Bank On Arkansas+ FAQs

How did Bank On Arkansas+ start?

In response to the financial threats unbanked and underbanked individuals face, cities and towns across the country have adopted the Bank On model. The model is housed at a national nonprofit organization—the 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 of the Bank On model and seeded the first-ever statewide initiative, the Bank On Arkansas+ Coalition.

What is the Arkansas Asset Funders Network?

logo-afn.png

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

Arkansas 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. Arkansas AFN connects funders 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.

Arkansas 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 economically insecure residents 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+ is partnerships among municipal officials; city, state, and federal government agencies; financial institutions; and community organizations that commit to improve the financial stability of unbanked and underbanked residents across Arkansas.

 If you represent a financial institution, grant making organization, government agency, nonprofit, or other entity that is interested in joining the Bank On Arkansas+ Coalition, 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 AFN, contact Abby Hughes Holsclaw, senior director, at abby@assetfunders.org.