Five cities - Houston, Louisville, San Francisco, Savannah, Ga., and Seattle - will receive technical assistance and $5,000 mini-grants to support the collection of data on residents' access to mainstream financial services. Supported by the Ford Foundation, the project will address key barriers to evaluating the progress of local "Bank On" programs, which connect residents to low-cost bank accounts, financial education and other asset-building opportunities.
Through the Bank On Cities Campaign, the YEF Institute provided intensive technical assistance to 18 cities as they sought to replicate Bank On San Francisco, which connects low- and moderate-income families to mainstream financial services and products. As this model has rapidly spread to cities around the country, the YEF Institute has provided assistance to many additional cities beyond this initial cohort and continues to serve as a resource for municipal leaders interested in launching similar programs in their own cities.
This project helped municipal leaders take action to helping low-income, working families build assets. In phase one of the project, selected cities visited Phoenix, Baltimore, Indianapolis, Miami, and San Francisco, which already had asset-building strategies in place, in order to develop local asset-building action plans. Phase one project cities included Burlington, Vt.; Durham, N.C.; Grayson, Okla.; Itta Bena, Miss.; Louisville; Milwaukee; Orlando; Savannah, Ga.; and Seattle. In phase two of the project, six cities were selected to receive customized technical assistance to help them implement their local action plans: Burlington, Itta Bena, Louisville, Orlando, Savannah, and Seattle.