Article Title: Personal Finance & Savings

A Family Development Account, or “FDA,” is a savings account that can make a real difference when you need it most. For every dollar you save, the FDA Coalition matches it with four additional dollars, helping your savings add up quickly. For example, if you deposit $5 into your savings account, you can earn $20 in match funds, for a total of $25.

The FDA program can help you save money to reach several goals, including:

Business

FDAs can be used to save to start or expand a small business. Funds can be used for the purchase of business equipment, inventory, marketing, and other start-up costs.

Home Buying and Repairs

If you are looking to buy your first home, you can use an FDA to purchase or construct a primary residence. You can also use an FDA to repair a home that is, or will be, your principal residence.

Car Repair and Purchase

Funds may be used for the purchase or repair of a vehicle used for transportation to work or to attend education or training.

Emergency

FDAs can also be used to create an emergency savings fund to pay for urgent expenses that may cause the loss of shelter, employment, or other basic necessities.

Eligibility requirements:

• Earned income from a job or self-employment
• Social Security, disability, and/or child support does not count as earned income
• Household income below 200% of the federal poverty line
• A minor child in the home for the home repair, vehicle purchase/repair, and emergency FDAs

Penquis is the administrative body for the statewide Family Development Account (FDA) program and the FDA Coalition, which includes nine partners covering the entire state. Penquis works with 19 local banks and credit unions in servicing these matched savings accounts.

Need more information? Contact Rebecca Grant at 207-974-2459.

All too often, Maine residents lack the tools needed to achieve financial stability and, ultimately, financial security. Many residents do not have emergency funds, have not calculated their retirement savings needs, have not set aside money for children’s college education, or have used one or more non-bank borrowing methods in recent years.

To help families increase financial stability and improve child and family outcomes, Penquis offers financial capability and coaching services, such as goal setting, improving credit, and creating budgets. We work with three main client groups:

• Parents and guardians of children served through Penquis Child Development/Head Start programs
• Families located in residential facilities of the housing authorities of Bangor, Brewer, and Old Town participating in the Family Self Sufficiency (FSS) programs
• At-risk young women with infants, or who are pregnant, at the Penquis Journey House

Penquis continues to expand these services through its social services programs and with external partners.

Participants may also be eligible for a savings account called a Family Development Account (FDA), which can help with saving for car purchases, car repairs, or emergencies.

For more information, please contact Rebecca Grant at 207-974-2459.

Student debt and affordability can be major challenges for students and families planning for education or training after high school.

Penquis is exploring ways to help prospective students, current students, and former students make informed financial decisions about education, certificate training, student loans, and budgeting. This may include working with partners and developing resources to help individuals better understand the costs and financial options connected to post-secondary education and training.

For student loan and education financing information, you can also contact the Finance Authority of Maine (FAME) at 1-800-228-3734 for a free consultation, or visit their website at famemaine.com/education.