When determined eligible for the FAIM program, each participant is required to:

  • Schedule a meeting with a FAIM coach to complete application process.
  • Take appropriate paperwork to Bremer Bank and open a FAIM savings account.
  • Schedule a meeting with a FAIM coach to create an Economic Empowerment Plan.
  • Make monthly deposits of $40 into FAIM account (monthly deposits must be made to receive match funds).
  • Complete a minimum of 12 hours of financial management classes (must complete within the first 6 months of being in the program).
  • Complete a minimum of 10 hours of asset specific training.
  • Meet with a FAIM coach on a monthly basis to track goal attainment.

Participants earn a match rate of $3 for every $1 that they save for up to $480/year, averaging $40/month, over 2 years (Maximum $960).

  Year 1

Year 2

Total
Participant Savings $480 + $480 = $960
Federal & State Match $1,440 + $1,440 = $2,880
Total Savings $1,920 + $1,920 = $3,840

FAIM money may be used towards one of three assets:

First time homeownership

  • For the purpose of the FAIM program, a first time homeowner is a person who has not owned a principal residence for a period of at least 3 years.
  • FAIM money may be used towards a down payment, closing costs or applied to the principle balance of a mortgage if the down payment is less than expected.
  • Mobile homes that are not attached to the land owned by the homebuyer are NOT allowed.
  • Contract for deeds are NOT allowed.
  • As a first time homebuyer in FAIM, you should get pre-qualified early in the program so you have a plan to fix any credit issues, seek mortgage financing, and attend the required Homestretch Workshop.
  • You must complete financial literacy classes as well as the Homestretch Workshop before any money can be used.

Post secondary education

  • The FAIM program may be used for higher education at an accredited 2 year or 4 year institution.  May be used for current tuition, books, supplies, and other necessary purchases to complete coursework.
  • FAIM funds should NOT reduce the financial aid package or scholarships.
  • You must complete financial literacy classes as well as an education plan before any money can be used.

Small business development

  • The FAIM program can be used to begin a new business or expand an existing small business.
  • Business expenses such as rent, childcare, etc. CANNOT be paid by FAIM.
  • Three bids are required for remodeling projects related to the business plan.
  • You must complete financial literacy classes as well as a small business class and have an approved business plan before any money can be used.
  • The FAIM coaches shall determine the realistic possibilities of the venture and must approve the business plan.