The National Council for Financial Opportunities is a nonprofit working to increase opportunity for all.
The NCFO has three areas of programmatic focus:
Financial Resiliency (increasing basic financial capabilities)
Financial Accessibility (financial inclusion)
Income Adequacy (path to economic mobility)
Increasing Equitable Access to Opportunity
Transitioning to permanent disability destabilizes households. A not-for-profit, low income designated CDFI refinanced a family's loans to reduce monthly payments from $1,024 to $513. This is financial accessibility and financial resilience in action. Stable households are critical to eliminating toxic stress which keeps people living in poverty.
A lost job during the pandemic (or anytime) puts transportation to work at risk. A low income designated, not-for-profit CDFI refinanced a vehicle from 18% APR to 4.99%, paused and extended payments ultimately keeping $175 a month in the house and retaining the critical transportation. A nonprofit community based organization (CBO) helped placement in a higher-paying job. Every programmatic area supports to economic mobility.
Opportunity Initiative Summits open doors to the collaboration of CDFIs and nonprofits to increase impacts while reducing the financial burden on nonprofits. One community healthcare center colocated a CDFI to ensure clients could regain lost funds to afford prescriptions. Equitable financial access supports equitable access to healthcare. Both are critical to economic mobility.