York County Community Action Corporation, or YCCAC, was recently awarded a $10,000 grant by State Farm to support the agency’s Economic Opportunity program, with the funds designated to help provide financial capability services to households throughout York County. These services include comprehensive credit rebuilding counseling; informational sessions in public libraries, businesses, adult education sites and other venues; to explain credit scores and the fundamentals of credit rebuilding; and financial coaching to 50 York County households.

The need for financial capability services in southern Maine has never been greater. The economic recession of the past eight years has had a devastating impact on individuals and families in every York County city and town, leaving many without the knowledge, resources or tools to help repair their credit or improve their ability to save and invest for the future. Financial capability, as defined by the Center for Financial Inclusion, is “the combination of knowledge, skills, attitudes and ultimately behaviors that translate into sound financial decisions and appropriate use of financial services.”

“Recognizing the impact of bad credit on an increasing number of households receiving our services, our housing program is eager to help consumers escape the cycle of high interest and default that results from poor credit or foreclosure,” said Meaghan Arzberger, director of Economic Opportunity at YCCAC.

The State Farm funding will allow for expansion of the YCCAC Foreclosure Prevention program, which since the beginning of the recession has focused almost exclusively on default and foreclosure services and counseling, to include ongoing financial capability support.

“Our two foreclosure prevention counselors will train to provide credit rebuilding counseling to clients, to assure that households emerge from the crisis of default/foreclosure with the best possible outcomes,” Arzberger said. “They will also provide clients with the tools they need to keep rebuilding their credit long after their housing crises have ended.”

YCCAC and State Farm are excited to team up to provide services that motivate and support York County households to make sound financial decisions, which ultimately result in strengthened families, households, neighborhoods and communities.