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Arrowhead Economic Opportunity Agency (AEOA)

Family Assets for Independence in Minnesota (FAIM)

Silver Bay Office

99 Edison Blvd, County Service Center, Silver Bay, MN, 55614

Distance: 1399 Miles

(218) 735-6895

Website

http://www.minnesotafaim.org

Service Details

Description

Family Assets for Independence in Minnesota (FAIM) is a 30-month program that helps working Minnesotans with low incomes increase their savings, build assets and enter the financial mainstream.


By matching a participant's savings as well as providing financial literacy education, asset-specific training and ongoing financial coaching, families are supported and encouraged to acquire assets and increase their financial capability and economic security, in order to leave poverty permanently.


Those enrolled in FAIM receive a program match at a rate of $3 to every dollar of earned income deposited into their Individual Development Account (IDA) within 2 years, up to a maximum of $2,000 per household. Account holders may be eligible for a matched payout and their savings of up to $8,000 toward their chosen asset upon successful completion of program requirements.


Savings and matches may be used for one of four asset goals in Minnesota: first-time home purchase, post-secondary education, purchase of a personal vehicle or a small business start-up or expansion.


Participants are required to complete a minimum enrollment period, financial education classes/coaching, as well as asset-specific training and requirements before requesting payout toward obtaining their chosen asset. FAIM payment is made to a third-party vendor, not the participant.


Features

  • Organization Type
    • Community Action Partnership 
  • Payment
    • Free / no cost to eligible clients 
  • Specialization
    • Family 
    • People with low income 

Eligibility

* Be at least 18 years of age
* Have earned income at the time of enrollment
* Be a resident of Minnesota while enrolled/participating in FAIM
* Be a United States citizen, or eligible non-citizen
* Household annual gross incomes must fall below 200 percent of the current federal poverty guidelines
* Household net assets must be $10,000 or less
* Account holder savings must come from the participant's earned income (wages/employment)


ADDITIONAL INFORMATION:
Serving Cook, Lake, and St. Louis counties


Application Instructions

Contact a local participating agency to be screened for eligibility and to request an application. Need proof of employment income and current address, and valid MN driver's license/ID card to enroll.


For additional information on the FAIM Program contact (218) 685-7071 or toll-free (800) 492-4805 and ask for FAIM.


Fees

There is no fee for this service.


Business Hours

8:00am - 4:00pm, Monday - Friday


Area Served

Lake County


Websites

Phone Numbers

Type Number Hours
Food Shelf (218) 226-4443
Head Start (218) 226-4434

Last Update

6/10/2022

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