How Financial Empowerment Is Taking Shape in Paterson

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Watch highlights of Paterson resident James Brown’s experience at the center

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At NJCDC, we believe financial opportunity and stability aren’t luxuries — they’re essential building blocks for strong families and thriving neighborhoods. One of the most powerful expressions of that belief is the Paterson Financial Empowerment Center (FEC), a free, professional, one-on-one financial counseling service available to Paterson residents through a partnership between NJCDC and the City of Paterson.

The FEC was brought to Paterson through the leadership of Mayor Andre Sayegh, who worked with the Bloomberg Foundation’s Cities for Financial Empowerment Fund to establish the program locally and has remained one of its strongest champions. Operated by NJCDC, the Paterson Financial Empowerment Center is the only no-cost center of its kind in New Jersey — modeled after a program pioneered in New York City more than a decade ago and rooted in the belief that financial empowerment should be a public service.

A Story of Transformation

That commitment comes to life through stories like James Brown’s, a Paterson resident whose experience at the Financial Empowerment Center transformed his life.

When James sought support, he said, “I was very lost.” Without credit, he explained, “I couldn’t build my life.” Through the FEC, that began to change. “It lifted me up — gave me a cause, gave me a reason, helped me build my organization.”

At the time, James’ credit score was 320 — a number that felt like a closed door to opportunity. With the support of his FEC counselor, he began addressing his credit, building healthier financial habits, and gaining clarity about what was possible.

“Within two months, my score went up to 702,” James recalled. The turnaround restored his confidence and opened new doors, eventually enabling him to launch his own nonprofit and use his experience to support others facing similar challenges.

His story reminds us that financial empowerment is ultimately about people, and what becomes possible when stability and confidence begin to return.

The Impact Is Widespread

James’s remarkable turnaround reflects a broader pattern of transformation happening across Paterson.

In 2025 alone, the center served more than 1,800 residents. Since NJCDC began partnering with the City in 2023, the FEC has helped participants build more than $3.7 million in savings while reducing non-mortgage debt by over $1.3 million. Behind these figures are families who have found more stable footing and greater confidence about what comes next.

How the FEC Achieves These Results

The FEC offers practical, personalized support, from debt reduction and credit-building to budgeting, savings strategies, and preparing for long-term goals like homeownership and starting a business.

Through one-on-one counseling sessions, residents receive guidance tailored to their circumstances, including support with building realistic budgets, addressing credit report inaccuracies, strengthening savings habits, planning for future financial goals, and connecting to trusted resources that help move those goals forward. At its core, the FEC’s approach is centered on dignity, trust, and empowerment, meeting people where they are and helping them chart a path ahead.

Growing to Meet Demand

That proven approach is now expanding to meet growing demand and open new pathways to opportunity.

New Investment Strengthens the Center

The work is gaining important momentum through a new investment from the Geraldine R. Dodge Foundation. As part of a broader $1.6 million commitment to expand economic opportunity in Paterson, the Dodge Foundation has awarded $300,000 over two years specifically to support the Paterson Financial Empowerment Center.

This targeted funding will help sustain and strengthen the FEC’s one-on-one counseling model at a time when demand for services continues to grow. It ensures residents can continue accessing trusted financial guidance without cost or barriers. The investment also reinforces a shared commitment to making financial empowerment a stable, long-term resource in Paterson, not a temporary intervention.

Partnership Opens Doors to Homeownership

Financial empowerment doesn't end with day-to-day budgeting; it opens doors to life-changing goals like homeownership.

Through a partnership with My Home Pathway, the FEC will connect residents to a digital platform designed to guide aspiring homeowners through the steps required to become mortgage-ready. When paired with one-on-one financial counseling, the platform will help residents better understand their credit, identify next steps, and access information about grants and homebuyer programs — creating a more seamless path from financial planning to action.

New Service: Legacy Planning

A key part of long-term financial stability is planning not just for today, but for the future.

The FEC recently launched a Legacy Planning offering, a new service designed to help residents take foundational steps to protect their assets and plan for the people and responsibilities they care about most. Through counselor-supported sessions, clients can organize financial information, review insurance and titles, update beneficiaries, and connect to trusted resources that help prepare documents such as wills, guardianship plans, and powers of attorney.

Legacy planning creates space for residents to reflect on long-term security, family responsibility, and the future they want to leave for their loved ones — with guidance that helps turn those reflections into practical next steps.

Looking Ahead

As the Paterson Financial Empowerment Center continues its work, it remains a vital resource for residents working to regain financial footing and plan ahead. Whether someone is just beginning to understand their finances, preparing to buy a home, or planning how best to protect what they’ve built for their loved ones, the FEC is there — offering guidance, partnership, and a belief in what’s possible.