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
- new asset tracks coming in 2024
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.