition to creating new initiatives between entrepreneurs and service providers, this next chapter will include robust qualitative research into the small business client journey and the impact of personal finances on entrepreneurial success.
“Small business ownership can be a powerful pathway to opportunity, helping entrepreneurs build financial stability and wealth for themselves, their families and their communities – but for too many people, personal finances are an obstacle to a strong start,” said Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund. “We’re thrilled to team up with the City of Columbus and the Principal® Foundation on Small Business Boost, which will help entrepreneurs manage their personal finances and better access capital and generate wealth.”
To date, the Columbus Financial Empowerment Center has helped over 900 residents reduce debt by $2.4 million and build savings by $950,000. For more information about FEC financial counseling services or to schedule an appointment, visit www.columbusfec.org or call the Columbus Financial Empowerment Center at (614) 237-9675.
About Principal Foundation
Principal Financial Group Foundation, Inc. (“Principal® Foundation”) is a duly recognized 501(c)(3) entity focused on providing philanthropic support to organizations that build financial security in the communities where Principal Financial Group, Inc. (“Principal”) operates. While Principal Foundation receives funding from Principal, Principal Foundation is a distinct, independent, charitable entity. Principal Foundation does not practice any form of investment advisory services and is not authorized to do so. 4197795-012025
About the Cities for Financial Empowerment Fund (CFE Fund)
The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting-edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund is currently working in almost 150 cities and counties representing 62 million people, and has disbursed over $69 million to city governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Bluesky at @cfefund.bsky.social.