Family Development Account (FDA)
A savings program that helps income-eligible households achieve financial goals, with matched funds for essential purchases like home or vehicle expenses.
Who We Are
The Family Development Account (FDA) program is designed to support income-eligible households in building savings toward specific financial goals. Participants can open a savings account at a participating bank to save for important purchases such as starting or expanding a small business, buying or repairing a home, purchasing or repairing a vehicle, or even building emergency savings. For every dollar saved, the program matches it with four dollars, helping families reach their goals faster. These matched funds can be used for approved purchases when the savings are withdrawn.
Who is Eligible
This program is available to working adults, with some accounts requiring a minor child in the household. To qualify, your annual gross household income must be at or below 200% of the Federal Poverty Level. Additional eligibility criteria may apply depending on the specific savings goal or account type.
Service Area
We proudly serve adults in Penobscot, Piscataquis, Knox, and Waldo counties.
Contact Information
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Rebecca Grant
Email: rgrant@penquis.orgPhone: 207-974-2459 for current program participants.
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Sandra Gagnon
Email: sgagnon@penquis.orgPhone: 207-852-8659 for FDA applications and application questions.