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DELAWARE COMMUNITY REINVESTMENT ACTION COUNCIL RECEIVES $100,000 GRANT FROM THE PRINCIPAL® FOUNDATION TO PROMOTE FINANCIAL EMPOWERMENT
WILMINGTON (October 25, 2021) – Delaware Community Reinvestment Action Council (DCRAC) is pleased to announce that it has received a $100,000 grant from the Principal® Foundation to promote Financial Empowerment for people of Wilmington.
“For over 25 years, DCRAC has helped hundreds of Delawareans improve their lives through financial literacy and support,” said DCRAC Executive Director Rashmi Rangan. “The generous grant from the Principal Foundation comes at a critical time when our community, particularly our low-income and our Black and Brown neighbors, have experienced a drastic and disproportionate impact from the pandemic on their lives and finances. DCRAC will rise to the challenge and empower our Wilmington neighbors towards a path of financial stability and prosperity.”
DCRAC’s Financial Empowerment initiatives include the Money School, which offers free financial education classes; DCRAC Law, the only low-bono law firm in Delaware offering free or affordable legal services for tax, estate planning, property title fixes and contract or document review; and, Stepping Stones Community Federal Union, which provides affordable and accessible banking.
“We applaud DCRAC's leadership in removing barriers to financial opportunity, helping drive financial health, and supporting entire communities. This grant reflects our belief in DCRAC’s mission and advances our commitment to creating pathways to economic mobility and financial security,” said Jo Christine Miles, director Principal Foundation. “We know that DCRAC is well-positioned to deploy this grant to sustain crucial financial services and deepen its support of hardworking individuals, families, and small businesses who are at the forefront of sustaining underserved and disadvantaged communities.”
“DCRAC is known throughout our state for the incredible good it does to help historically disadvantaged communities navigate the often-complex world of loans, credit and asset management,” said Sen. Elizabeth “Tizzy” Lockman, D-Wilmington. “This generous grant will go a long way towards helping DCRAC further its mission of teaching Delawareans how to manage their money and avoid many of the financial pitfalls that so often keep impoverished communities from achieving financial stability. That mission has never been more important than right now, and I’m thrilled to see a corporate foundation like Principal Foundation make an investment like this to help lift up our neighbors.”
“In the midst of the pandemic, I am grateful for the Principal Foundation's Grant to DCRAC, located in the 3rd District, that will benefit Our Constituents. Many will be able to gain access to capital that can actually change the course of their lives” said State Representative Dorsey Walker D-Wilmington.
Community members seeking assistance with IRS notices, estate issues or tangled titles, and/or that would like to work with a trusted community resource to secure a prosperous future should visit www.dcrac.org or call 302-298-3250.
DCRAC was founded in 1987 and its mission is to ensure equitable treatment and equal access to credit and capital through education, outreach, advocacy and legislation.
DCRAC Media Contact
About Principal® Foundation
The Principal Financial Group Foundation, Inc. (the “Principal Foundation”) is a duly recognized 501(c)(3) entity focused on providing philanthropic support to programs that build financial security in the communities where Principal Financial Group, Inc. (“Principal”) operates. While the Principal Foundation receives funding from Principal, the Principal Foundation is a distinct, independent, charitable entity. The Principal Foundation does not practice any form of investment advisory services and is not authorized to do so.
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