Many of people in the City of Akron live check to check. That is why the United Way will be providing free financial services to people in this community. FirstMerit Bank acquired Huntington Bank in 2016. As a result of this, Huntington Bank closed four locations in The City of Akron.
Huntington Bank is going to donate this space to the United Way. The city has also joined with Bloomberg Philanthropies. Bloomberg Philanthropies has donated over $20,000, which will be used for financial services. This grant money will last for six months. After that, the city hopes to get another Bloomberg grant.
The residents will get free financial services. They will get advice on planning for retirement, saving money and preparing taxes. These services are available for everyone regardless of their income. Seth Kutaj is the vice president of Community Impact at United Way.
Mike Freeman is a local councilman who has teamed up with United Way. He stated that he is grateful for what is happening at the city. However, he stated that losing the bank was bittersweet. Seth believes that this can be the beginning of a better chapter for the city.
The financial services will help people save money, reduce their debt and build up their credit score. The goal is to help people save more money than they borrow. The services will be offered at Kenmore Financial Enpowerment Center. People from all walks of life will be able to benefit from this service.
Some people will visit the center because they need help paying off high-interest loans and credit cards. Others need help saving for retirement and college. Additionally, people will use this service so that they can save for retirement or pay for college. The city is planning to open two to four financial empowerment centers.