Partnering with Momentum to Deliver Financial Empowerment
Partnership with Momentum connects tenants to opportunities that can translate into financial success! See the end of this story for things you can do with Momentum today!
Momentum, a Calgary agency founded in 1991, is focused on creating a thriving local economy for all by working with individuals, businesses and communities to increase each individuals’ income and assets. They specialize in trades training for new Canadians and support Calgarians with things like small business training, micro business loans, personal money management courses and financial coaching. Calgary Housing Company (CHC) has been partnering with Momentum since 2015, connecting tenants to education, training and financial resources that support them on their various journeys in life.
CHC and Momentum’s partnership began to take shape with the launch of CHC’s Opportunities for Home Ownership (OHO) seminar series in 2015. The seminar series brings together Calgary agencies and organizations which focus on affordable home ownership. Momentum participates to share information on their money management and savings programs.
CHC and Momentum have worked together over the years to deliver a variety of education events that support tenants including regular money management workshops such as “Steps to Savings” and “Match Savings” programs. They have regularly participated in OHO and have advocated for and supported tenants with initiatives like “Tool Lending Libraries” in partnership with the Calgary Dollars Program. Momentum’s Financial Coaches have also helped clients apply for housing with CHC.
Read: Home Ownership Dream a Reality for Former CHC Tenant – Support and guidance from Attainable Homes home ownership program helps mom and her kids make the move.
Getting out of poverty takes courage, ingenuity and perseverance
Momentum has been empowering Calgarians living on low incomes for 30 years and they have been rewarding savers with matched savings since 1999. Over $4.4 million has been earned by participants to support the purchase of life-changing assets like business tools and family homes. Nearly 1,300 people have trained for a career in the trades through Momentum.
According to Momentum’s Financial Coaches, housing is the number one expense people have and it is not uncommon to see up to 50 per cent of people’s income go towards rent. That does not include other housing cost like utilities which makes it incredibly difficult to make ends meet since the recommended percentage for housing cost is about 30 per cent.
To support financial empowerment, Momentum focuses on delivering programs and services that increase people’s ability to manage and save money, train for and maintain good jobs, or start a business. They also support communities and businesses to build and sustain the local economy from the ground up through Community Economic Development education and resources. Lastly, they provide community leadership by working with community partners, academics, civil servants and elected officials to support innovative systems-change approaches to poverty reduction, promote best-practices through evaluation and research, and influence public policies to remove barriers and allow people to be more financially stable.
Momentum believes that everyone has the ability to succeed, but many don’t have the tools they need to fulfill their potential. They know it takes a lot to get out of poverty, including courage, ingenuity and perseverance. So, their focus is on more than just creating jobs and starting businesses – they focus on inspiring vibrant communities where everyone plays a part.
For more information on Momentum, please visit their website today!