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Metro Newsroom

Bank On Louisville's Family Financial Freedom Reception

Tuesday June 19, 2012

Debbie Belt, 574-6587/303-6167

Bank On Louisville's Family Financial Freedom Reception
Residents of Beecher Terrace Housing Complex Celebrated

A special reception is planned this evening to celebrate residents of the Beecher Terrace Housing Complex for their efforts to improve their financial future. The Bank On Louisville's Family Financial Freedom Reception will be held at the Junior Achievement facility at 1401 West Muhammad Ali Boulevard from 5:30-7 pm.

This reception is a culmination of Bank On Louisville’s initiative to reach out to the Beecher Terrace community -- a two month effort to bring financial empowerment opportunities to this area such as the "Buckets for Bucks" basketball shooting contest held during spring break week, the Family Financial Fair on April 24, the “Smart Money” Poster Contest with winners presented this evening, as well as numerous financial education classes offered in April and May.

With each of these events, families who reside in and around Beecher Terrace were invited to participate in a fun and informative activity, which also involved a financial education component. The majority of the events were held at Baxter Community Center which sits in the heart of the housing complex. Nearly 200 children and adults participated who along the way gained valuable information about budgeting, savings, banking services, credit report ratings and how to make the most of their money.

Those who committed to an extra step of financial education were given the opportunity to earn a pre-funded savings account. Nearly 70 individuals met this criteria, earning a cumulated total of more than $2300, as well as the opportunity to develop a relationship with a neighborhood bank.

"The Bank On Louisville initiative is a shining example of an innovative partnership formed by public, private and community sectors to come together for the common good", said Mayor Greg Fischer. "Financial health is an important component of making our city strong and vibrant, and I commend Bank On’s efforts to reach out to Beecher Terrace.

Representing the Mayor's Office at tonight's reception will be Sadiqa Reynolds, Chief of Community Building. "Connecting people who are most in need with valuable resources is what this is evening is all about", said Ms. Reynolds. "The Beecher residents are to be commended for their willingness to take these positive steps to improve their financial stability. The success of this initiative has helped lay the groundwork to bring this targeted-type of financial empowerment to other neighborhoods."

Also present at the reception will be Bank On Louisville's project leaders, Tina Lentz --Executive Administrator with the Department of Community Services and Revitalization -- and Scott Love -- Economic Development Coordinator with the Department of Economic Growth and Innovation. Other Metro Government event sponsors include Metro Parks, the Louisville Free Public Library and Community Action Partnership, along with financial partners including Fifth Third Bank, PNC, and Park Community Federal Credit Union, as well as Louisville Metro Housing Authority.

Bank On Louisville is a comprehensive program to serve the "unbanked" and "under-banked" to help them gain better access to the mainstream banking system as well as better access to financial education resources. It’s estimated that fees from fringe financial services like check cashing companies and payday loan providers can add up to more than $40,000 over the working lifetime of one individual.

You can learn more about Bank On Louisville by visiting or calling Metro Call 311.