City launches new banking program and financial empowerment initiatives

Community Development is partnering up with BB&T, South State Bank and TD Bank to introduce “Bank On” Columbia. “Bank On” Columbia is a new program that will provide Columbia’s un-banked and under-banked citizens access to low-to-no cost checking and savings accounts. The program aims to promote financial stability by going out to communities and neighborhoods to inform citizens about the products that partnering financial institutions are offering in addition to the “Start Fresh” Financial Education Workshop Series.

The Start Fresh! Workshop Series aid those with no checking account or negative banking histories get a second chance account and move towards financial independence by helping them to understand the importance of banking, budgeting, saving, building credit and homeownership.

Along with “Bank On” Columbia and the Start Fresh! Workshop Series, the Community Development department is offering Individual Development Accounts (IDA). The IDA program offers savings accounts with the option of going to school, capitalizing a small business and purchasing a home to individuals with limited means by supplementing an IDA participant’s savings deposits at a three to one savings match. To participate in the IDA program, applicants must have an income below 200% of the federal poverty limit with a net worth below $10,000. Successful participants will be eligible for up to a $3000 match.

The Community Development department is also introducing the new and improved Affordable Housing Loan Program. The AHLP is a program created to provide homeownership opportunities for low to moderate income households and offers a low down payment of $500. The City will finance the remaining purchase price at three percent with NO private mortgage insurance. This is the first year that the program will be offered citywide, for a LIMITED time while funds are available.

For more information, please contact Community Development at (803) 545-3373.