Family Assets for Independence in Minnesota (FAIM)
The FAIM program is a savings match program for low-income working adults wanting to save money for higher education, home purchase, or to start a small business.
Participants can save up to $960 over a two-year period and receive $3,840 back to use towards one of the following three goals: Use towards start-up or expansion of a small business; Use towards the down payment of a 1st time homebuyer home purchase; or use towards tuition, books and fees for post-secondary education. These funds must be used within six months of the two year program.
All participants in the FAIM program attend a required 12-hour financial capability course and complete 10 hours of required asset specific training.
This program is open to those 18 years and older who have earned wages. The household income limit is within the 200% of poverty level.
For more information, contact MVAC or call 507-345-6822