Hartford Public Library launches program for immigrant communities on ‘financial know-how’

HARTFORD – A new program offered through the Hartford Public Library will expand access to banks for immigrant community members by offering financial incentives to open bank accounts.

The program, announced at the library center branch, is funded by a $ 487,853 grant from the Federal Institute of Museum and Library Services.

“It’s really a model program,” said Bridget E. Quinn, president and CEO of the Hartford Public Library. “There are no other examples of this out there. We are starting something new that we hope will help communities across the country serve this population and strengthen our economy through the jobs and access that this population will now have to financial services tools. “

Quinn announced the program on Friday morning along with US Senator Richard Blumenthal, D-Conn, Hartford Mayor Luke Bronin, and other community members.

The program, which is expected to launch next spring, will be called Building Social Capital: An Inclusive Approach to Immigrant Financial Integration. Participants will sign an agreement to deposit $ 50 per month for five months into a savings account with Liberty Bank that will be administered by the library. After five months, the money will be transferred to a new account and attendees will receive an additional $ 250.

Participants who maintain an account balance of $ 250 or more for the next five months will earn an additional $ 250. The program will also include meetings every other week to discuss financial literacy and provide networking opportunities for participants.

“This is really, at the end of the day, the American dream,” Blumenthal said. “What we’re doing here is making the American Dream practical and real for people because financial know-how is absolutely essential in today’s world.”

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