ST. PAUL (Jan. 31, 2013) — Hmong American Partnership announce last week the creation of its Individual Development Accounts program.
Made possible with a grant from the Office of Refugee Resettlement, Hmong American Partnership is helping to establish matched savings accounts aimed at promoting economic independence in low to moderate income families and individuals. The primary target audience for this program includes Southeast Asian refugees such as the Karen, Burmese, Bhutanese, and Hmong.
“HAP is excited and honored to be able to provide financial support and training so that our participants can become successful members of their new communities,” said HAP President/CEO Bao Vang. “Refugees face many obstacles and they look to social organizations such as Hmong American Partnership to provide services and resources as they adjust to life in the U.S.”
The program is meant to help participants identify and develop a plan that will meet their savings goal. It provides matching dollars to deposits that participants make into an approved savings account.
The goal of this program is to educate and give participants the flexibility to use their savings towards meaningful purchases that will improve their future. Participants can use the money to buy a home or car, to start or expand a business or as payment towards vocational or post-secondary education for themselves or their dependents.
Program participants attend workshops and trainings about financial literacy, savings planning, and money management. The services are designed to help participants acquire or strengthen personal financial skills.
Another goal is for successful completion of this program to lead to long-term success, development of good consumer habits and financial independence.
For more information please call Lisa Xiong at 651-495-1511.
Hmong American Partnership is a community development organization whose mission is: to empower the community to embrace the strengths of our cultures while achieving our potential. Hmong American Partnership was established in 1990 to address the needs of Minnesota’s growing Hmong population. Since its inception, HAP has expanded to serve community members from a wide variety of cultural and ethnic groups. HAP provides critical services and support to more than 5,000 community members annually through five programs: Education & Training; Employment Services; Housing Services; Economic Development; and Children and Family Services. For more information about Hmong American Partnership and its programs, please visit www.hmong.org.