Money-Smart Services To Expand For Bergen Co. Org. Through $250K Grant

BERGEN COUNTY, NJ — A Bergen County nonprofit is set to receive a quarter-million dollars to improve access to financial services and wellness resources for low-income families in the area.

Greater Bergen Community Action is one of 10 nonprofit organizations to get funding to provide financial knowledge and skills to economically vulnerable communities, the state government said in a news release.

The Hackensack nonprofit, which offers an array of services to help households gain greater financial stability, was awarded for success in using those services to "mitigate the effects of structural poverty," the state said.

The award was part of $1.8 million provided through the Financial Empowerment Pilot Program, which was signed into law by Gov. Phil Murphy on December 21, 2021.

"Financial literacy is key to managing one's money," Murphy said. "Learning how to save, invest, build credit, and so on will not only empower individuals and families to understand how to reach their financial goals, but will allow them to continue to share the knowledge they gained for generations to come.”

The pilot program is designed to expand financial services that focus on addressing the needs of traditionally underserved communities and those communities historically disenfranchised from access to banking and wealth-building tools.

GBCA, which has a certified credit counseling team, will expand its suite of services for Bergen County, Paterson and Jersey City residents, thanks to this award.

“These awards will fund programs that enhance vulnerable people’s’ ability to make informed choices about financial issues," said Lt. Governor Sheila Y. Oliver, who also serves as DCA Commissioner. “Free and confidential coaching will be provided by trained professionals to help New Jerseyans reach their money goals and achieve greater control over their finances.”