LISC teamed up with Rocket Community Fund to connect under-resourced communities to the coaching and financial products they need to accelerate their asset-building journey in the current economy. Our initiative has helped nearly 2,100 people develop the financial know-how to make the most of their incomes and build savings at the same time. Meet three of them.
As the costs of housing, food and other basic necessities continue to rise, residents in under-resourced communities often find there’s not much income left over to build savings for emergencies or to reach financial goals like buying a car or a home. LISC teamed up with Rocket Community Fund in late 2022 to launch the Rocket Wealth Accelerator, a three-year initiative to connect communities in Atlanta, Cleveland, Detroit, and Milwaukee to the coaching and financial products they need to accelerate their asset-building journey in the current economy.
Working through LISC Financial Opportunity Center® partners, the Rocket Wealth Accelerator has connected nearly 2,100 people across the four cities to financial coaching services focused on building income, savings, and credit. Some 60% are women and nearly 90% come from communities of color. What’s more, 560 people have built savings, 285 have increased their FICO score, and 200 have opened matched savings accounts.
With support from the Rocket Wealth Accelerator, more people are developing the financial know-how to make the most of their incomes and build savings at the same time. Check out some of our favorite stories about people impacted by the initiative.
Meet Romell Johnson from Detroit
Romell Johnson came to LISC partner SER Metro-Detroit looking to build savings, start a new career and replace his unreliable car. While working with a SER Metro financial coach, he learned how the Rocket Wealth Accelerator, a dollar-for-dollar matched savings account, could help him achieve his goals faster. Thanks to this boost provided by Rocket Community Fund through LISC, Johnson stayed focused on his budget, earned a $500 savings match, and bought a new car.
“You’re ecstatic when you drive off the lot,” said Johnson, who recently started a full-time job with benefits as a maintenance technician. “It made me see that new goals are possible. Why not work to get a house next?”
Learn more about Johnson’s story.
Meet Katrena Holmes from Atlanta
“The one thing that I see in everyone who sits in my office is a desire to succeed,” says Derrick Hill, a financial coach at Atlanta Center for Self Sufficiency (ACSS), a LISC partner organization supported by Rocket Community Fund. “It’s exciting for me to help create the pathway to make those dreams a reality.”
Katrena Holmes is among those pursuing their dreams with help from Hill. A food entrepreneur looking to jumpstart her business and grow her income, Holmes first met Hill at an ACSS financial health event where he spoke about how to set financial goals, build credit, and save. Feeling inspired, Holmes began meeting with Hill one-on-one each week. Since then, she opened a Rocket Wealth Accelerator matched savings account, hit her monthly savings targets, and set new goals to continue building her savings and restore her credit.
Learn more about Holmes’ story.
Meet Sonja Cross from Detroit
Sonja Cross’ dream is the American dream: owning her own home. To help kickstart the asset building journey to homeownership, her financial coach at LISC partner Wayne Metro Community Action Agency recommended that she open a Rocket Wealth Accelerator dollar-for-dollar matched savings account, made possible by Rocket Community Fund through LISC.
Despite unexpected expenses, Cross focused on saving while also repairing her credit and paying off debt. After reaching her $500 savings goal and earning the Rocket Wealth Accelerator match, Cross is confident she has the financial know-how to become a homeowner.
Learn more about Cross’ story.
