Private-Nonprofit Partnership Continues to Grow and Change Lives

This week, Bank of America and Local Initiatives Support Corporation announced a new $3.75 million commitment by the bank to support LISC redevelopment efforts in urban cities across America. Kansas City is one of 20 cities that benefit from the LISC/Bank of America partnership, which has resulted in a charitable investment of more than $1.1 million to help improve urban neighborhoods on both sides of the state line. Below is an example of how the unique private-nonprofit partnership is changing lives in Kansas City.

» Read the LISC/Bank of America press announcement

Bank of America and LISC partner to lift KC area families out of poverty

One year after launching the Financial Opportunity Center (FOC) Network in Kansas City, LISC and its steadfast partner Bank of America are helping lift families out of poverty. With two FOC sites open and a third opening this fall, the partnership is helping low-income residents train for jobs, build credit, and better manage their money.
Through May, 155 individuals have received assistance from a Financial Opportunity Center.  The majority established realistic budgets, and some clients have found employment, improved their credit score and even increased their net worth. In the process, LISC and Bank of America have gained some valuable insight into the population that is being served. The typical client who is benefitting is female, over 40 and earning less than $10 an hour, and surprisingly, roughly 70% of all clients seeking help have completed at least some college.

“These numbers shed light on the new face of the working poor – many of whom are educated, heavily in debt and without stable and lasting employment,” said Stephen Samuels, LISC executive director.

For “Rita,” a middle-aged single parent who is unemployed, FOC financial and employment coaches encouraged her not to give up. They counseled her on developing financial goals, budgeting and fine-tuning her resume. “They help build my confidence and remind me that I’m still important in the business world,” said Rita, who wants to build a more stable financial future for her sons.

» Read the full article on our website

“The successful partnership between LISC and Bank of America is an example of the importance of the private sector and nonprofits working together to tackle tough issues.”

Stephen Samuels
Greater Kansas City LISC Executive Director

“Bank of America fully recognizes that it’s necessary for individuals and families to have the tools and capabilities to budget and financially plan for their future as these are important ideals which embody the LISC Financial Opportunity Center (FOC) model. Our assistance  for the FOCs demonstrates efforts by Bank of America to help  Kansas City’s economy improve as well as  provide local communities with job training and career services to create and grow employment opportunities.” 
Jack Ovel
Kansas City President for Bank of America