Can family members save for the same asset?
No, family members can not save for the same asset or for assets for the same business. Family members may save for different assets. For example, you may save for a home while your spouse or parent saves for business assets. Two family members may save for assets for different businesses. What if my income goes up, or I become unemployed, after joining the program? The Midland College BEDC certifies your eligibility for the Savings for Independence Program at the time you apply. You can remain in the program even if your income goes up or if you become unemployed, as long as you can continue to follow the program guidelines. What happens when I save enough to buy my asset? You meet with us and tell us you want to make a withdrawal for one of the recognized purposes. Together, we’ll review your participation in the program and verify the details of your asset purchase. Then we’ll withdraw your own savings and the match money by means of a check made payable to the vendor from whom you
