County Receives $75,000 to Build Local Financial Empowerment Efforts with Specialized Focus on Racial Wealth Equity

Tallahassee-Leon County Selected by Cities for Financial Empowerment Fund to Create Public Strategies That Prioritize Financial Mobility of Black Residents

Recently, Leon County Government was awarded a Cities for Financial Empowerment Fund (CFE Fund) grant of $75,000, along with intensive technical assistance, to participate in the CityStart initiative with a focus on racial wealth equity. The CityStart initiative helps local leaders develop and implement proven strategies to help local families and communities become more financially stable. Bloomberg Philanthropies’ Greenwood Initiative, whose mission is to accelerate the pace of Black wealth accumulation in the U.S., is advising the CFE Fund and grantees on the design and execution of the CityStart program utilizing a racial wealth equity lens. In partnership with the Capital City Chamber of Commerce, the funds will be used to host strategic community roundtables, host a financial empowerment symposium, and continue to prioritize financial stability, especially of Black residents.

“Leon County is proud to work with our many community partners to continue building racial wealth equity and increasing economic growth,” said Leon County Commission Chairman Nick Maddox. “The County’s investment of grant dollars both promotes economic security and improves the social and economic outlook for residents that need it most, especially in the 32304-zip code.”

As part of the County’s ongoing efforts to address poverty and inequity, County staff will work closely with the CFE Fund and community partners to craft a municipal financial empowerment blueprint that identifies actionable implementation steps based on the financial needs of residents, especially Black residents, key administrative priorities, and partnership opportunities.

"This competitive nationwide grant highlights the County's continuous efforts to improve our community's economic vitality, while also investing in the growth of our neighborhoods and families," said Leon County Administrator Vincent S. Long.

The CFE Fund grant aligns with Leon County’s ongoing coordination and collaboration with neighborhoods to improve their social and economic outlook. The grant also aligns with the Capital City Chamber’s recently launched Bank On Tallahassee initiative, which connects people to safe, affordable, and certified banking accounts and empowers people and families to improve their financial capability, health, and independence. Learn more at BankOnTLH.com.

“At the Capital City Chamber, we are proud to be working with Leon County to address racial wealth equity and promote financial empowerment in our community,” said Capital City Chamber President Katrina Tuggerson. “For years, the Capital City Chamber of Commerce has sought in various ways to close the gap in capital access. We believe now that we all are headed in a better direction. I look forward to getting together with key stakeholders and residents to develop and implement the blueprint that prioritizes the financial stability needs of residents and communities.”

CityStart is part of a suite of investments from Bloomberg Philanthropies to promote financial stability among residents of U.S. cities.

Leon County is part of the fifth cohort of CityStart partners for the CFE Fund and the second cohort of CityStart partners to focus their blueprints on racial wealth equity strategies. The development of the blueprint will be informed by a series of meetings with key stakeholder groups that focus on the needs of Black residents and help identify opportunities to address the racial wealth and assets gap, facilitate intergenerational wealth transfer, and build resident, family, and community financial stability.

“Financial empowerment strategies are a critical tool for local leaders across the country working to improve their residents’ financial stability. Through this next cohort of our CityStart initiative, local governments and stakeholders from across the community will create blueprints that aim to transform residents’ financial lives and advance racial wealth equity,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “We congratulate Leon County Government and look forward to working together to harness the opportunities of financial empowerment to benefit racial equity and wealth priorities in Leon County, and we thank Bloomberg Philanthropies for their longstanding partnership and investment in municipal financial empowerment.”

In addition to Leon County, seven other local governments were selected through a competitive process, including: Baltimore, Md.; Cleveland, Ohio; Monroe, La.; Newark, N.J.; Norfolk, Va.; Rocky Mount, N.C.; and Sacramento, Calif. These eight new local government partners join 32 localities that have already completed the CityStart financial empowerment public blueprint process.

“The lasting impact of systemic inequities in our economies and financial system is glaring, with the typical Black family holding one-eighth of the wealth of the typical White family. Without immediate and innovative interventions, Black people will continue to have less economic power and fewer opportunities to thrive,” said Garnesha Ezediaro, who leads Bloomberg Philanthropies’ Greenwood Initiative. “We are proud to continue our partnership with the CFE Fund's CityStart program and are excited to equip eight new local governments with the resources they need to strengthen financially related services for their residents. Intentional local investments like this one are needed to move towards racial wealth equity.”

For more information, contact Shington Lamy, Director of the Office of Human Services & Community Partnerships, at (850) 606-1900 / LamyS@LeonCountyFL.gov, or Mathieu Cavell, Leon County Community and Media Relations, at (850) 606-5300 / CMR@LeonCountyFL.gov.