FAIM Program funds can be used to begin a new business or expand an existing small business. The local FAIM agency shall determine the realistic possibilities of such ventures. FAIM participants must develop a qualified business plan.
Eligibility for FAIM
- Be at least 18 years of age
- Have earned income at the time of enrollment
- Be a resident of Minnesota at time of participation in FAIM
- Have assets of $10,000 or less
- Deposit savings from earned income
- Have combined income at or below 200% of poverty (see table below)
Participant's income and assets may increase after entrance into the FAIM program.