Share was awarded $300,000 for a program that helps low-income people increase their savings so they can buy a home, start a business or pursue higher education.
The grant from the Assets for Independence program benefits Share’s Individual Development Accounts, a matched savings program.
An applicant’s annual income has to be less than 200 percent of the federal poverty rate, and the applicant has two years to save for an asset.
All participants will go through financial education seminars about saving and managing money.
The funds go directly to the place where the participant is making the purchase, whether it’s a bank or a college’s financial aid office.
“Since the program’s inception in 2008, 45 graduates of the program have purchased a home, 12 graduates have started their own business and 12 graduates have gone on to higher education,” said Share’s executive director Diane McWithey.
