Prosperity Now: Emergency Savings PilotDeadline: November 11, 2019
Prosperity Now, with generous support from the Wells Fargo Foundation, is soliciting applications from organizations interested in participating in a 12-month pilot to test the impact of matches to help families establish emergency savings accounts. Prosperity Now will also explore platforms and technology solutions to attract more matching funds to emergency savings accounts.
Through the Emergency Savings Pilot, Prosperity Now will explore how matched emergency savings accounts affect families’ futures. Prosperity Now will work with partners in the field that have operated matched savings account programs to determine how to best direct matching funds to savers, how to build on and catalyze more fundraising to match families’ savings, and the best terms and conditions for matching families’ savings. Selected organizations will launch or expand an existing emergency savings program.
Specifically, Prosperity Now will:
- Pilot matching funds to support the growth of emergency savings accounts
- Support organizations with fundraising for matched savings accounts
- Assess the best terms and conditions for matching emergency savings (i.e., the match rate, the threshold for receiving a match, and eligibility criteria)
- Support ongoing efforts to assess the impact of matched savings accounts on families
- Assess the infrastructure of the field to support savers, such as technology and fundraising platforms
Prosperity Now expects the pilot to be exploratory in many ways. With partner organizations, it will learn about the types of support organizations need to operate matched savings programs, the challenges and successes that can be expected with more partners, and the perceptions of matching funds in communities. Pilot partners will be highlighted in reports and posts for the broader savings field.
Amount: Organizations will receive $20,000 to match the savings of at least 60 participants in their emergency matched savings program, and an additional $20,000 to support operations, travel to a Prosperity Now convening, tracking efforts, and additional administrative expenses. Support from Prosperity Now will include:
- Facilitated peer learning among pilot members
- One-on-one capacity building support as needed
- Tracking support
Eligibility: Partners will be selected based on the following criteria:
- Previous experience operating an individual development account (IDA) or other matched savings program.
- Provision of services to low-to-moderate-income individuals and families.
- Currently offering, or planning to offer, support with establishing an emergency savings account to low- and moderate-income individuals and families.
- Capacity to develop and launch an emergency savings program by the end of March 2020 and to track participant outputs and outcomes.
- Offering wraparound services, either in-house or through partnerships, that meet the financial needs of community members. Such services may include: workforce development, financial coaching, financial counseling, credit counseling, credit building, access to safe and affordable financial products, free tax preparation, access to federal and state benefits, incentivized savings programs, and asset ownership programs.
Links: Prosperity Now: https://prosperitynow.org/; Solicitation: https://prosperitynow.cmail19.com/t/d-l-xildte-ahhtjihlt-t/