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Page 1: Help yourself to coffee  Washrooms  Smoking  Please turn off your cell phone
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Welcome to the Asset Building Programs Information Session

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SEED Winnipeg Mission Saving Circle Program IDA Who can Apply How to Apply Workshops

AGENDA

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SEED Winnipeg is a non-profit agency that works to reduce poverty in Winnipeg. We help people save money for future goals and start small businesses.

SEED Winnipeg Mission

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The Supporters

Program Delivery: SEED Winnipeg Inc.

Program Development: SEED Winnipeg Inc.

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

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What are Asset Building Programs?

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

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There are two types of Asset Building Programs:

Saving Circle

IDA

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Saving Circle PROGRAM

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Saving Circle

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

$750

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Your Savings

MatchedCredit Total

MaximumSavings

$250 $750 $1,000

How The Match Works

3:1

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MINIMUM SAVINGS PERIOD4 MONTHS

MAXIMUM SAVINGS PERIOD6 MONTHS

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Average Monthly Savings$42.00

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Saving CircleSavings Goals

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

need and that will improve quality of life for

yourself, your household, and/or the community

at large.

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What Can I Save For?

Basic Household Furniture andAppliancesSome Examples:

Beds, Dressers, Sofa, Table & Chairs

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Education & Employment Needs• Job-Related Training or Books, Work

Uniforms, Computer, Small Business Start

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Some Health or Disability Needs• Eyeglasses, Dental Work, Disability Supports

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Access to Safe Housing• Damage Deposit, Basic Home Repairs

Louise Simbandumwe
I would suggest changing this picture -- it may be offensive to some people.
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You cannot pay off any debts.

You cannot pay off bills.

What CAN’T I Save For?

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You cannot buy a car.

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

What CAN’T I Save For?

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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

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Ida PROGRAM

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The IDA Program

Allows you to save up to $1,000

and receive a match of up to $3,000

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Your Savings

MatchedCredit

Total

MaximumSavings

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

How The Match Works

3:1

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MINIMUM SAVINGS PERIOD12 MONTHS

MAXIMUM SAVINGS PERIOD24 MONTHS

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Average Monthly Savings$84.00

(12 Months)

Average Monthly Savings$42.00

(24 Months)

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What Can I Save For?

Education for yourself, your child, or your spouse.

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Starting or expanding a small business.

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Renovating a home.

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Disability supports.

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Buying a home (special conditions apply)

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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

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For people already accepted into the IDA program to save extra for a home purchase

Participants must attend four extra workshops about buying a home.

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.

Enhanced Home Ownership IDA

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Your Savings

MatchedCredit

Total

MaximumSavings

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

MaximumSavings for

EnhancedHome Ownership

IDA

$2,000 $6,000 $8,000

How The Match Works

3:1

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IMPORTAN T

INFORMATION

FOR

SAVING CIRCLE & IDA

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You must:

Live in Winnipeg

Be able to open a bank account

Be willing and able to attend Money Management Training

Who can apply for the Saving Circle & IDA Programs?

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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 as you 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.

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

Family IncomeSC Program

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.

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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

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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

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Saving for Your Asset

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

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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!

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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

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We Offer: FREE Snacks FREE Bus tickets (if needed) In most classes we offer FREE child minding FREE Interpreters if English is not your first

language One-on-One Support

These workshops are offered free of charge

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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.

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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

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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 9st – 17th

By August 25th

September 7th – 20th

October 4th – 8th #5

#4

#3

#2

#1

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Priority Groups• We are especially interested in working with

individuals and families who face multiple barriers. Examples include:

o Aboriginal, (First Nations, Métis, and Inuit)o Newcomerso 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 talk about your situation in your application and at your application meeting.

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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

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THE DEADLINE

for submitting your

Saving Circle or IDA application is:

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

Late applications will not be accepted.

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Questions?

Call 927 9947