FAIM


The Family Assets for Independence in Minnesota (FAIM) program assists low-income working adults with saving money for higher education, home purchase, or starting or expanding a small business.

Thanks to the contributions of the federal government, state government, and charitable foundations, money saved by participants is matched at a 3:1 ratio. By saving $40 every month, participants can save up to $960 over a two-year period and receive a $2,880 match to their $960 in savings for a total of $3,840. The $3,840 savings may be used towards one of the three options listed above.

 

All participants in the FAIM program are required to attend a 12-hour financial literacy course and complete 10 hours of asset specific training.

  • Clients interested in starting or expanding a business will work with the Small Business Development Center to complete a business plan.
  • Clients choosing to purchase a home are required to attend Home Stretch through Central Minnesota Housing Partnership.
  • Clients interested in the education model will work with a counselor on school preparation, financial aid application, career counseling, course registration, and institutional orientation.

 

Since 2004, there have been 196 successful participants in central Minnesota:

  • 67 accountholders have purchased homes
  • 64 accountholders have enrolled in post-secondary education programs
  • 65 small business have been launched or expanded
  • A total of $752, 640 has been spent on assets

We congratulate all of the participants for their hard work and diligence in achieving a sought after goal!

 


ELIGIBILITY

The current general and income guidelines to qualify for participation in the FAIM program are:

  • Age 18 years and older
  • Must have some source of earned income
  • Reside in the service area of Benton, Sherburne, and Stearns counties

APPLICATION

Click here for more information or call Tri-CAP at 320-251-1612.

INCOME QUALIFICATIONS

HOUSEHOLD SIZE GROSS HOUSEHOLD INCOME
1 $23,760
2 $32,040
3 $40,320
4 $48,600
5 $56,800
6 $65,160
7 $73,460
8 $81,780

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