“Financial Tips for Future Events,” co-hosted by Greater Success Ohio and L’Association des Sénégalais de Columbus Ohio (ASECO) to promote financial literacy in underrepresented communities:
Focus: Empowering underrepresented communities with financial literacy and long-term planning tools.
Overview
The event featured three powerful presentations that built a comprehensive roadmap toward financial literacy and economic empowerment. Each speaker brought a unique perspective—from small business development to personal finance and home ownership.
1. Tidiane Ndiath – Small Business Development (ECDI)
Organization: Economic and Community Development Institute (ECDI)
Focus: Supporting entrepreneurs, especially those lacking access to traditional financing.
Key Takeaways:
- ECDI offers business loans from $500 to $1.5 million, including:
- Scored Loans: Based on credit score (min. 590) and projections (up to $50K).
- Microloans: Up to $100K with underwriting.
- Community Advantage: Up to $1.5 million, with assigned relationship managers.
- Provides technical assistance and training through Ohio Women’s Business Centers.
- Encourages a mindset of thinking about success, not failure.
- Offers refugee and asylum-based funding for business startups.
Audience Questions Included:
- Language access in programs.
- Managing fear around business risks.
- Concerns about debt-to-income ratios despite good credit scores.
2. Amadou Thioye – Life Insurance & Financial Planning (NYLIFE)
Background: Life insurance professional originally from Senegal.
Focus: Teaching smart financial habits and estate planning.
Key Quotes & Tips:
- “Save first, spend last” – foundational mindset for financial control.
- Life insurance is about managing risk and ensuring financial legacy.
- Everyone should consider:
- Wills and powers of attorney
- Starting emergency savings (6 months of expenses)
- Setting up estate plans and trusts
Audience Questions Included:
- Minimum amount needed to open an account.
- Why life insurance might be better than just saving money.
3. Boubacar Diallo – Real Estate Guidance
Profession: Licensed real estate agent
Focus: Educating on the value of homeownership and strategic planning.
Why Buying a Home Matters:
- Tax benefits
- Appreciation and equity
- Stable housing costs
- Control over your living space
Practical Advice:
- Budgeting is key.
- Work with a realtor to find strategic locations that fit your family’s needs.
- Understand the process and long-term benefits of real estate investment.
Closing Thoughts
Each speaker provided insights that connect to building generational wealth, entrepreneurial confidence, and long-term financial planning. The collaboration between Greater Success Ohio and ASECO marks a strong step forward in making financial literacy accessible, relatable, and actionable for immigrant and underserved communities.