The Family Assets for Independence in Minnesota (FAIM) program is a matched savings program 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
  • 529 college savings – new pilot in 2024
  • emergency savings – new pilot in 2024 – limitations apply

Participants are required to remain in regular contact and work with their local FAIM coach to:

  • establish, repair, build their credit score
  • review their credit report, create a budget to reduce debt, and build the habit of saving monthly
  • complete 12 hours of financial management training
  • complete an additional 10 hours of asset-specific training
  • complete asset-specific requirements

Minimum enrollment, trainings and asset-specific 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 with the coach and signed by the participant – along with other enrollment and account opening forms.