LISC partners with the Springfield Urban League and State Farm® to launch Springfield’s first Financial Opportunity Center

Springfield, IL (September 25, 2018) – Springfield residents looking to improve their credit and financial stability now have an opportunity to do so. Local Initiatives Support Corporation of Greater Peoria (LISC) is partnering with the Springfield Urban League and State Farm® to unveil the city’s first Financial Opportunity Center (FOC), located on Livingston Avenue on Springfield’s east side. The financial opportunity center will assist residents wanting to improve their or their family’s financial stability while gaining and expanding new job skills.

LISC’s mission is to expand economic opportunity and revitalize Central Illinois communities. Ongoing efforts include investments in affordable housing and business development, alongside support for good jobs, community safety, health and education. FOCs are a central part of that effort, according to Karen Davis, executive director of the local LISC office. “Managing personal financial resources can lead to a pathway out of poverty,” she said.

LISC, with support from State Farm, is excited to launch a new FOC at the Springfield Urban League. The program is part of a national network of more than 85 FOCs across the country created by LISC to help residents find good jobs, improve their credit, build savings and expand their overall net worth.

The FOC at the Springfield Urban League will provide an estimated 100 area residents with financial coaching and employment services in its first year. All FOCs are embedded in local community organizations like the Springfield Urban League that are trusted, known for their history and reputation of providing quality services and programming, and convenient to where people live and seek out services. “Financial disparities and an imbalance in financial literacy and access to financial resources have made it challenging for African-Americans and low-to moderate income individuals to achieve financial equality,” said Nina M. Harris, President and CEO of the Springfield Urban League. “The resources afforded through the partnership with LISC and State Farm address inequality by providing tools to help in the creation of accumulated and generational wealth in low-income communities.”

FOCs provide employment counseling—including job readiness training and placement; one-on-one financial coaching and education; and connect participants with benefits that can offset their income, including public benefits. The FOC also offers financial products to help build credit, savings, and personal assets. The cornerstone of the FOC model is providing these services in an integrated way — rather than as stand-alone services — and with a long-term commitment to helping clients reach their goals. Outcomes data indicates that this bundled approach helps clients raise their incomes and net worth.

LISC’s FOC work in Central Illinois is primarily funded by State Farm, which supports similar LISC efforts all across the country. Since 2000, LISC and State Farm have worked together on affordable housing, economic
development, community safety and other key quality of life efforts across the country. Through 2017, more than 187,000 individuals have received wealth building services as a result of State Farm support.

A ribbon cutting ceremony to open the FOC will be held on September 25th at 11:00am at the Springfield Urban League’s Empowerment Center (700 South Livingston Avenue) in Springfield. Attendees will hear from both LISC and the Springfield Urban League, as well as from a State Farm representative and LISC’s own CEO Maurice Jones about how the FOC will benefit local residents. “LISC is poised to make an investment in Central Illinois’ economic growth by launching a Financial Opportunity Center network in the region,’ said Davis. “Our partnership with State Farm is critical to making this effort happen.”

The new FOC operates from the Springfield Urban League’s Empowerment Center, 700 South Livingston Avenue in Springfield, Ill.

From left to right: Mr. Hal Sparks, representative from US Congressman Darin LaHood's office; Representative Tim Butler, Illinois House District 87; Senator Andy Manar, Illinois Senate District 48; LISC Peoria Executive Director Karen Davis; LISC President & CEO Maurice Jones; Alderwoman Doris Turner, Springfield Ward 3; Springfield Urban League CEO Nina Harris; Mayor Jim Langfelder, Springfield; Representative Sue Scherer, Illinois House District 96; Pastor Jerry Doss, Abundant Faith Ministry; Brenda Iverson, State Farm.