By Dianne Anderson

Anybody need an extra $4,000?

Usually that question raises all hands up for Charles James, who heads the Individual Development Accounts workshop classes for San Bernardino County Community Action Partnership.

“That’s how I start my orientations, that’s exactly how I do it,” said James. “Do you know anyone that will give you $4,000 free money and say, ‘don't pay it back?’”

Not a lot of places can make that claim, but interestingly, folks in the community aren’t exactly  busting down the doors of the program that wants to give away matching funds to low-to-moderate income people who stick out the savings plan. They will take home $4,000 in matched funds for their $2,000 saved over a two-year period. If they have a two-income family, they get $8,000.

With the money, participants can either buy their own home, start or expand an existing business,  complete or continue their post secondary education.

The cash match component is a good deal. The catch is that people need to learn how to save a little to make a lot.

Clients in the program must manage a savings account, and save a minimum of  $25 a month to get in the habit of saving on a regular basis. If they can fast track through the program – save $2,000 in six months instead of three years – they will still get the matching funds all the sooner.

The program requires attending regular workshops, 15 in all. Six of the workshops are financial literacy, five specific to clients’ asset goal, and four are electives in life skills and personal finance workshops.

“Those are required along with the savings to successfully complete the program,” James said.

Orientation is ongoing on the second Wednesday of each month held at 696 South Tippecanoe in San Bernardino. Current enrollment is about 130 participants, with 21 graduates coming up. James said that one client of the graduating class is a single African American mom with three children, and her new home is set to close escrow in a few days.

“All of us know someone, family, friends, etc., that need to be in this program and take advantage,” he said.

Carolyn Debevec, Family Development Program Manager with San Bernardino Community Action Partnership, said the asset development program is a bright spot for the agency, especially against the heightened need in the community.

“Usually it’s the same story, they’ve gotten laid off from their jobs, their unemployment benefits have stopped, we’re getting hundreds of requests for rental assistance especially,” she said.

She’s also nervous about an anticipated fallout of women and children, about 500,000 across the  state, that the Governor wants to bounce from welfare rolls to close the deficit under his new budget proposal.

“We believe that as the cuts go into effect, we’re going to see more clients in need,” she said. “When cuts come, it always comes on the backs of the poor.”

While the Stimulus funding from ARRA has enabled the agency to take on more clients, she said that the funding is a one-time allocation and could never replace the monthly welfare assistance expected to hurt more local families.

Every other Tuesday night the agency is partnering with Springboard to provide financial literacy workshops, but she said that the local community isn’t taking advantage.

“They’re not lining up to come to the financial literacy workshops; when people are in crisis they need food or gas or bus passes,” she said.

“But the workshops are good, they help people to live within their means and make wise decisions and tips for buying smarter. That’s an important thing to do in this economy,” she said.

For more information on the Asset Development program, call 909.723.1500.