June 2008

ABCD Asset Development Program Offers Free Financial Education Classes, Matched Savings Accounts

Action for Boston Community Development (ABCD) is offering an Asset Development program that includes free financial education classes. Once completed, enrollees begin saving toward a matched savings account that can provide up to $4,000 toward one of three financial assets: home ownership, continuing education or small business start-up. The money is given only to those who qualify and must be applied toward one of the three assets.

The course is six weeks long and meets one evening a week. It is provided free of charge. Topics range from saving money to maintaining a solid line of credit. Once the classes are completed, enrollees are given a financial assessment. Qualifying participants then begin putting a small amount of money toward a savings account. After saving for a full year, they are rewarded with a lump sum of $4,000 to be directed toward any of the previously mentioned three assets.

“ABCD’s Asset Development program is a great tool to fight poverty,” said ABCD President/CEO Bob Coard. “The classes and matched savings accounts in the program offer a real hand up to the people who need it the most.”

The next round of classes begins in September. Anyone interested should call Asset Development Program Manager Vernette Allen at 617.348.6218 for more information.

ABCD’s Asset Development program focused on providing financial education to Boston’s low-income residents.