These savings accounts provide a $2 match for every $1 saved up to a $4,000 match for $2,000 saved. Residents must be employed and agree to open a savings account at partnering banks in order to save their earned income over a maximum three-year period with the goal of using their savings and match monies to:
- Purchase their first home
- Attend a trade school or college
- Begin or expand a business
While enrolled in the program, participants are required to attend four Financial Literacy Classes prior to receiving the matching funds and two asset-specific trainings. Asset specific trainings include, but are not limited to: Pre-Home Purchase Counseling, meeting with a trade school or college advisor or meeting with a small business development center.
Community Action Southwest received $200,000 in federal funding and to-date $131,500 in local funding through the support of nine area banks: Washington Financial, Northwest Savings, Charleroi Federal, First Federal of Greene, First Federal Savings, Community Bank, First Commonwealth, First Niagara and Fifth Third to operate this program.