AKON, Ohio — AKON is one of seven municipalities selected for its small business boost initiative.
The city was announced on Monday alongside the national city for the Financial Empowerment Fund. The goal is to connect local small business support services to the Financial Empowerment Center (FEC) initiative run by the United Way of Summit and Medina.
“Our small businesses are at the heart of our community,” Akron Mayor Shammas Malik said in a news release. “We want entrepreneurs to start, grow their own business and manage their own personal financial journeys. We look forward to seeing success in our SME boost pilot program and continuing their growth with support from CFE funds and Principal® Foundation. They choose to support Akron.”
Akron received a $90,000 grant to support the new initiative.
Professional one-on-one finance counseling is offered as a free public service through FEC. Business owners and entrepreneurs can also call 211 to make a consultation appointment, or click here.
“Small business ownership is a powerful channel to opportunity and helps entrepreneurs build financial security and wealth for themselves, their families and communities, but for many, personal finances are a barrier to a strong start.” “We are excited to team up with Mayor Malik and the Small Business Boost Principal Foundation.
Akron said it is seen as a pathway to building wealth with releases while owning the business. Many owners and entrepreneurs face personal financial barriers that can affect their ability to grow or start a business.
The Principal Foundation, a global nonprofit, supports initiatives to help local business owners improve their personal finances and set them up for success.
“Small businesses are the mainstay of our country’s economy, the path to financial security for millions of Americans and the backbone of our community,” said Joe Christine Miles, director of the Principal® Foundation. “The Principal® Foundation will remove barriers and support organizations and programs that create opportunities for SME owners and entrepreneurs, helping them grow their businesses and build a financially safe future. This is why they continue to support the Financial Empowerment Fund cities and their SME Boost initiative, a program that has positively impacted local SME owners and their communities.”
Akron was one of the first municipalities selected for pilot small business boosts between 2022 and March 2023. The program examined management and improvement of individual finances, as well as setting the foundations for building and growing businesses. Through city participation, this next iteration will use information from the pilot program to encourage new initiatives between financial counseling services and small business support programs. We also study the journeys of small business clients, and personal finances can bring to business success.
The city will arrive in various areas around Akron in collaboration with the Progressive Alliance, the North Hill CDC, and in particular the Akron Food Works team. Small and medium-sized businesses in the city can participate in this program. The Akron Financial Empowerment Center helped more than 3,000 residents increase their savings by $3,449,790.
Business owners can schedule virtually or directly on either the United Way of Summit and Medina’s Medina or Summit Locations
