Neighborhood Development Alliance offers a suite of financial tools and products to propel you forward. Most of our tools do require an advising session with one of our staff members, which is always free-of-charge. Please make an appointment to get started.
matched savings accounts
NeDA offers Family Assets for Independence in Minnesota (FAIM) matched savings accounts, called Individual Development Accounts (IDAs). FAIM helps Minnesotan low-wage earners build assets through the purchase of a home, the pursuit of higher education, or launching a small business. Every dollar saved up to $960 is matched 3:1 for a total savings of nearly $4,000 at program end. A financial assessment is required for this product. Contact us.
Credit builder loans
Good credit can be the key to a successful financial future. NeDA offers $120, 0% interest micro loans that report to all three major credit bureaus: Experian, Equifax, and Trans Union. Borrowers pay back their loan at $10/month for 1 year. We work with individuals who have no credit to those looking to rebuild their credit and boost their score. The fee for a credit builder loan is $15, due at loan closing. A financial counseling session is required for this loan. Contact us.
Debt management plans
NeDA works with Lutheran Social Service to offer Debt Management Plans (DMP), a tool that provides you an affordable payment plan to pay back your credit card debt. A DMP:
- Allows you to take pride in full repayment of your debts.
- Lowers your interest rates.
- Reduces your debts faster.
- Provides the ease of one payment.
We can help. Set up an appointment.
Home improvement loans
NeDA is an approved lender through the Minnesota Housing Finance Agency to offer Fix-Up loans. This home improvement product offers a fixed rate, affordable loan to make repairs. Take advantage of longer repayment terms for more affordability. Borrowers seeking to make energy efficiency upgrades or accessibility improvements may receive a lower interest rate. Single family homes, duplexes, triplexes and four-plexes are all eligible; however, you must own and occupy the property to be improved. Contact us today.
ONLINE HOMEOWNERSHIP EDUCATION
Buying a home is a big deal, whether you're doing it for the first time or getting back into the ever-changing market. NeDA partners with Framework to make it easy. When you educate yourself for smart homeownership with Framework, you'll navigate every step of the process with confidence. The Framework online course is affordable too: just $75. Get started by clicking the image below.
Interested in Learning more?
Please contact us if you would like to learn more about our financial tools.