Family Development Account (FDA)

It can be challenging to figure out how to save when you’re focused on meeting daily needs. But with New Ventures Maine’s Family Development Account (FDA) program, you can take charge of your financial future. Enjoy the security of having savings set aside for your new home or business goals!

How It Works

To build money management skills and confidence, you’ll take a free group class or receive free individual coaching through NVME. By participating, you’ll gain life-changing skills for deciding on budgets and building savings.

At the same time, you’ll start setting aside money for at least six months and as much as two years. Savings must come from your earnings from employment or self-employment and be set aside in a new FDA bank account. For every dollar you set aside, you’ll get four dollars in matched funds. For example, if you set aside $200 of your income, you’ll receive $800 for a total of $1,000. You can receive a maximum of $4,000 in matched funds. Savings can then be put towards these assets:

– buying a first home

– launching or boosting your small business

Note: these asset goals have been revised to align with current funding sources.

Are You Eligible?

You may be eligible for an FDA matched savings account if you are a working adult with income from employment or self-employment and have a child under the age of 18 in your home. (Please note: you may be eligible even if you are receiving benefits while working.) Eligibility is also based on annual household income. For 2025, eligible household income limits are $43,280 for two people, $54,640 for three people, and $66,000 for four people. (For larger households, please check with the NVME Matched Savings Coordinator for income guidelines). Families who are eligible for TANF or the Earned Income Tax Credit usually qualify to open an FDA. There are additional eligibility requirements.

How to Participate in the FDA Program

Step 1: Fill out an FDA application and write down your savings goals and how much you want to set aside each month.
Step 2: Application is reviewed by NVME.
Step 3: If your application is approved, you’ll open a savings account with a participating bank and begin setting aside money each month.
Step 4: To set your goals and learn new savings skills, you’ll complete an NVME money management group class or individual coaching and a class targeted to your saving goal.
Step 5: When you complete the classes or coaching and meet your savings goals, your contact at NVME will help you withdraw your saved funds so you can use them for your needed expenses.

This program is administered through the Maine Family Development Account Coalition. Note: The FDA program has a limited number of accounts available each year.

For more information, please contact NVME’s Matched Savings Coordinator, Lisa Archer, at 207-621-7456 or lisa.archer@maine.edu.

Family Development Accounts are funded by the Maine Department of Health and Human Services (DHHS), Maine State Housing, and the Wicklow Foundation.

Rainy Day Savings Account (RDSA) Update

Grant funding for the Rainy Day Savings Account (RDSA) program has ended and NVME has not been able to secure other grant funding to be able to continue it. As a result, we have made the decision to discontinue the RDSA program.

For current account holders there will be no change; we will support their savings and provide them with their match.

We will continue to review and consider new options for offering this program within a long-term plan for sustainability.

If you have a question about an RDSA application or the program, please reach out to your NVME contact or Matched Savings Coordinator Lisa Archer. Lisa can be reached at 207-621-7456 or lisa.archer@maine.edu.