New Openings in the PIE program
The Personal Investment Enterprise Program is looking forward to enrolling new participants who have saving goals of homeownership, business development and education this spring. Thanks to new funding from the City of Boulder, Boulder County, City and County of Broomfield, City of Longmont and the federal Assets for Independence (AFI) program there are currently opening in all areas of the program.
How PIE Works
The Personal Investment Enterprise Program is a local savings program provided through Community Action Programs of Boulder County and Foothills United Way that is designed for low-income working families and individuals to save toward first-time homeownership, post-secondary education, and small business development.
The program allows individuals to open savings accounts called Individual Development Accounts (IDA’s) and gain training toward their asset purchase. The program matches the savings of the family or individual up to $4 for every $1 deposited by the participant. Maximum savings of $1,000 are matched with $4,000 to provide a total of $5,000 only once to each participant family. Participants in the program must save in the IDA/PIE Program for at least 6 months and may stay up to 30 months. During that time participants save a minimum of $33 per month, which must come from earned income. Participants also attend a series of 4 financial literacy classes and then an asset specific class related to their purchase goal.
Saving Success
Since the Personal Investment Enterprise program began in 2001, PIE has celebrated a total of 224 graduates from the program. 86 participants have pursued a post-secondary education, 82 participants have become homeowners and 55 individuals have started their own small business. Graduates come from Boulder, Broomfield, Erie, Jamestown, Lafayette, Longmont, Louisville and Niwot.
A Brighter Future for Our Community
The Personal Investment Enterprise's (PIE) mission is to provide tools and incentives that empower low-income individuals and families to save and build assets to strengthen their economic stability. Through saving and investing in an asset, such as a home, a business or post-secondary education, a family is able to plan for a brighter future. It may be surprising, but 39% of Coloradans live in liquid asset poverty, meaning that they don’t have 3 months worth of savings in the case of an emergency. (For more information of the state of Coloradan’s financial security see the Assets & Opportunities Scorecard. Download 2015 CFED Scorecard Colorado) Through developing savings habits and increasing financial knowledge with PIE, investments for the future are made in individual families which in turn strengthens our community.
To apply or to learn more about becoming a PIE participant, see the following resources:
1. Download Business - Info Sheet final
2. Download Education - Info Sheet final
3. Download Homeownership - Info Sheet final
Download PIE SCHEDULE 2015 Spanish
The first step in applying to the program is to attend an orientation meeting with Nino Gallo at Community Action Programs at Boulder County. Nino may be reached at 303-441-3998 or at ngallo@bouldercounty.org.
