United Way offers new savings program for low-income families

United Way of St. Charles is launching a new matched savings program, called CASH - Creating Assets, Savings and Hope, for low-income residents of St. Charles Parish.

CASH is an Individual Development Account (IDA) program, which allows participants to deposit money into a specific savings account to work toward the purchase of a productive asset, such as home ownership, small business capitalization, higher education, job training or a vehicle if needed for employment.

Program participants’ savings deposits will be matched 4-to-1. Therefore, for every $1 deposited by the participant, United Way of St. Charles will match $4 up to a maximum of $4,000. Upon completion of the program, participants can earn up to $5000.

CASH requires participants to commit to a savings plan, work with a case manager and attend a financial education course.

To be eligible for CASH, participants must be residents of St. Charles Parish, at least 18 years old, have one source of earned income, either be married or have at least one minor child in the household, and must be at or below 200 percent of the poverty level.

CASH is part of United Way of St. Charles Money Matters Financial Stability Program, which helps address the on-going needs of individuals and families in St. Charles Parish to help them attain greater self-sufficiency and independence.

For more information about CASH or to determine if you are eligible for this program, call Kacy at (985)331-9063 or visit www.uwaysc.org.