WESTMINSTER — Southeastern Vermont Community Action has immediate openings for eligible community members to participate in its Vermont Matched Savings program.
Matched Savings Accounts are savings accounts that help low and moderate income individuals and families reach a savings goal for eligible investments, such as expanding a business, purchasing your first home, or additional education or professional training. Participants deposit up to $1,000 earned through work or self-employment into an account and state grants provide a match to those funds, up to $2,000, helping participants reach their goals more quickly. A qualified financial counselor provides one-on-one support and helps you to purchase your investment. Savings may be withdrawn at any time (may effect program eligibility), yet if you complete the program requirements, at the end of one year, you are able to make your purchase.
Participation is open to anyone who meets the following guidelines:
• Have less than $10,000 in net assets (excluding the primary dwelling and one car).
• Make a monthly deposit out of earned income.
• Complete online financial literacy classes.
• Save for at least one year before eligible to use match.
• Meet household income guidelines.
For more information about the program, visit SEVCA’s Vermont Matched Savings webpage, https://sevca.org/economic-development/individual-development-accounts, or contact the Financial Fitness Program Coordinator, Sue Dillon at firstname.lastname@example.org or 800-464-9951.