Program Spotlight - Matched Savings for Tomorrow Program
July 12, 2017
Matched Savings for Tomorrow (MST), a program of Tabor Community Services, is designed to assist low to moderate income individuals or households to acquire a productive asset through regular savings. The MST program will match participants’ savings at a rate of $2 dollars for every $1 saved, up to a maximum match of $2000. Participants may save for any of the following purposes. 1) Down payment or closing costs for buying a home 2) Post-secondary education for self or child 3) Business start-up costs 4) Purchase of a vehicle to travel to work. MST also provides financial education and financial coaching support throughout the program. Part of the enrollment process includes attending two Financial Education Workshops offered regularly at Tabor. Participants meet regularly with a financial counselor throughout the program to review progress towards saving goals and update action plan to help them stay on track of achieving their goal.
Eligibility requirements for the MST program include:
Being at least 18 years of age
Residing in Lancaster County
Household income at or below 80% of the Median Family Income for Lancaster County
During FY 2015-2016, 16 participants graduated having saved a combined total of $20,499 and received $31,975 in matching funds to purchase their assets.
In the picture above, Luisa, a former Tabor client, was enrolled in the MST program and saved enough money to go towards starting her own fair trade business, My Peruvian Treasures.
The MST program accepts new participants on an ongoing basis as program capacity allows. Interested persons should call (717) 397-5182 ext. 151.