The Family Assets for Independence in Minnesota (FAIM) program is a matched savings project funded by grants.  The program is designed to help Minnesota resident low-wage earners build assets within the state through:

  • purchase of a first home
  • pursuit of higher education
  • launch or expansion of a small business
  • purchase of a personal vehicle

Participants are required to work with their local FAIM coach during enrollment to:

  • establish or build credit and reduce debt
  • complete 12 hours of financial wellness training
  • complete an additional 10 hours of asset-specific training

Minimum enrollment, trainings and asset requirements must be successfully completed before becoming eligible for a matched payout from the program.  Funds are paid directly to a third-party vendor, not the participant.  Saving and spending timelines are established in a Contract Agreement which is completed by the coach and signed by the participant along with other enrollment and account opening forms.