Our Mission
Family Assets for Independence in Minnesota (FAIM) empowers low-income working residents to escape poverty and build lasting financial stability through matched savings opportunities.
By supporting the acquisition of essential assets—such as first homes, post-secondary education, small businesses, vehicles, and future education savings—FAIM fosters wealth-building and economic independence. With new pilot programs for 529 college savings and emergency savings in 2024, FAIM continues to innovate to meet the needs of Minnesota families.
What is FAIM?
Family Assets for Independence in Minnesota (FAIM) is a matched savings program designed to help low-income working Minnesotans escape poverty and build financial security.
Over a 30-month enrollment period, participants save money toward specific life-enhancing goals, such as purchasing their first home, pursuing higher education, starting or expanding a small business, or buying a personal vehicle. In 2024, FAIM is introducing pilot options for saving for a child’s future education through a 529 college savings plan and limited emergency savings. By matching participant savings, FAIM provides the tools and resources to create lasting wealth and independence.
Who is it for?
FAIM is for low-income, working Minnesota residents who are ready to take meaningful steps toward financial independence. Whether you're planning to buy your first home, invest in your education, start a small business, or secure transportation for work, FAIM can help you achieve these goals.
New in 2024, the program also supports saving for a child’s future education and limited emergency savings. If you’re looking for a path to build personal assets and long-term stability, FAIM could be the perfect fit.
FAIM Program Timeline
Contact a local FAIM partner agency to discuss eligibility and be added to the waitlist for enrollment.
Note: Match funding is contingent on the availability of funds within the grant.
Who is eligible?
To qualify for the FAIM program, applicants must:
Be at least 18 years old and a resident of Minnesota
Must have a valid MN driver’s license or photo ID.
Have earned income
Either from employment or self-employment.
Meet income limits
With household annual gross income at or below 200% of the federal poverty guideline.
Have household net assets under $10,000
Be able to reach their savings goal within 24 months
And obtain their chosen asset within 30 months.
Note: Additional restrictions or requirements may apply.
Program Administration
FAIM enrollment is provided through local partner agencies across Minnesota – asset tracks offered by each agency may vary.
Grants
Funded by:
Office of Economic Opportunity – visit site
Minnesota Department of Human Services – visit site
Get in Touch
FAIM Team Members:
Dave Snyder, Susan Thoennes, Paige Carlson, Missy Becker-Cook
Could FAIM be right for you?
Looking for guidance on your FAIM savings journey? Contact us today and we'll help you get in touch with your local FAIM Agency and connect you with a coach in your area who can help you achieve your financial goals.
Please note: Enrollment for the current FAIM grant closed on 9/30/2024. Contact us to join a waitlist and learn more about future opportunities.
Looking for guidance on your FAIM savings journey? Contact us today and we'll help you get in touch with your local FAIM Agency and connect you with a coach in your area who can help you achieve your financial goals.
Please note: Enrollment for the current FAIM grant closed on 9/30/2024. Contact us to join a waitlist and learn more about future opportunities.