Neighborhood Trust Financial Partners
Neighborhood Trust Financial Partners is a national nonprofit focused on creating financial security for low-wage workers through innovative solutions like financial coaching and partnerships with credit unions.
Company History
Neighborhood Trust Financial Partners is a national nonprofit focused on creating financial security for low-wage workers. The organization offers innovative financial services to address systemic financial issues, such as predatory lending and collections debt. Over the years, it has established notable partnerships and initiatives, including collaborating with the City of New York to provide free, one-on-one financial coaching through the Financial Empowerment Centers.
Services
Neighborhood Trust Financial Partners offers two core solutions aimed at financial empowerment. TrustPlus provides financial coaching to workers, connecting them to safe and effective financial products to reduce debt, improve credit, and lessen financial stress. Pathways to Financial Empowerment focuses on integrating financial coaching into credit unions across the nation, training staff to provide action-oriented financial coaching while tracking data via a proprietary technology platform.
Partnerships and Collaborations
Neighborhood Trust Financial Partners collaborates with a diverse group of stakeholders, including employers, nonprofits, banks, FinTechs, and policymakers. Notably, the organization partners with the City of New York to offer free financial coaching to city residents. In 2023, it partnered with 75 TrustPlus and Pathways customers and distributed $2 million in unconditional cash relief to over 3,600 recipients during the COVID-19 pandemic.
Impact and Reach
In 2023, Neighborhood Trust Financial Partners served nearly 7,000 clients across 44 states and helped clients recoup a total of $32 million, including $27 million in reduced debt and $5 million in liquid savings. The organization has a dedicated Worker Insights Initiative that leverages financial health data and qualitative insights to influence systemic change and develop new financial solutions. It has been recognized for its commitment to equity, notably focusing on serving low-income workers in low-wage jobs, particularly those who are female and Black or Latino.
Recognition and Support
Neighborhood Trust Financial Partners has been recognized for its innovative approaches to financial empowerment. The organization has received support from various foundations and corporate partners, showcasing its commitment to creating financial security for low-wage workers. The organization's initiatives have been acknowledged for addressing systemic financial issues and pushing the marketplace to be more accountable to workers' financial needs.