Bank On FAQs

How did BankOn Arkansas+ start?

In response to the financial threats that the unbanked and underbanked face, cities and towns across the country have adopted the BankOn model. The model is housed at a national nonprofit organization—Cities for Financial Empowerment (CFE) Fund—which helps support local coalition efforts to connect consumers to safe and affordable bank accounts. In Arkansas, the Arkansas Asset Funders Network recognized the benefits resulting from the Bank On model initiative and seeded the first-ever statewide Bank On Arkansas+ Coalition.

What is the Arkansas Asset Funders Network?

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The Arkansas Asset Funders Network is a chapter of the national Asset Funders Network (AFN). AFN is a growing network of national, regional, and local based grant makers interested in leveraging philanthropy to promote financial opportunity and security for low- and middle-income individuals and families. AR AFN, similar to other chapters, is focused on increasing the capacity of funders to effectively promote economic security by supporting efforts that help low- and moderate-income individuals and families build and protect assets.

AR AFN is creating opportunities for grant makers to learn, connect with one another, and share best practices for investing in the economic security of families. AR AFN helps connect member grant makers to the latest information about what works on the ground, common themes, and replicable strategies that successfully help families grow and protect assets and build financial security.

AR AFN organizes its work around four goals: (1) Educate – build knowledge and serve as a new information resource to grant makers and the field; (2) Elevate – highlight evidence-based and promising practices, successful funder strategies, and research recommendations to inform funding for impact and bringing proven strategies to replication or scale; (3) Influence – engage funders and public and private stakeholders in frank discussions to foster needed changes in policy, support cross-silo integrations, and develop aligned, coordinated, or collaborative strategies; (4) Grow – increase the number of grant makers investing resources that help low- and moderate-income individuals and families build and protect assets.

How can I get involved with Bank On Arkansas+ and the Asset Funders Network?

 The key to meeting the goal of Bank On Arkansas+ are partnerships among municipal officials; city, state, and federal government agencies; financial institutions; and community organizations that work to improve the financial stability of unbanked and underbanked residents throughout the state.

 If you represent a financial institution, grant making organization, government agency, a nonprofit, or other entity that is interested in the work of the Bank On Arkansas+ Coalition, please contact Kara Wilkins, director of Bank On Arkansas+, for more information on how you can get involved at kara@assetfunders.org or (501) 712-0818.

If you are interested in joining the Arkansas Asset Funders Network, please contact Abby Hughes Holsclaw, Senior Director, at abby@assetfunders.org.