Financial Literacy Workshop for Women

SCBW-SNJ educates and empowers women on the importance of money management, use of credit and budgeting, saving, investing, etc. The Economic Empowerment Committee presents a SisterNomic$ workshop with two components. The first was a financial literacy workshop presented by a Financial Coach who discussed money management. Topics discussed included the importance of multiple bank accounts to pay for fixed and variable expenses; paying yourself first; how to accumulate savings; debt elimination; and tracking your money by monitoring expenses on a monthly basis. Strategies are provided for better money management.

Paying for College

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The goal was to address the burdensome impact of college cost. Paying for College Workshop was held in Willingboro, NJ. The program featured a panel of six experts, including a representative from the State of New Jersey Higher Education Student Assistance Authority (HESAA) and other professionals who covered the following topics: (1) Parenting for College Bound Children (2) Scholarships, (3) College Essay Writing, (4) NJ State Funding, (5) Financial Aid (6) Financial Planning. EEC partnered with Dr. Dean , founder of Faith in Action and Burlington County Mentoring.

The program equipped parents and students with key information on the various means to pay for a college education. After the session ended, the attendees were emailed the 53 page Student Resource Guide containing over 150 scholarships and updated annually (https://roybal- allard.house.gov/uploadedfiles/student_resource_guide_2017-2018.pdf) via U.S. Congresswoman Lucille Roybal-Allard’s office, a copy of the IDA Program on matching funds, a link to FastWeb, a scholarship resource and a NCBW-SNJ scholarship application.

From the Kitchen to the Boardroom

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The goal is to educate women on business basics for starting and sustaining a small business. NCBW-SNJ Chapter’s Economic Empowerment Committee hosted it’s second annual “From the Kitchen to the Boardroom: How to Turn Your Small Business or Hobby Into an Empire,” in partnership with the Latin American Economic Development Association’s Women’s Business Center, an organization located in Camden, NJ and funded by the United States Small Business Administration (SBA).

The annual seminar includes a discussion on business basics for starting and growing a small business, as well as the following content:

1. The ins and outs of starting and operating a small business
2. The challenges you’ll face and the resources available to help you get started and grow a business
3. How to start or organize a business legally
4. Practical steps for launching and growing a business
5. Why a business plan is the key to success

The seminar attracted an audience of 32 African-American females and 1 male who resided in and around Camden, NJ. Attendees received valuable educational resources to support business development, including opportunities to secure free entrepreneurial training, business support, technical assistance, and microbusiness loans through LAEDA’s Women’s Business Center. As a result of the Kitchen to the Boardroom programs, approximately 15-20 individuals have sought assistance on starting or further developing a business from the LAEDA’s WBC.

Building Wealth through Homeownership

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Community Wealth Building Housing Expo

The greatest factor impacting the increasing racial wealth gap between Blacks and Whites in America is the disparity of generational wealth created through the advantages of homeownership. According to the National Association of Black Real Estate Brokers (NAREB), homeownership is “a key for wealth accumulation in America” (SHIBA 2018). Historically, Blacks have been extensively excluded from the privilege of homeownership; the wealth building “key” afforded generations of Whites in America. A 2019 report from the National Coalition of 100 Black Women, Inc. stated in part, “Owning a home is out of reach for most Black people, regardless of economic climate.” In fact, Black homeownership has fallen further than any other ethnic group since 2001, declining 5% compared to 1% for white consumers, and an increase for other minorities (Urban Institute, 2018).”

The goal of the collaboration is to provide the resources and information for homeownership or retaining your home. In a demonstration of shared advocacy for promoting homeownership for African-Americans, NCBW-SNJ’s Economic Empowerment Committee and SNJ-NAREB’s presented “Building Wealth Through Homeownership.” The event was designed to address barriers to obtaining and maintaining homeownership by providing direct access to information, educational resources, real estate industry professionals, lenders and government agencies that assist homebuyers. Marketed as an event to benefit aspiring homeowners, distressed homeowners and investors, the event consisted of a full day of access to housing industry experts, services and educational workshops on a variety of topics, including the following:

• USDA Rural Development and New Jersey Housing and Mortgage Finance Agency (HMFA) Grants (State, City and County)
• Wells Fargo and Bank of America Featured Down Payment and Closing Cost Assistance Programs
• Private Pre-Foreclosure & Distressed Housing Counseling
• First-Time Homebuyer and Investor Programs
• Power Couponing Presentation to SAVE MONEY for Homeownership
• Loan Modifications Programs
• Credit Repair Education