The Cities for Financial Empowerment Fund (CFE Fund) has announced that Dallas will be one of the inaugural cities to participate in its Emergency Financial Empowerment (EFE) initiative. This groundbreaking program aims to incorporate financial stability resources into the local emergency preparedness and response framework, directly benefiting Dallas residents during times of crisis.
Disasters can severely impact families' financial stability, resulting in unexpected expenses and loss of income. Many underserved communities face lasting repercussions from such crises, struggling to understand and access available assistance. Historical data indicates that 90% of Small Business Administration (SBA) disaster loan denials since 2001 have been due to "unsatisfactory credit history" or "lack of repayment ability."
Through the EFE initiative, Dallas will improve its capacity to connect residents with essential financial support resources during emergencies. The city will receive technical assistance from the CFE Fund to integrate financial empowerment services into its emergency response protocols. These services may include personalized financial counseling and guidance on navigating federal grant and loan applications after disasters. The initiative is further supported by a $150,000 grant from Bloomberg Philanthropies, part of their Greenwood Initiative aimed at accelerating wealth accumulation for Black individuals and families.
Dallas joins Gainesville, FL; Rochester, NY; St. Louis, MO; and Saint Paul, MN, in being selected for their commitment to enhancing household financial resilience through local emergency management strategies.
“The inclusion of financial stability resources in our emergency response plan is a vital step forward for Dallas,” said Interim City Manager Kimberly Bizor Tolbert. “This initiative aligns with our ongoing commitment to ensure that all Dallas residents, especially those in underserved communities, have access to the support they need in times of crisis.”
“When disasters strike, financial security becomes paramount,” stated Travis Houston, Deputy Director of the Office of Emergency Management and Crisis Response. “By integrating financial empowerment into our emergency preparedness and response plans, we are working to create a more resilient Dallas.”
Jonathan Mintz, President and CEO of the CFE Fund, emphasized, “Financial stability is foundational to preparing for and recovering from an emergency. Thanks to generous support from Bloomberg Philanthropies’ Greenwood Initiative, this new Emergency Financial Empowerment initiative will help Dallas residents better prepare for and recover from unexpected disasters.”
The EFE initiative represents a transformative partnership between emergency management and financial empowerment, ensuring all Dallas residents, particularly those in historically underserved areas, can access critical financial resources during emergencies. Garnesha Ezediaro, who leads Bloomberg Philanthropies’ Greenwood Initiative, highlighted the importance of local strategies to combat disaster-induced financial inequity, stating that they are critical to strengthening local emergency responses and preparing communities in a way that centers on underserved residents.
