Rochester expands free financial counseling services for small business owners with a $90,000 grant, providing entrepreneurs with the tools to strengthen their personal finances and access capital

Rochester, New York – Rochester is taking a bold step to support its small business community by expanding free financial counseling services for entrepreneurs. Thanks to a $90,000 grant from the Cities for Financial Empowerment Fund’s Small Business Boost (SBB) Initiative, the city is now offering enhanced financial guidance to help small business owners strengthen their personal finances, making it easier to access capital and grow their businesses.

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This initiative is a major win for Rochester’s small business ecosystem. The grant will allow the city’s Office of Financial Empowerment to integrate small business support with the existing Rochester Financial Empowerment Center (FEC). The FEC, which has already helped thousands of residents improve their financial health, will now extend its services to local entrepreneurs, offering one-on-one professional counseling tailored to their unique financial needs.

For many aspiring business owners, personal financial struggles can be a significant roadblock to success. A weak credit score, high debt, or lack of savings can make it difficult to secure loans or attract investors.

Through the SBB Initiative, trained financial counselors will work directly with entrepreneurs to help them build credit, reduce debt, and improve overall financial stability—key factors that can determine whether a business thrives or fails.

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Mayor Malik D. Evans emphasized the importance of this expansion, stating that small businesses are the “foundation” of Rochester’s economy.

“Supporting small businesses and entrepreneurs is more important than ever,” said Mayor Malik D. Evans.

“The are the foundation of our economy, drive our city’s growth, and provide hope and opportunity for residents. Thanks to the Cities for Financial Empowerment Fund, we can expand our support for our local entrepreneurs and business owners—helping them build wealth and achieve economic mobility,” Evans added.

This program is part of a broader national effort to support small businesses, with Rochester being one of just seven cities selected to participate. The initiative builds on a successful pilot program launched in 2022 with support from Principal® Foundation, which has already helped numerous business owners overcome financial barriers.

Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund, highlighted how crucial personal financial health is for business success.

“Small business ownership can be a powerful pathway to opportunity, helping entrepreneurs build financial stability and wealth for themselves, their families, and their communities – but for too many people, personal finances are an obstacle to a strong start,” said Jonathan Mintz.

“We’re thrilled to team with Mayor Evans and the Principal® Foundation on Small Business Boost, which will help entrepreneurs manage their personal finances and better access capital and generate wealth.”

Rochester’s FEC has already made a significant impact on the local community, helping over 3,100 residents collectively reduce nearly $5 million in debt and increase savings by $2 million. Nationally, FECs have helped more than 180,000 clients achieve financial milestones, proving that targeted financial counseling can create real economic change.

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The city is also teaming up with local partners like SUNY Brockport’s Small Business Development Center and the RIT Center for Urban Entrepreneurship to ensure this initiative reaches as many business owners as possible. These organizations will help evaluate the program’s success and provide additional resources to entrepreneurs looking to strengthen their financial footing.

For small business owners in Rochester, this initiative is more than just a grant—it’s a lifeline. With free financial counseling now available, entrepreneurs have a greater chance of overcoming financial hurdles and building sustainable businesses. Those interested in taking advantage of this opportunity can schedule an appointment with an FEC counselor by visiting www.CityofRochester.Gov/FEC or calling 585-252-7110.