Breaking the Poverty Cycle
Several banks have grant programs designed to help low income people pull themselves out of the poverty cycle.
Citibank is helping to fight the well-documented problems of low-income, sole supported households in the Washington, D. C. area. The bank presented $250,000 to Women and Families Financial Independence Initiative, a program that seeks to build independence for 10,000 low-income families with single heads of households. According to a 2003 study by the Women's Foundation, the help is greatly needed. The study found that 70 percent of women-headed families in Washington, D.C. are living in poverty. Citibank also is offering training on money management, savings, investing, and credit.
California Bank & Trust recently announced a $25,000 grant to One Economy Corporation, a national non-profit organization that seeks to be a catalyst for change by bringing technology into low-income households and small businesses. One Economy has built an online portal for low- and moderate-income individuals to get them information in areas such a money management, jobs, school, family, and health. It also has an Entrepreneur Center where people can go for advice on starting or improving a business.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 1, 2/05
First published on 02/01/2005