In 2012, the Interfaith Alliance at the Beach (IAB) established a Financial Empowerment Initiative that included a matched savings program. The Matched Savings Program, originally established in conjunction with Bank on Virginia Beach, offers an opportunity for Bank On participants to create an alternative to using predatory loans by establishing their own emergency savings. The Matched Savings Initiative expanded along with the Bank On Program and is now available to Bank on Hampton Roads graduates.
The Matched Savings Program is managed by the Financial Empowerment Team, established as a branch of the IAB; and is funded through grants, individual and corporate donations, as well as contributions from faith - based congregations.
By adopting a family or a group of families each organization will help to establish an alternative to the debt cycle that can charge as much as 400% interest and leave families in a cycle that does not lead to self- sufficiency.
If you are interested in supporting our Matched Savings program; sponsorships or donations can be made on behalf of Bank On Hampton Roads, to Catholic Charities of Southeastern Virginia as they serve as the fiduciary agent for the Matched Savings program.
Donations can be mailed to: Catholic Charities of Eastern Virginia 1132 Pickett Road, Norfolk, VA 23502 - ATTN: Bank On Matched Savings Program.
The Matched Savings Fund has distributed more than $10,000 to help grow financial capability of citizens throughout the Hampton Roads Area and hopes to continue offering hope and encouragement to families in need.