New banking program launched by City

The City of Columbia’s Community Development Department has kicked off “Bank On” Columbia and three revamped financial empowerment initiatives. Mayor Steve Benjamin, Councilwoman Tameika Isaac Devine, City staff and partnering financial institutions were all in attendance to introduce the program and jumpstart the New Year with great initiatives. “

We want to make sure that we run the gambit,” Councilwoman Tameika Isaac Devine stated, “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.”

The Community Development department went to great lengths to provide the citizens of Columbia with all of the tools they need to create a financially stable environment. “Bank On” Columbia, Start Fresh! Workshop series, Affordable Housing Loan Program and Individual Development Accounts all offer citizens the opportunity to gain financial literacy and each program provides something useful to all citizens.

“Bank On” Columbia is the City’s newest financial literacy program. It provides low-to-no cost checking and savings accounts to anyone who may be new to banking accounts or those in need of second chance accounts due to negative banking histories.  “Bank On” Columbia is a great way to for citizens to gain financial freedom and it costs less than a check cashing service. Anyone who is living within the City limits may participate in the banking program but there are certain restrictions that could prevent you from opening an account.

In addition to “Bank On”, citizens will be advised to participate in the Start Fresh! Financial Education Workshop Series. The Start Fresh! Financial Education Workshop Series offers in depth information on banking, budgeting, saving, building credit, homeownership, and life skills. For more information about either of these programs please contact Ron King at (803) 545-0280.

Along with “Bank On” the City is also offering Individual Development Accounts. These specialized savings accounts are tailored according to each citizen’s developmental needs. 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.

Mayor Benjamin stated, “Bank On and the IDA accounts are just another significant step forward to focusing again on financial empowerment, building individuals and families.” For more information or to get your Individual Development Account started, please contact Charmaine Clark at (803) 545-3403.

The Community Development department is also introducing the new and improved Affordable Housing Loan Program. This is the first year that the City is offering these affordable home loans citywide!  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. The purpose of the AHLP is to provide individuals an affordable opportunity to fulfill the American dream of homeownership. This program will ensure that citizen’s payments do not exceed 30% of their monthly income. For more information about this great program and how to buy your home, please contact Felicia Wilks at (803) 545-3046.

“Financial empowerment and inclusion is our mantra for 2016, by providing these programs we hope to ensure that all of our citizens are provided with the necessary products that they need to enhance their quality of life,” stated Community Development Director, Deborah Livingston.