Welcome to the Asset Building Programs Information Session• Help yourself to coffee

• Washrooms • Smoking

• Please turn off your cell phone

AGENDA

• Introductions• SEED Winnipeg• Asset Building Programs (ABPs)• Saving Circle Program• IDA Program• Who Can Apply• How To Apply• Workshops

SEED Winnipeg Mission

SEED Winnipeg is a non-profit agency that fights poverty and helps renew Winnipeg’s inner city. We do this by helping people start small businesses and save money for future goals.

The Supporters

Program Delivery: SEED Winnipeg Inc.

Program Development: SEED Winnipeg Inc.

Funders: United Way of Winnipeg The Province of Manitoba Investors Group Others

What are Asset Building Programs?

SEED offers two types of Asset Building Programs with matched savings:

• Saving Circle • IDA

Asset Building Programs are designed to assist low income individuals and families to buy assets.

Saving Circle PROGRAM

Saving Circle

Allows you to save up to $250and receive a match of up to

$750

Saving CircleSavings Goals

The asset that you save for has to be one that you

need and that will improve the quality of life for

your, your household, and/or the community

at large.

What Can I Save For?We will consider goals that can answer “yes” to one or more of the following questions:

1. Will the asset help you/ your family become more financially stable and/ or make better use of your money?

• Example: Washer & Dryer, Freezer

2. Will the asset help you to improve your education or help you to find a better job?

• Job-Related Training or Books, Work Uniforms, Computer, Small Business Start, Government of Canada Pardons

What Can I Save For?3. Will the asset improve health and well-being for

you and/ or your family members?• Eyeglasses, Dental Work, Disability Supports

4. Will the asset improve access to, quality, or safety of housing?• Damage Deposit, Basic Home Repairs, Basic Household

Furniture

What CAN’T I Save For?• You cannot pay off any debts.

• You cannot pay off bills.

• You cannot buy anything before you finish the program.

• You cannot buy items that cost more than you can save by the end of the savings period.

• You cannot buy a car.

• You cannot use this money for wants (computer games, trips, TV, etc.)

Saving for Your Asset• Maximum individual savings $250.00

• Maximum monthly deposit $ 65.00

• Minimum monthly deposit $ 5.00

• Maximum savings period 6 Months

• Minimum Savings period 4 Months

Plus 1 Month to use your money

Average Monthly Savings $42.00

(6 Months)

Your Savings

Matched

Credit

Total

MaximumSavings

$250 $750 $1,000

How The Match Works

3:1

Ida PROGRAM

The IDA (Individual Development Account) Program

Allows you to save up to $1,000

and receive a match of up to $3,000

What Can I Save For?• Education for you, your child, or your

spouse.

• Starting or expanding a small business.

• Renovating a home.

• Buying a home (special conditions apply).

• Disability supports (including Registered Disability Savings Plans – RDSPs).

Saving for Your Asset• Maximum individual savings

$1,000.00

• Maximum monthly deposit $ 175.00

• Minimum monthly deposit $ 10.00

• Maximum savings period 24 Months

• Minimum savings period 12 Months

• Plus 1 year to use your money

Average Monthly Savings $42.00 (24 Months)

Average Monthly Savings $84.00(12 Months)

Enhanced Home Ownership IDA• For people already accepted into the IDA program

to save extra money for a home purchase.

• Participants must attend 4 extra workshops about home ownership.

• Must be able to show ability to get a mortgage and be financially ready to purchase a home.

• There is no guarantee that you will be accepted into the Enhanced Home Ownership IDA Program, so you must have a second goal.

Your Saving

s

MatchedCredit

Total

MaximumSavings

$1,000 $3,000 $4,000

Maximum Savings for Enhanced

Homeownership IDA$2,000 $6,000 $8,000

How The Match Works

3:1

IMPORTAN T

INFORMATION

FOR

SAVING CIRCLE & IDA

Who can apply for the Saving Circle & IDA Programs?

You must:

• Live in Winnipeg

• Be able to open a bank account

• Be willing and able to attend Money Management Training

You must:

• Have a positive attitude and realistic goals

• Household income must be at or below the program’s income cut-offs

Household members include everyone living in the same home who is related by blood, marriage, adoption, guardianship / foster care, or common-law. This includes all family members who share your home (children, parents or grandparents, stepparents, aunts or uncles, cousins, etc). It does not include roommates.

