Mayor Domenic J. Sarno, Chief Development Officer Tim Sheehan, and Deputy Development Officer Brian Connors met today with Sol Vilera Ramos, Leah Adelson, and team from the Cities for Financial Empowerment Fund to discuss the CityStart initiative in Springfield.
CityStart is a national initiative designed to help local governments identify and plan strategic approaches to improving residents’ financial stability. In Springfield, this initiative will be focused on the Mason Square neighborhood, ensuring that residents have greater access to financial resources and opportunities for economic growth, with a specific focus on improving wealth equity for the Black community. Through this grant, Springfield will receive technical guidance from the CFE Fund to develop programs that focus on enhancing economic opportunities, increasing access to financial education, and promoting long-term financial resilience. The initiative is expected to lead to the development of policies and programs that will integrate financial empowerment into city services.
“I deeply appreciate the CFE and CityStart team for coming by to meet with us today as we begin working together to improve the financial stability of our community. The CityStart project is a major step forward in my administration’s mission to enhance financial empowerment opportunities for Springfield residents,” said Mayor Domenic J. Sarno. “This funding will help us create a sustainable plan to improve economic mobility and financial literacy for our community. I want to thank the Cities for Financial Empowerment Fund for their support in making this possible.”
Through the CityStart initiative, Springfield will receive intensive technical assistance, along with a $100,000 planning grant. The CFE Fund will partner with Springfield to help craft an innovative, actionable blueprint tailored to local needs that fosters financial stability across generations. In addition, the blueprints will be aligned with and serve to support city priorities and partnership opportunities. These funds will support a range of activities, including research, planning, and stakeholder engagement to ensure that the city’s financial empowerment initiatives align with community needs.
Springfield’s participation in the CityStart program will involve collaboration with key local organizations, policymakers, and financial experts to develop a comprehensive framework for financial empowerment. This initiative aligns with ongoing efforts by the Office of Planning and Economic Development and the Transformative Development Initiative to strengthen economic opportunities for all residents, with a particular emphasis on advancing wealth equity for the Black community in Mason Square.
“Financial empowerment is a critical component of building a strong and resilient community,” said Tim Sheehan, Chief Development Officer. “With the support of the CityStart grant, Springfield will be able to develop targeted strategies that directly address the financial challenges faced by our residents, particularly in the Mason Square neighborhood.”
