Program Spotlight: Paterson Financial Empowerment Center

Watch the new Paterson FEC video

The Paterson Financial Empowerment Center (FEC) is transforming lives in Paterson by offering free, one-on-one financial counseling to city residents. Discover the impact of the FEC in action by watching our new video, which highlights how the center is helping residents take control of their finances and achieve lasting stability.

Operated by NJCDC in partnership with the Cities for Financial Empowerment Fund and the City of Paterson's Office of Financial Empowerment, the FEC is the only no-cost center of its kind in New Jersey. Modeled after a successful program pioneered in New York City over a decade ago by Mayor Bloomberg, the FEC is dedicated to helping low- and moderate-income residents achieve financial stability by providing financial empowerment as a public service.

Comprehensive Support for Financial Goals

The Paterson FEC provides guidance on a wide range of financial topics, including:

• Reducing and managing debt

• Establishing and building credit

• Opening and maintaining bank accounts

• Creating and adhering to budgets

• Buying a home

• Planning for future financial goals

Conveniently located at 13 ½ Van Houten Street, the FEC welcomes all Paterson residents. New and existing clients can book in-person and virtual appointments through the center’s online scheduling portal.

Empowering Success Stories

The center has been instrumental in helping individuals like Lidia, a Paterson resident originally from the Dominican Republic. Lidia came to the FEC in 2023 seeking support to manage her finances and achieve her dream of homeownership. With guidance from the FEC counselors, she:

• Reduced her debt

• Improved her credit score

• Opened a new checking account

• Saved enough to secure a mortgage

In December 2023, Lidia closed on her first home, providing her family with much-needed stability. Inspired by her journey, her adult children are now working with the FEC to build their own strong financial futures. Lidia expressed her gratitude, saying, “I am thankful for the FEC's help in achieving my American Dream to become a proud homeowner.”

Another success story is Mahmuda, who came to the FEC after moving to the U.S. from Bangladesh. With the help of the FEC team, Mahmuda and her husband opened savings accounts, improved their credit, and achieved their dream of buying a home for their family.

A Community Impact

The FEC is more than just a counseling center; it’s a beacon of hope for individuals striving to create brighter financial futures. Since NJCDC partnered with the City of Paterson's Office of Financial Empowerment to officially relaunch the FEC in early 2023, the center has served 585 unique clients through 3,890 counseling sessions. As a result, our clients have collectively achieved 1,292 positive financial outcomes, reduced over $2 million in non-mortgage debt, and accumulated more than $1 million in savings.

As NJCDC Founder & CEO Bob Guarasci says, “We are transforming lives — together with the City of Paterson — by empowering residents to achieve financial stability. We are grateful to the Mayor Sayegh and the city for this true partnership."

“The Financial Empowerment Center is a vital resource for Patersonians and we are proud to bring it to Paterson to help residents achieve stability and success,” said Mayor Andre Sayegh.

Support the Path to Financial Freedom

The Paterson Financial Empowerment Center is dedicated to helping residents build lasting financial stability. Whether they need help managing their finances or achieving their dreams, the FEC is here to help. By empowering individuals and families, we help create a stronger, more vibrant Paterson.

We invite community members, local leaders, and organizations to spread the word about the FEC’s free financial counseling services. Together, we can help even more residents take steps toward brighter futures.

For more information, visit us at 13 ½ Van Houten Street, contact us online (new clients,  click here; existing clients, click here), or connect with us on Instagram and Facebook.

Together, we can make a difference in Paterson, one financial goal at a time.