FAIM Program funds can be used to begin a new business or expand an existing small business. The local FAIM agency shall determine the realistic possibilities of such ventures. FAIM participants must develop a qualified business plan.
Eligibility for FAIM
Participants must:
- Be at least 18 years of age
- Have earned income at the time of enrollment
- Be a resident of Minnesota at time of participation in FAIM
- Have assets of $10,000 or less
- Deposit savings from earned income
- Have combined income at or below 200% of poverty (see table below)
Participant's income and assets may increase after entrance into the FAIM program.
| Annual Income at 200% of Poverty |
| Family Size |
Annual Income |
| 1 |
$21,660 |
| 2 |
$29,140 |
| 3 |
$36,620 |
| 4 |
$44,100 |
| 5 |
$51,580 |
| 6 |
$59,060 |
| 7 |
$66,540 |
| 8 |
$74,020 |
|
|
Total Hourly Wage Maximum Needed at
40 Hours Per Week, 52 Weeks Per Year |
| Family Size |
Hourly Wage = 200% of Poverty |
| 1 |
$10.41 |
| 2 |
$14.01 |
| 3 |
$17.61 |
| 4 |
$21.20 |
| 5 |
$24.80 |
| 6 |
$28.39 |
| 7 |
$31.99 |
| 8 |
$35.59 |
|
|
