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Description of Service
As an incentive to save for a goal and develop a savings plan, grant funds will be used to match a participant's savings up to a maximum of $2,000 for a two year period -- A 100% RETURN ON YOUR SAVINGS!
Each saver must set a SPECIFIC GOAL for the use of his/her savings and match. Goals may be the following:
Purchase or repair of a house
Starting or expanding a business
Purchase of a vehicle for work, education or job training.
Savings and match funds MUST be used for the goal.
A participant must promise to deposit at least $10.00 per week in a separate savings account for at least 12 months and up to 24 months at an approved financial institution. Current participating banks are: Commerce Bank, Centric Bank, M&T Bank, Mid Penn Bank, PNC Bank and Sovereign Bank.
Each saver MUST PARTICIPATE in FOUR FINANCIAL WORKSHOPS during a two year period on topics such as budgeting, savings and investing, credit and credit repair, loans, insurance, wills and tax planning. These valuable workshops are provided at no cost to the participants.
To encourage individuals and families to save money, to acquire assets or increase the value of assets they already have (asset building), to take control of their financial situation, to save for future goals and to aim toward FINANCIAL SELF-SUFFICIENCY.
Family income cannot exceed 200% of the Federal Poverty Guidelines.