$100,000 Grant Helps Greater Bergen Community Action Drive Financial Empowerment
TAPINTO PATERSON | April 21, 2019
Increasing credit scores, managing and saving money, and consolidating their debt at lower interest rates are just a few of the benefits participants in the first round the the Greater Bergen Community Action, Inc.'s (GBCA) Paterson Family Financial Empowerment Program. The program was made possible by a $100,000 granted awarded to the GBCA by Impact 100 Garden State: a women-led philanthropic organization that provides high impact, transformational grants to local nonprofits that reach under-served populations in Morris, Passaic, Somerset and Sussex counties. Of the $100,000, $50,000 was allocated to education and banking services for Paterson families and the other $50,000 is being used for direct funds to those same families. Additionally, in partnership with Impact 100, GBCA put an additional $50,000 of its own into the loan pool. As part of the program all GBCA Head Start families will also have the opportunity to open accounts with 1st Bergen Federal Credit Union, who will also be opening "satellite" branches which will function as once-a-week banking locations at all GBCA Paterson Head Start schools, for as little as $5.