The Savings Accelerator Fund
Eligibility: CDFIs & Community-Based Organizations
The Savings Accelerator Fund is a program aimed at helping low-income individuals save for specific assets, such as education, housing, or starting a business. The program provides matched savings accounts up to $10,000 to participants, where their savings from earned income. In order to participate in the program, individuals must undergo financial education and coaching to develop the skills and knowledge necessary to effectively manage their finances and achieve their savings goals. Additionally, families will receive $4,000 baby bonds for each child to help families save for their children's long-term financial needs, such as education or purchasing a first home. The funds from the baby bonds are locked until the child reaches a specified age, usually 18 or 21, and the interest earned is tax-free. The combination of the Savings Accelerator Fund and Baby Bonds has the potential to have a significant positive impact on the financial well-being of low-income individuals and communities, promoting economic mobility and stability.
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