Memphis, TN, October 8, 2025
News Summary
The Greater Memphis Financial Empowerment Center has successfully helped clients reduce over $6.6 million in non-mortgage debt. This achievement was celebrated with local officials, highlighting the center’s commitment to improving financial stability among residents. Operating for six years, the center has offered personalized support and financial literacy tools to more than 2,100 individuals, demonstrating its crucial role in the community amidst economic challenges exacerbated by the COVID-19 pandemic.
Memphis, Tennessee Celebrates Financial Empowerment Center’s Milestone
The Greater Memphis Financial Empowerment Center (GMFEC) has reached a significant milestone, aiding clients in reducing more than $6.6 million in non-mortgage debt. This accomplishment was celebrated on May 14, with the Shelby County Trustee Regina Morrison Newman and the nonprofit RISE Memphis in attendance.
Operating in partnership with RISE Memphis and the Trustee’s office, the GMFEC has made it its mission to equip local residents with the necessary tools for managing and eliminating debt. The center offers ongoing support tailored to individual clients’ needs, focusing on their specific financial circumstances.
Since its inception six years ago, the GMFEC has extended free financial counseling services to over 2,100 residents of Shelby County. The center recently surpassed the notable $6 million debt reduction mark on April 15, 2025. Just in the last two weeks of April 2025, clients managed to pay down an impressive total of $627,119 in debt, leading to an overall total of $6,627,119 by the end of April.
Trustee Regina Morrison Newman expressed excitement regarding the transformative achievements of GMFEC clients, highlighting their determination to achieve improved financial stability. She emphasized the center’s role in changing lives through effective financial management and support.
RISE Memphis, through its mission statement, aims to provide families with financial literacy tools and incentives that help them build assets and make informed, better financial choices. The partnership with GMFEC highlights their commitment to addressing the challenges many families face, especially those worsened by the impacts of the COVID-19 pandemic.
Malcom Rawls, the president and CEO of RISE Memphis, pointed out the shared vision between the organizations, which focuses on transforming the financial well-being of low-income families in the community. The GMFEC operates without any income restrictions, making its resources accessible to any resident of Shelby County, ensuring support and guidance are available for as long as needed.
The GMFEC has proven to be an essential resource for local residents, helping them navigate and overcome financial challenges. Its dedicated approach to personalized financial counseling not only aids in debt reduction but also promotes long-term financial literacy and independence.
Summary of Key Milestones and Achievements
- Total debt reduction: Over $6.6 million
- Date of achievement celebration: May 14, 2025
- Clients served: Over 2,100 residents of Shelby County
- Date of surpassing $6 million mark: April 15, 2025
- Debt paid down in last two weeks of April: $627,119
Background Context on Greater Memphis Financial Empowerment Center
The Greater Memphis Financial Empowerment Center was established to address financial struggles faced by local residents, particularly during periods of economic downturn. With the COVID-19 pandemic complicating financial matters for many families, the center has proven to be a lifeline, equipping clients with knowledge and resources essential for attaining better financial health.
Recognized for its proactive approach, GMFEC continues to focus on delivering valuable financial advice and counseling to help individuals take control of their financial futures. By fostering financial literacy, the center plays a key role in supporting economic equity in the Memphis community.
FAQ
What is the Greater Memphis Financial Empowerment Center (GMFEC)?
The GMFEC aims to equip residents with tools for managing and eliminating debt through ongoing support tailored to individual client needs.
How much non-mortgage debt has GMFEC helped clients pay off?
GMFEC has helped clients pay off more than $6.6 million in non-mortgage debt.
Who operates GMFEC?
The GMFEC is operated in partnership with RISE Memphis and the Trustee’s office.
How many residents has the GMFEC served?
Since its opening six years ago, the GMFEC has provided free financial counseling to over 2,100 residents of Shelby County.
Are there any income restrictions to access GMFEC services?
The GMFEC is available to any resident of Shelby County without income restrictions.
Key Features Overview
| Feature | Details |
|---|---|
| Total Debt Reduction | Over $6.6 million |
| Client Base | Over 2,100 residents served |
| Year Established | Six years ago |
| Partnerships | RISE Memphis and Shelby County Trustee’s office |
| Open to All Residents | No income restrictions |
Deeper Dive: News & Info About This Topic
HERE Resources
Achieve Miami Receives $2.4 Million Donation for Education
Additional Resources
- WREG: Trustee nonprofit helps residents pay off over $7M in debt
- Local Memphis: Organization helps residents pay off millions
- TN Tribune: Shelby County Trustee named West Tennessee Trustee of the Year 2022
- Commercial Appeal: Wallet Warning: Common scams in Shelby County
- Wikipedia: Financial Literacy
- Google Search: Financial Empowerment
Author: STAFF HERE MEMPHIS WRITER
The MEMPHIS STAFF WRITER represents the experienced team at HEREMemphis.com, your go-to source for actionable local news and information in Memphis, Shelby County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the areaโwith deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Beale Street Music Festival, Elvis Week, and Memphis in May International Festival. Our coverage extends to key organizations like the Greater Memphis Chamber and the Memphis Convention & Visitors Bureau, plus leading businesses in logistics, healthcare, and music that power the local economy such as FedEx, St. Jude Children's Research Hospital, and AutoZone. As part of the broader HERE network, including HEREBristol.com, HEREChattanooga.com, HEREKnoxville.com, and HERENashville.com, we provide comprehensive, credible insights into Tennessee's dynamic landscape.
