Valeria Loera recently had someone visit her because they were so unhappy with their finances that they were considering a last-ditch solution.
“She said she was going to declare bankruptcy, and I asked, why?” Loera said. “People often think they’re at their last resort because they don’t know what to do. But we make an effort to assist them.”
“We” refers to the Aurora Financial Empowerment Center, located at 712 S. River St. in Aurora. Loera manages the center, overseeing counseling sessions where clients meet to discuss their financial options.
Upon counseling, Loera assessed the woman’s overall economic situation and advised her to begin paying down her debt. In this case, within a year, the woman was able to purchase a home.
“She had always considered bankruptcy,” Loera said.
Established four years ago during the coronavirus epidemic shutdown, the Financial Empowerment Center received funding from the Cities for Financial Empowerment Fund, local Aurora funding, and private contributions. It operates under the auspices of the City of Aurora and The Neighbor Project, a local nonprofit that also provides financial literacy and homeownership counseling.
This month, the Aurora facility is hosting specific seminars and an open house to celebrate Financial Literacy Month in the United States. It’s also taking stock of its accomplishments and future plans.
Over the past four years, the center has served 2,749 clients, with 2,222 achieving positive outcomes. These outcomes include clients saving 10% of their income, reducing their debt by 10%, opening new bank accounts, or purchasing homes.
Since April 2020, the center has conducted over 5,000 counseling sessions.
In total, clients have saved $1 million of their income and reduced debt by $3.01 million, according to Loera.
All counseling sessions are one-on-one, allowing counselors to understand clients’ objectives fully.
Toshia Moss, the Empowerment Center’s development program director, explained that lessons focus on various aspects of personal finance, including budgeting, credit management, saving, opening bank accounts, and reducing credit card debt.
The ultimate goal is to assist individuals in purchasing homes, many of whom are first-time homebuyers.
“I love what we do,” Loera said. “People can come as often as they need. Some have been coming for years.”
The center offers workshops twice per month, two in Spanish and two in English. This month, workshops will focus on budget creation and financial mastery.
Additionally, the center is hosting an open house titled “Financial Counseling and Collaboration: Empowering Our Community By Strengthening Outcomes” on Friday, April 26, from 8:30 to 10 a.m.
All events will take place at the Empowerment Center, 712 S. River St. in Aurora.
The open house will highlight the Financial Empowerment Center’s progress and explore potential collaborations with other local nonprofits.
Moss emphasized that the event will provide opportunities to “strengthen their programs” and identify areas for collaboration with the center.
Moss also noted that counselors not only help people address their immediate financial challenges but also provide them with the tools and knowledge to achieve long-term financial stability.
“You’ve got to start somewhere,” she said.