Grant will fund financial advisor serving women in crisis situations
Charlotte, N.C., April 22, 2019 -- Common Wealth Charlotte (CWC), a nonprofit organization that serves Charlotte's low-income wage earners through financial literacy education and access to non-predatory financial services, has been awarded a $20,000 grant by the J. Jill Compassion Fund. The grant will be used to fund a financial advisor at CWC who works with women in crisis situations.
Founded by women's clothing retailer J. Jill in 2002, the J.Jill Compassion Fund provides support to community-based organizations that help disadvantaged and homeless women become self-sufficient. With a desire to deepen its impact and relationships with a focused group of organizations, the fund makes its grants through an invitation-only request for proposal (RFP) process. The J. Jill Compassion Fund invited Common Wealth Charlotte to submit a proposal late last year.
"We are honored to receive this grant from the J. Jill Compassion Fund," said Chuck Jones, executive director of Common Wealth Charlotte. "These funds will be invaluable as we work with women in need in Charlotte and help them to achieve financial stability and independence."
Common Wealth Charlotte is the exclusive financial literacy provider to 36 local nonprofits and workforce development agencies and serves the estimated 150,000 Charlotte residents who work full time yet make only 30 to 35 percent of the area median income.
On pace to serve 5,000 clients this year, CWC provides Charlotte's low-wage earners with complimentary trauma-informed financial education (TIFE), an approach to financial literacy that incorporates a deep understanding of the physical, psychological and emotional trauma experienced by the working poor. Through partnerships with banks and credit unions, CWC also connects its clients with traditional, non-predatory financial services, and the organization also provides Opportunity Loans up to $750 in size with a maximum six-month term at a 3.15 percent annual percentage rate (APR). Proceeds from the loans can be used for unexpected income gaps, to pay off predatory loans or to address priority items such as evictions and auto repossessions that substantially affect clients' credit scores.
Over the past 18 months, Common Wealth Charlotte has received more than $300,000 in grants from companies and foundations including Ally Financial, Bank of America, Foundation For The Carolinas, The Leon Levine Foundation, The Merancas Foundation, Sisters of Mercy of North Carolina Foundation, Social Venture Partners, United Way Central Carolinas and Wells Fargo.
About Common Wealth Charlotte
Common Wealth Charlotte (CWC) is a financial-empowerment nonprofit organization serving Charlotte's low-income wage earners, or the approximately 150,000 residents working full time and making 30 to 35 percent of the area median income (AMI). A partner to 36 local nonprofits and workforce development agencies, CWC's goal is to assist in the achievement of financial independence through innovative financial education, asset-building strategies and access to non-predatory banking services and loans. CWC believes financial instability underpins every challenge faced by this population, including housing, transportation, education, employment security, debt management and access to healthcare. CWC's mission to establish pathways to financial stability is integral to this population's well-being, as well as to Charlotte's community-wide initiative of increasing upward mobility for its underserved residents. To find out more, visit www.commonwealthcharlotte.org.