2022 Midwest Asset Building Conference
“Imagining the Next Economy: Disrupting the Racial Wealth Divide” was held at the Saint Paul RiverCentre June 29-30, 2022. Previous conferences were hosted in Indianapolis in 2017 and Detroit in 2019. This biennial conference was pushed from 2021 to 2022 due to the pandemic, watch for information on the next conference in 2024.
FAIM Program Information
Quarterly FAIM Coach Meeting
A quarterly FAIM Coach meeting is held the last Thursday of January, April, and October. The July meeting will be held a week earlier or later due to staff availability. Meetings will be held via Zoom unless otherwise noted. An email containing the link to join will be sent to the FAIM group before those meeting dates. Minutes from the meetings will be emailed to the FAIM group.
State Grant 2005 is at capacity.Screen clients for program readiness and place on your local wait list. Potential applicants must have the ability to 1) save up to $2,000 in 24 months or less, AND 2) purchase their chosen asset (Home, Education, Business, Vehicle) in 30 months or less (2 1/2 years). If pursuing Home Purchase, a credit score of 650+ and continuous employment with sustained income will be needed to qualify for a mortgage and support loan repayment. Coaching dollars in the amount of $1,300 available to agencies for new enrollments that complete the required 12 hours of Financial Management training – course plus 1:1 financial coaching with review of credit report, creating a budget, and establishing/repairing/building credit. Submit training completion certificate to FAIM Admin. Coaching dollars will be paid out quarterly.Timelines: Minimum enrollment period is 6-months + 1-day from first deposit date before a payout may be requested. Saving/match period is 24 months from first deposit date – late deposits can’t be matched, no exceptions. Maximum enrollment to obtain their asset and exit the program is 30 months from first deposit date. State Grant 2083 is at capacity.
The next state grant is anticipated late 2023/early 2024 – forms and processes will require updating. DO NOT take applications for the upcoming grant – screen potential clients for program readiness and build your wait list.
- Enrollment is at capacity and applications are no longer being accepted. Final coaching dollars were sent to agencies the end of 2021.
- Timelines: Minimum enrollment period is 6-months + 1-day from first deposit date before a payout may be requested. Saving/match period is 24 months from first deposit date – late deposits can’t be matched, no exceptions. Maximum enrollment to obtain their asset and exit the program is 30 months from first deposit date.State Grant 2085 is at capacity.
- Minimum enrollment period for this grant is 1 year + 1-day before full payout may be requested. Saving/match period is 24 months from first deposit. Maximum enrollment is 30 months from first deposit date.
- Coaching dollars will be paid to agencies on a quarterly basis for the first 65 clients that complete the required 12-hour Financial Wellness training –schedule this early in the client’s enrollment. Local coach must submit a copy of the client’s training completion certificate to FAIM Admin to be considered for payment of coaching dollars.
Statewide FAIM Program AdministratorSusan Thoennes [email protected] Direct Line: (218) 685-7071
Grant Administrator – West Central MN Communities Action, Inc. (WCMCA)
411 Industrial Park Blvd, Elbow Lake, MN 56531 (218) 685-4486
1910 Aga Drive, Suite 206, Alexandria, MN 56308 (320) 304-3458Toll free: 800-492-4805
Office Hours:Monday-Friday, 8:00am – 4:30pm
Holiday Closures: New Year’s Day, Martin Luther King Jr. Day, President’s Day, Memorial Day, Juneteenth, Independence Day, Labor Day, Veteran’s Day, Thanksgiving Day & day after, Christmas Eve & Christmas Day.
Please note: If the holiday falls on Saturday, the agency will be closed on Friday. If the holiday falls on Sunday, the agency will be closed on Monday.