Minnesota Community Action Partnership
Family Assets for Independence in Minnesota Program
FAIM Impact Reports
The Family Assets for Independence in Minnesota program is a matched savings project to help Minnesota low-wage earners build assets through purchase of a home, pursuit of a higher education or launching of a small business. This is accomplished by FAIM participants placing up to $40 monthly savings from their earned income into Family Asset Savings Accounts which will be matched 3-1 upon completion of asset contracts.
FAIM Impact Reports
The Minnesota Community Action Partnership has conducted Return on Investment (ROI) research on the impact of the FAIM program on participants.
- 65% had completed their degree or certificate by the time of the survey, another 31% were actively pursuing their degree or certificate.
- 40% of respondents indicated that their employment has improved since completing their education; 57% indicated their incomes have increased by a combined $440,000+ per year.
- 12% of respondents reported not being on any public assistance when they enrolled in the FAIM program. Since then, the number of respondents not using public assistance has more than quadrupled to 57%.
- 24% of respondents have no debt.
- 67 had purchased a home and 14 were aiming to buy one in the near future.
- 97% still own their home. The two that no longer do sold their home. No one had foreclosed in a time when many Minnesotans have.
- 89% have not used risky financial products or services in the last 6 months. Of those who have, they used only one product.
- 39% have no debt other than their mortgage (not including deferred student loans).
- 56% of respondents experienced an increase in their income since completing the FAIM program.
- 89% of surveyed FAIM-sponsored businesses are still in operation after more than two years of business compared to a national average of 44%.
- 14% of the survey population reduced their state assistance in low income heating assistance (LIHEAP), Food Support (SNAP), and Minnesota Care health coverage; resulting in an estimated savings to the state of $241,313 per year.
- 65% of businesses achieved an increase in their sales and income after applying their FAIM matched savings to improve their businesses.
- 22% of businesses have added at least one additional employee since they launched their business.
- $26,681,504/year of total estimated income revenue was generated for all FAIM recipients and their employees.
- “Changed lives and successful businesses, thanks to FAIM” according to surveyed graduates.