1. The Saving Circle Story

2. Why IDAs? Alternative Financial Services Coalition SEED Winnipeg Inc. Assiniboine Credit Union Northend Stella Community Ministry United Church of Canada Mennonite Central Committee Concerned about departure of banks from the North End Address reliance on fringe financial services Financial literacy identified as an important strategy

3. Our IDA Pilot Project Designated Assets Business start or expansion Home ownership or renovations Education Program Design Match – 3:1 Minimum deposit: $10 Maximum savings matched - $1,000 Maximum match available: $3,000 Savings period: 12 – 24 months Income Threshold 100% of LICO

4. 2000 - IDA Pilot: A Partial Success Who was being missed? Why were they not applying? What changes would you have suggested?

5. 2002 - Saving Circle Program First of program of it’s kind in Canada Flexible Savings Goals Program Design Match – 3:1 Minimum deposit: $5 Maximum savings matched - $180 Maximum match available: $540 Savings period: 4-6 months Income Threshold 60% of LICO

6. 2006 - Program Replication through AssetBuilders Partnership Established by SEED Winnipeg United Way Winnipeg Assiniboine Credit Union Replication Partner Organizations Working to address poverty using different strategies SEED provides co-ordination, training and support Has grown from 4 to 14 partner organizations

7. Program Delivery to Date As of March 31, 2011 Over 1000 program gradates Over $1 Million in participant savings Over $1.5 Million in matched funds released

8. Feedback from Participants “It taught me to set priorities, and to think about my long-term wants and needs. I live simply and put the profits back into the business. I paid off all of my equipment in the first three months, and have tried to keep the business as debt-free as possible.”

9. Feedback from Participants “The biggest impact of this program has been on my son. It makes me feel proud that I finished with the program and that my son wants more people to come over now.”

10. Feedback from Participants “I can do this, I have my own savings account now and one for my daughter. There’s always a way to make your dream come true.”

11. Participant Outcomes

12. Any Questions or Comments?

13. Discussion Questions 1. What are some examples of other program variations? How well are they working? 2. What is more important – acquiring the asset or the building financial capability? 3. What are the key program elements that must be included in asset building programs?