FAIM - Family Assets for Independence in Minnesota
Individual Development Accounts
asset account project throughout Southwest Minnesota. (FAIM)
The Family Assets for Independence in Minnesota (FAIM) program helps Minnesota low-wage earners build assets through purchase of a home, pursuit of a higher education, or launching a small business. Additionally, FAIM accountholders place monthly savings into Bremer Bank or City County Federal Credit Family Asset Accounts (savings accounts) that will be matched upon completion of accountholder contracts.
-
Household Incomes must be below 200% of poverty in order to qualify for enrollment.
-
Accountholders save up to $480/year, which is matched at a 3:1 rate ($480 savings matched by $1440 for up to two years.)
-
All accountholders must complete an 18 hour financial management and asset specific (first time homebuyer; business development; career development) curriculum in order receive match funds.
- All match funds are provided directly to the closing company, the college or university, companies for purchase of capital equipment.
- Each participating FAIM Agency administers a designated number of accounts and the number of accounts available is determined by federal, state and private foundation funding sources.
or visit www.minnesotafaim.org for more information.
WCA Home Staff Board Locations About WCA History EPIC Plan Donations Volunteer Other Links Employment