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Arrowhead Economic Opportunity Agency (AEOA)

Family Assets for Independence in Minnesota (FAIM)

Two Harbors Office

2124 10th St, Norden Ind. Park, Two Harbors, MN, 55616-5046

Distance: 998 Miles

(218) 748-7334

Website

https://www.aeoa.org/matched-savings-account

Service Details

Description

Family Assets for Independence in Minnesota (FAIM) helps working Minnesotans with low incomes increase their savings, build assets and enter the financial mainstream.


By matching family 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 financial match at a rate of $3 matched to every dollar of earned income saved, up to a maximum of $960 of their own savings within two years. Account holders can save up to $3,840 in matched savings for two years.


Savings and matches may be used for one of three asset goals: to purchase a home, to pursue a post-secondary education or to capitalize a small business.


Participants complete financial education classes, as well as asset-specific training.


Features

  • Licenses and Certifications
    • 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 at time of participation in FAIM
* Incomes must fall below 200 percent of the federal poverty guidelines
* Assets must be $10,000 or less
* Account holder savings must come from earned income


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


Application Instructions

Available online or request by mail. Need proof of employment income to enroll.


For additional information on the FAIM Program contact (218) 685-4486 or leave a message on the toll-free number (800) 492-4805.


Fees

There is no fee for this service.


Business Hours

Office Hours: 8:00am - 4:30pm, Monday - Friday;
Food Shelf: 10:00am - 4:00pm, Tuesday


Area Served

Lake County


Websites

Phone Numbers

Type Number Hours
Main (218) 834-2280
Energy Assistance Program (844) 568-0149
Toll Free (800) 223-1850
Two Harbors RSVP (218) 834-2280

Last Update

5/27/2021

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