The Family Assets for Independence in Minnesota (FAIM) program is a matched savings project designed to help Minnesota resident low-wage earners build assets within the state through:
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purchase of a first home
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pursuit of higher education
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launch of a small business
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purchase of a personal vehicle
Participants are required to work with their local FAIM coach to:
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establish, repair and/or build credit and reduce debt during enrollment
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complete 12 hours of Financial Literacy training
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complete an additional 10 hours of asset-specific training
before becoming eligible for a matched payout from the program. Funds are paid directly to a vendor, not the participant. Savings and spending timelines are established in a Contract Agreement which is completed with a FAIM coach along with other forms.
