SCREENING TOOL

The Family Assets for Independence in Minnesota (FAIM) Program is a 30-month matched savings project that helps Minnesota low-wage earners build assets in the state through enrollment in one of the following tracks:

• Purchase of a first home
• Pursuit of higher education
• Starting or expanding a small business
• Purchase of a personal vehicle

Contact Tri-CAP to apply. Once enrolled, the participant will reach their goal by making monthly deposits from their earned income into a Family Asset Account (savings account opened through the program). Deposits made to the account within 24 months may be matched 3:1 by the program (up to $2,000 maximum lifetime savings per household).

The participant has up to an additional 6 months (if needed) after the end of their saving period to obtain their asset in Minnesota.

Savings/Match Example:
Save $84 monthly for 2 years $2,016
FAIM 3:1 match on $2000 $6,000
Total Asset Funds Available $8,016

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

MN FAIM Brochure

 “The program helped me to understand credit and gave me some basic accounting concepts.  It made me think about advertising, increasing my credit score, and making the commitment to the business. The program helped me to formalize my business and to make a commitment to myself to this business full-time and make a living.” -Jim