Annual Household IncomeBased on the 2009 Statistics Canada Low Income Cut-Off (LICO)

Family IncomeSaving Circle

Cut - OffIDA Program

Cut-Off

1 person $16,670 $26,670

2 persons $20,760 $33,210

3 persons $25,520 $40,830

4 persons $30,980 $49,570

5 persons $35,140 $56,220

6 persons $39,630 $63,410

7 or more persons

$44,120 $70,590

Saving Circle Cut-Off = 75% LICOIDA Cut-Off = 120% LICO

* Please Note: If the income you receive through the Canada Child Tax Benefit puts you over the income cut-off, please apply anyway and discuss your situation with an Asset Building Program Coordinator.

Legal Judgments• Must be free from current and pending legal

judgments

Proof of Income• Need to show proof of current income for all household

members

 

Conditions

Involvement in Asset Building Programs

• You are not eligible for the Saving Circle Program if you or someone else in your household has previously received funds from the Saving Circle or IDA Programs.

• You are not eligible for the IDA Program if you or someone else in your household has previously received funds from the IDA Program.

• If you have received funds from Saving Circle Program you can still apply for the IDA program.

* ONE PERSON PER PROGRAM PER HOUSEHOLD

How will the Saving Circle & IDA Programs work?

1. Open an account at Assiniboine Credit Union.

2. Attend workshops.

3. Make monthly deposits.

4. The Saving Circle or IDA Program will match $3 for every $1 you save.

5. Purchase your asset!

The Workshops

You MUST attend Money Management Training once a week for 10 weeks

We offer classes:

• in the afternoon

• in the evening

• on Saturdays

We Offer:• Free Snacks

• Free bus tickets (if needed)

• Free childminding during workshops

• Free interpreters if English is not your first language

• One-to-One Support

These supports are offered free of charge.

Please contact us to ask about the supports we may be able to provide for you.

Saving for Your Asset• You MUST complete Money Management

Training before you can use the money from the program.

• If you’ve never completed Money Management Training, or if you completed it more than 3 years ago, you will need to attend and complete Money Management Training before you can use the money from the program.

• To take out the money, you must contact a Program Coordinator.

Saving for Your Asset

• If you are on Income Assistance your benefits will not be affected by the money you receive from the program.

• Every month we will send you a statement showing how much you have saved and how much you are getting from the program.

Priority Groups• We are especially interested in working with

individuals and families who face multiple barriers. Examples include:

o Aboriginal people (First Nations, Métis, and Inuit)

o Newcomers/ Immigrantso Refugeeso Youth at risko People living with disabilitieso Ex-offenders

• Please note that this is not a complete list. We are very interested in hearing about your own situation. You will have a chance to tell us about your situation on your application and at your application meeting.

How to Apply Fill out application Provide supporting documents

For each person in the household who receives income you must include

Proof of all sources of current income. For example:

• A recent pay stub• A budget letter from EIA• An Employment Insurance statement• A Resettlement Assistance letter

If you meet the program guidelines, you may be called to attend a meeting about your application.

Acceptance to the program will be based on an evaluation of your savings goal and financial need.

If you are accepted to the program, you will be invited to attend an Intake Meeting.

Next…..

Steps to Applying for Saving Circle & IDA

Sign Up For The Interest ListSign up for the interest list and receive a letter in the

mail inviting you to an Asset Building Programs information session.

Attend An Information SessionSign up for and attend an Asset Building

Programs information session and pick up a Saving Circle or IDA Program application.

Submit Your ApplicationSubmit your Saving Circle or IDA Program

application with all required Proof of Income documents.

Application MeetingIf your application is eligible: You will be

invited to attend a meeting to discuss your application to the program.

Intake / MMT StartsIf your application is accepted: You

will be invited to attend a meeting to officially enter the program.

By July 14th

August 9th – 17th

By August 25th

September 7th 20th

October 4th – 8th

#5

#4

#3

#2

#1

ABP Partner Sites

• The following organizations also offer Asset Building Programs

• If SEED is unable to accept you, we may be able to refer you to one of the programs run by our partners.

• If you want your application referred to one of these organizations, please fill out and sign the Referral to AssetBuilders Partners section on the last page of the application.

Saving Circle ProgramSaving Circle and IDA Programs

BUILDUrban Circle Training CentreMa Mawi Wi Chi Itata CentreVilla RosaPluriEllesNor’West Community HealthMacDonald Youth Services Rossbrook House

Fort Garry Women’s Resource CentreSociety for Manitobans with DisabilitiesIRCOMSEED Winnipeg

THE DEADLINE

for submitting your

Saving Circle or IDA application is:

Thursday, August 25th, 2011NO LATER THAN 4:30PM

Late applications will not be accepted.

Questions?Please call 927-9947