Southern Good Faith Fund’s Asset Builders program combines Individual Development Accounts (IDAs) and economic skills training to help people with limited means secure their financial future. IDAs are matched savings accounts for working poor families who are trying to buy their first home, make improvements to their home, pay for post-secondary education or job training, or start their own business.
Participants save regularly and for each $1 individuals save, they receive $3 in matched funds, up to a maximum of $2,000 for an individual or $4,000 for a household.
Who We Help
89% are African American- 82% are female
- 51% are single
- 81% have a monthly household income of less than $2,000
- 22% do not have a bank account at enrollment
Accomplishments
- 741 participants in 30 counties in Arkansas and Mississippi
- $1,511,180 in cumulative savings including participant savings and match money
- 415 asset purchases
- $4,474,495 leveraged in mortgage loans
Southern Good Faith Fund’s Business Development Center provides high-quality, in-depth training, technical assistance, and counseling to entrepreneurs who want to start a business or grow an existing business.We also help our clients access various sources of financing.
Our workshops and seminars are free, our consulting services are provided at a highly subsidized cost, and small fee is charged for long-term training. The Business Development
Center is partially funded by the U.S. Small Business Administration.
Who We Help
- 5863 clients served since 1999
- 79% are female
- 71% are African American
- 29% have a high school diploma
- 38% have some college education
- 14% have a bachelor's degree
- 17% have gross income of less than $10k
- 32% have gross income between $10k - $25k
- 31% have gross income between $26k - $50k
Southern Good Faith Fund works with Southeast Arkansas College and Phillips Community College on the Career Pathways program, which helps move low income adults up the career ladder.
Career Pathways uses a series of connected educational programs that enable students to combine school and work and advance to better jobs and higher levels of education and training. Working with area employers to target high demand jobs, our career pathways include: business, education, emergency medical services, manufacturing, nursing/allied health, and welding.
Who We Help
- 77% are ages 18-35
- 91% are female
- 77% are African American
- 18% lack a high school diploma or GED
- 63% have incomes under $5,000
- 30% are TEA recipients
- 60% are Food Stamp recipients
- 75% have children under 18
- 64% are single, never married
- 84% lack a savings account
- 60% do not own a car
- 89% do not own a home
- 42% consider transportation a significant barrier
