By Carmanise London | Sr. Program Manager
Ms. Bates started her journey with RISE in August 2020 working towards her goal of home ownership. She successfully completed her financial education portion of Save Up and immediately began using the skills and tools she learned. Ms. Bates then opened her Individual Development Account (IDA) and began making her money deposits and reached her $1,000 savings goal within 14 months of being in the Save Up program.
While she was saving towards her goal, she also worked with the Greater Memphis Financial Empowerment Center (GMFEC) to increase her credit score to better position herself when applying for a mortgage loan. In April 2023, Ms. Bates purchased a home for herself and two children. We are so proud of her and wish her many years of happiness and memories.
In fiscal year 2022-2023, Save Up completed 16 asset purchases totaling $31,384.39. These purchases encompassed all the eligible assets available through the Save Up Program. Participants were able to use their matched funds to purchase 5 homes valued at $1,058,000, 4 home improvements, 1 vehicle, 4 computers, 1 post –secondary education and the start of 1 micro-enterprise. Triumphantly, the Save Up Program ended the fiscal year with our largest cohort since the worldwide Covid-19 pandemic, with a vibrant class of 16 enthusiastic participants.
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