FAIM Program funds may be used to start a new business or expand an existing small business. The local FAIM agency and FAIM Admin team shall determine the realistic possibilities of such ventures. The business must be feasible, viable and sustainable to provide income to support the FAIM participant in the long term.
FAIM participants must choose a name for the business, register for an EIN with the IRS, develop a qualified business plan and projected budget (templates available), open a business checking/savings account at a financial institution, and work with a qualified reviewer to refine and approve the viable business plan. If using a template from another source, the client must cover all of the topics from the FAIM template to meet program requirements.
FAIM – Guide to Business Development Requirements – Updated 1-7-2020
To be eligible for FAIM, participants must:
Be at least 18 years of age
Be a resident of Minnesota (at time of enrollment and exit from FAIM)
Be a US citizen or eligible non-citizen
Have earned income to deposit into savings monthly
Have total assets of less than $10,000
Have combined gross household income at or below 200% of poverty (see below)
Participant’s income and assets may increase after enrollment into the FAIM program.
2020 Federal Poverty Guideline