SOUTH BEND, Ind. -- The City of South Bend announced the national Cities for Financial Empowerment Fund awarded the city a $150,000 grant to support the launch of its Financial Empowerment Center.

City officials say the South Bend Financial Empowerment Center (SBFEC) will offer no-cost, one-on-one financial counseling for South Bend residents.

Officials say it's the first of its kind in Indiana and the SBFEC will have professionally trained FEC counselors to help residents with low and moderate incomes manage their finances, pay down debt, increase savings, establish and build credit, and access safe and affordable mainstream banking products.

The Near Northwest Neighborhood, Inc. (NNN) was selected by the city to operate the center, following a competitive application process.

The SBFEC will launch temporary locations across the city later this year.

Its permanent home will be in the new Martin Luther King, Jr. Dream Center which opens in 2025.

“We are thrilled to launch the South Bend Financial Empowerment Center with the support of the Cities for Financial Empowerment Fund,” said South Bend Mayor James Mueller. “We thank the Near Northwest Neighborhood for this new partnership to empower residents throughout the city and help them achieve their financial goals and thrive."

In addition to the grant funding, city officials say the award provides technical assistance and resources to help staff and the NNN as they build the center into a high-quality service for residents.

The grant supplements Redevelopment Commission funding approved earlier this year for the SBFEC.

“Local leaders know first-hand the connection between family financial stability and community financial stability,” said Jonathan Mintz, President, and CEO of the Cities for Financial Empowerment Fund. “Mayor Mueller and the City of South Bend are working to join a growing national movement to bring free, high-quality financial counseling as a public service to their residents; we are proud to partner with Mayor Mueller to help residents work towards a stronger financial future.”

The Cities for Financial Empowerment Fund is a national non-profit organization that works to improve the financial stability of low- and moderate-income households by embedding financial empowerment strategies into local government infrastructure.

You can learn more about the Cities for Financial Empowerment Fund and the Financial Empowerment Center model online.