LISC joins forces with METEC and State Farm to launch Peoria's first Financial Opportunity Center

PEORIA, Ill., Sept. 30, 2014 /PRNewswire-USNewswire/ -- Low-income families in Peoria have a new resource to help them establish financial stability and pull themselves out of poverty with today's opening of the city's first Financial Opportunity Center (FOC), located in the South Side community.

The program is part of a national network created by the Local Initiatives Support Corporation (LISC) to help residents find good jobs, improve their credit, build savings and expand their overall net worth. In 2013 alone, it reached more than 20,000 people across the country with multiple financial services to improve their economic outlook.

In Peoria, LISC has joined forces with METEC, a local nonprofit housing resource center, to launch the river city's first FOC program.  The new program model expects to reach 200 Peoria residents with employment services, financial coaching and targeted financial services in its first year.

LISC's FOC work in Peoria is primarily funded by State Farm, which supports similar LISC efforts all over the country. Since 2000, LISC and State Farm have worked together to invest more than $114 million in affordable housing, economic development, community safety and other key aspects of helping lift low-income communities.

"Financial Opportunity Centers are unique because they focus on the myriad economic challenges that disadvantaged families face every day," said Brandon Holmes, executive director with Greater Peoria LISC. "There is no simple one-off solution.  It takes a comprehensive approach and a long-term commitment to helping them move forward.  That's what FOCs do."

LISC—a national nonprofit focused on revitalizing distressed neighborhoods—opened its doors in Peoria in 2013, focusing on bringing new affordable housing and businesses, safer streets and youth programs to the East Bluff and South Side neighborhoods.  The new FOC builds on those early efforts, recognizing that family financial stability is critical helping build good places to live and work.

For METEC, becoming a Financial Opportunity Center fits within its mission of empowering individuals to improve their financial well-being, said Cheryll Boswell, executive director. "The FOC allows METEC to expand our capacity to help families increase their household income, and obtain gainful employment."

LISC currently supports 71 FOCs in 30 cities.  All operate on the same basic principal—that if we integrate services focused on employment, strong credit, realistic budgets and savings plans, and wrap them in long-term financial counseling, then low-income residents can build a different future for themselves and their children.

"This is part of our overall efforts to make sure our communities are places of growth and opportunity for families," said Michael Rubinger, LISC president and CEO.  "We can build good housing and schools.  We can revive commercial corridors and reduce crime.  But if we can't help families expand their incomes and save for the future, we leave too many people behind.  FOCs help close that gap."

The new FOC operates from METEC's office at 2605 W Krause Ave. in Peoria.

About LISC
LISC combines corporate, government and philanthropic resources to help nonprofit community development corporations revitalize distressed neighborhoods. Since 1980, LISC has invested $13.8 billion to build or rehab 310,000 affordable homes and apartments and develop 51 million square feet of retail, community and educational space. In Peoria, LISC is working with residents, non-profit organizations, and local government to revitalize the South Side and East Bluff and improve the quality of life for neighborhood residents. For more, visit www.lisc.org.

About METEC Housing Resource Center
Founded in 2001 METEC is a non-profit organization that was established to provide economic opportunities for families that live in Peoria, specifically those earning low-to moderate wages.  We believe everyone should have access to safe, decent, and affordable housing and the road to improving ones economic well-being, starts with financial literacy.  Financial education is the core of every program METEC offers.

METEC is a HUD-approved housing counseling agency with expertise in homeownership and down payment program administration.  METECs programs and services assist over 2000 families and individuals each year that live in seven counties including Peoria, Knox, Tazewell, Woodford, Mason, Fulton and Mason.

About State Farm®:
State Farm and its affiliates are the largest provider of car insurance in the U.S. and is a leading insurer in Canada. In addition to providing auto insurance quotes, their 18,000 agents and more than 65,000 employees serve almost 84 million policies and accounts – approximately 82 million auto, home, life, health and commercial policies in the United States and Canada, and nearly 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 41 on the 2014 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com or in Canada http://www.statefarm.ca.

Contact: Brandon Holmes
309-676-5472 or [email protected]

SOURCE LISC