WHAT WE DO
BUILDING STABILITY
FAIM
The Family Assets for Independence in Minnesota (FAIM) Program
A 30-month matched savings project that helps Minnesota low-wage earners build assets.
Please email your completed Screening tool to [email protected] attn: Clara
How it Works
Applicants start the program through enrollment in one of the following tracks:
- Purchase of a first home
- Post-secondary 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 $4,000 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 $125 monthly for 2 years = $3,000
- FAIM 3:1 match on $3000 = $9,000
- Total Asset Funds Available $12,000
“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
All participants in the FAIM program are required to attend a 12-hour financial literacy course and complete 10 hours of asset specific training.
Income Guidelines
| Household Size | Gross Household Income |
|---|---|
| 1 | $30,120 |
| 2 | $40,880 |
| 3 | $51,640 |
| 4 | $62,400 |
| 5 | $73,160 |
| 6 | $83,920 |
| 7 | $94,680 |
| 8 | $105,440 |
Eligibility
- Age 18 years and older
- US Citizen or Eligible Non-Citizen
- 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.
