New Program Helps Save for Home, College or Business

Kent-area residents looking to save to buy a home, go to college or open a small business can get a two-to-one investment match from thanks to a new state grant.

The non-profit social service agency is running a new account program called "Individual Development Acccount" designed to help working-class poor achieve one of those three goals.

F&CS partners with participants by opening a joint savings account at with a two-to-one match incentive. If a participant reaches the maximum account balance of $1,000, then their funds will be matched two-to-one and they'll walk away with $3,000 at the end of the program.

"It gives people a hand up when they have the motivation but don't have the financial or professional support to achieve their goal," said Kelly Paton, one of the program coordinators at F&CS.

Participants must meet certain criteria, including an income level at or below 200 percent of the Federal Poverty Guidelines. And they must have a job. Participants must take part in the savings program for a minimum six months and are encouraged to participate for a full year.

The IDA program was made possible by AmeriCorps VISTA and a grant through the Ohio Community Development Corporation. The grant allows for up to 25 participants with F&CS, and they have until the end of 2012 to start the program.

To apply, contact F&CS at 330-297-7027.

Paton said they haven't had any applications yet but have been ready to accept them since Aug. 1.

"It's designed to help people who are motivated to improve their current situation through any of those three assets, and to develop good financial habits," she said.