Economic Empowerment Trust Fund

The Childcare Startup Grant is a program aimed at increasing the number of childcare seats in Massachusetts. This program is funded through support from Citizens. This program seeks to fund individuals interested in starting a home childcare program in the cities of Lynn and Springfield, Massachusetts. Grantees were selected through a publicly advertised application process through the Massachusetts State Treasurers Office. Grantees will receive up to $4,500 in funding toward business expenses related to starting a home childcare program. Grantees also participated in educational webinars conducted in the fall of 2022 on running a small business and starting a childcare business. Following the application period, grantees underwent six (6) weeks of training through the United Way of Mass Bay and Merrimack Valleys Shared Services Program. See attached Schedule O supplemental info.

The Worth & Wealth Seminars (W&W) is a free, multi-session program that provides women training related to salary negotiation, money management, retirement, and investment strategies. In FY23, $40,000.00 was received from Citizens Bank for workshops which will run from September 2023 through February 2024. The expenses were for website hosting, translations and administrative costs.

The Community Ambassadors Program is an initiative of the Office of Economic Empowerment (OEE) funded by the EETF aimed at increasing the number of Massachusetts residents who have a deep understanding of financial foundations by creating a network of community spokespeople tasked with delivering financial education to their communities. Following an application period in early 2023, OEE selected nine (9) Ambassadors. In May 2023 Ambassadors began hosting financial workshops. Ambassadors receive a $2,5000 stipend.

BabySteps Savings Plan is a seeded college savings program that has grown statewide from the SeedMA pilot program. Every child born or adopted after its launch on January 1, 2020, who is a Massachusetts resident, is eligible to receive a $50 seed deposit from the State Treasurers Office into a U.Fund 529 College Investing Account. BabySteps is designed to empower families to plan and save for their childrens higher education. During FY23, 9,307 children born or adopted in Massachusetts received $50.00 seed deposits for newly opened U.Fund 529 College Investing Accounts, which were funded by the Massachusetts Educational Financing Authority . In FY23 the EETF did not fund any accounts, but had administrative expenses.

The Financial Wellness Program for State Employees and Retirees (Financial Wellness) is a program that provides free financial education for Massachusetts state employees and retirees. Funding was received in FY21 from the Wells Fargo Foundation through the National Association of State Treasurers (NAST).