FAIM IDA
how it works
requirements
how to apply
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HOPE VI IDA
Cirlces of Support
Tax Prep Service
Classes

View FAIM Program Brochure

Duluth Saves Flyer

View FAIM Flyer

View FAIM Spring/Summer 2008 Newsletter

FAIM IDA stands for Family Assets for Independence in Minnesota Individual Development Account and is a really long name for a matched savings account specially designed to help you save enough money to acquire one of these three assets:

• A home
• A higher education
• A small business

The FAIM program now has a waiting list because all of our slots have been filled. If you are interested in participating in this program, please complete an application and mail it to Community Action Duluth with 3 months of pay stubs (19 North 21st Avenue West . Duluth, Minnesota 55806). We will contact you when we have an opening.

Currently 130 people are in the FAIM program.

Between November 2007 – March 2008 35 people have used their FAIM matched savings to purchase an asset:

22 people used their matched savings for college tuition or other education expenses

4 participants used their matched savings to purchase a home

9 people used their money to start or expand a business

The program requires 12 hours of financial literacy classes and additional training related to the chosen asset. For more information or an application, please call 726-1665.

The Loop Clothing Company

Rocci had been trying to save up seed money for her handbag design company for 7 years. Since enrolling in FAIM I am working my business online and in the local market. Her purses, made from recycled billboards, have been on the Animation Awards and will be featured on the Today Show's website. Rocci says that she is thankful for the program and would not have been able to start her business without the FAIM Program

3Five Designs

Martin became involved in FAIM in July 2006 and through the matched savings program will be able to enhance his business. 3Five Designs offers creative solutions in website design, website development, website hosting, email marketing solutions, print media designa nd brand identity/logo development.

Local Artist

Celia is a painter/scuptor from Argentina who has lived in Duluth for the last 11 years. The financial literacy class and writing her business plan gave her framework and knowledge to plan her finances and foster the development of her business. Celia works in 2 and 3 dimensional and primarily executed in wood with incorporated paint, glass, and metals. She draws inspiration from diverse sources including: constructivism, the work of Joaquin Torres-Garcia, Jungian Psychology, and Buddhist Perspectives.

Once you become part of the FAIM program, a special IDA savings account will be established for you at Bremer Bank. Matched funds are made available to you when you are ready to purchase your asset. You must save for at least six months before you can make a matched withdrawal. When you are ready, a check will be issued to the mortgage company if you are buying a house, the college if you are paying tuition, or to a supplier if you are purchasing supplies for a small business.

There are just a few.

• You must save earned income from employment. Income can come from traditional employment or from self-employment.
• Your assets must be less than $10,000 (not including your vehicle, your house or your retirement accounts).
• You must attend financial literacy classes. (12 hours of financial education, provided by Community Action)
• You must attend 10 hours of education in one of the following areas:
  Home Stretch homebuyer education
  Higher Education career goals, skills and interests
  Small Business how to start your own business

You are eligible if you meet the following income guidelines:

Applying is easy, simply contact:

Angie Miller at Community Action Duluth 218-726-1665, extension 13 or e-mail: angie@communityactionduluth.org

Most people need more than just cash to become successful homeowners, entrepreneurs or college students. You will also receive:

• A copy of your credit report with a credit score.
• Regular financial coaching to help you achieve your goal.
• And, as mentioned before, classes on credit repair, reducing debt, saving for the future and consumer protection.

Savings matches are not "giveaways." Participants earn savings matches by saving their own hard-earned dollars and taking other steps to prepare for the future, like attending financial literacy classes. Match dollar savings accounts are a way to help hard working low-income families and individuals build a more stable and secure future. Everyone benefits when members of a community have the tools or assets they need to provide for themselves and their families.

Interested in Starting a Business?
Northeast Entrepreneur Fund - www.entrepreneurfund.org
University of Minnesota Center for Economic Development - www.umdced.com

Interested in Buying a Home?
Neighborhood Housing Service - www.nhsduluth.org
Northern Communities Land Trust - www.landtrustduluth.org

Interested in Saving for the Future?
www.helpmnsave.org
www.managingmymoney.com

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