Nonprofits create plan to help families save in California

from the Bakersfield Californian

A $300,000 program to encourage low-income Kern residents to save money with matching funds is launching Wednesday morning at a United Way of Kern County press conference.

Funding comes from a federal grant of nearly $153,000 and contributions from United Way and three local donors.

The Pusateri Family Trust donated $100,000. Wells Fargo Bank kicked in $30,000. Union Bank of California gave $20,000.

Participants who meet savings goals of $1,000 to $2,000 will receive $2 of matching funds for every dollar saved.

The savings accounts can be used to help buy a first home, start or capitalize a small business or get higher education or job training.

Federal funds are provided through the Department of Health and Human Services. The accounts, known as “Individual Development Accounts,” are meant to help families out of poverty through an “assets-based” approach, a department information sheet says.

The so-called “Assets for Independence” program had about $24 million worth of grants to hand out nationwide last year.

Link to full article. May expire in future.