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American International College says it will be able to offer free multilingual services to promote financial literacy and more with a new center.

A great deal of funding for the future home for the Center for Financial Literacy and Economic Prosperity made its way to Springfield thanks to a recent bill signed by President Biden.

Just over $1 million was earmarked by Massachusetts Democrat Richard Neal of the 1^st district.

Neal, a former mayor of Springfield, was on campus for the center’s announcement this week, joined by current Mayor Domenic Sarno and campus leadership.

“Financial literacy is going to be really important as we go forward - there's going to be more opportunity available for people in terms of investment everywhere,” the congressman told reporters. “But I also think that individuals are going to be more in charge of those investments, so I think getting good advice along the way is really important and that is part of what I hope the mission statement of this building will be in the next couple of years when it's completed.”

The federal funding will help the center’s future home come together, according to AIC. That work includes rehabilitating a building on campus to house it.

The college says the project “seeks to combat financial illiteracy, and empower economically disadvantaged individuals and families in Springfield.” It will do so through what it calls “comprehensive financial education” as well as research and outreach programs.

“The purpose of this is to say - you have a question, there's one place that you can go, anywhere in the city, to get any financial question that you have answered,” said AIC’s interim president, Nicolle Cestero. “And in addition to that, we're going to offer seminars and training sessions and workshops and things of that nature, so that you can actually sit down and do the hands-on work and get that experience in order to advance yourself and your own knowledge, and that of your family as well.”

Cestero says with the support of several staff members at the center as well as volunteers, the center will offer programming that likely touches on everything from how to start a 401K to what mutual funds are to basics such as opening checking accounts and getting car loans.

The center comes at a time Neal and Sarno agree that understanding financial markets, credit, and social security benefits is becoming more and more vital.

Sarno says thanks to changes in the credit card industry, falling into financial pitfalls can be easier than ever.

“In the old days, if you put in for a credit card and you had no job, there was no shot of you getting your credit card,” Sarno said. “Nowadays, you could put your dog's name in and you can get a credit card, and that's how our young people start to get in trouble.

A flyer for the project details how by fostering what AIC calls “financial empowerment and economic resilience,” the center “aims to catalyze economic development in Springfield and beyond, driving sustainable progress and prosperity for all.”

While the event centered itself on new, direct support for the community in the future, some immediate support was also visible during the event.

Just as the press conference was coming to order, a two-car crash occurred a few hundred feet away on State Street, leaving one of the drivers in need of medical attention.

Individuals from the event soon headed across the street to help. A spokesperson for AIC later said the two were faculty members with the nursing and occupational therapy programs.

Neither were identified and, when approached, one of them declined an interview, saying the work is all part of the job.

Cestero said much of the same when asked about seeing staff snap into action.

“It does not surprise me because that's who we are at AIC and it's not the first time that we've had to do this and I think there would be nobody who would hesitate to go and help any member of this community,” she told WAMC. “It’s who we are.”