The Missouri Department of Economic Development (DED) approved United Way of Greater St. Louis for $75,000 through the Family Development Account Program (FDA).
In collaboration with partner nonprofits, the United Way provides matched individual development accounts, financial and asset-specific education, and social service support to low income individuals living in the metro area. The organization will utilize FDA donations to enroll and match funds for an additional 60 individuals who will use funds: to buy a home, for post-secondary education or job training expenses, for small business capitalization, or major home repairs.
Community-based organizations can access financing to administer a Family Development Account project to help low-income residents participate in matched savings programs. These savings programs will help families in communities pay for school, purchase a new house, make home improvements, or start up a small business.
For more information on the FDA, please visit https://ded.mo.gov/programs/community/family-development-account.