The City of Columbia, South Carolina recently introduced several new programs and initiatives focused on banking and loans for the city's residents.
The Bank On program, available to those living within the city limits, offers low-to-no cost checking and saving accounts. The program is designed for those who are new to using a bank on their own or who have a negative banking history.
City residents also have the opportunity to learn more about banking through the city's Start Fresh! Financial Education Workshop Series. The series also teaches how to create a budget, effective ways to save, how to build credit, homeownership and other life skills.
Individual Development Accounts are available for those seeking to create a savings account suited to their specific needs, such as getting an education, purchasing a home or investing in their own business. The accounts offer a three-to-one savings match and are available to those with an income below 200 percent of the federal poverty limit with a net worth below $10,000.
If you are looking to purchase a home, the city is sponsoring an Affordable Housing Loan Program. The program offers loans with a down payment of $500, with the city financing the remaining purchase price at 3 percent and no private mortgage insurance.
"We want to make sure that we run the gambit,” City Councilwoman Tameika Isaac Devine said, “and have a full array of services and products that will help empower our citizens, include our citizens and make sure that they have the tools necessary to be part of the economic vitality of the City of Columbia.”
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