A nonprofit publication of the Kentucky Center for Public Service Journalism

United Way’s Back on Track Program gives $4,000 grants to business owners, students

Changes to United Way’s Back on Track program now make it easier for business owners and students to access $4,000 for expanding their business or paying for the cost of getting a post-secondary education. In just six months, participants of this program can access $4,000 along with the money they save – it’s simple and risk free, but you have to be able to save money you earn and attend financial education classes.

“Back on Track is still a savings program that helps individuals attain one of three assets, only now there are a few tweaks that reduce barriers for savers on the entrepreneur or post-secondary education track,” says Geoff Parker, Financial Stability Coordinator at United Way.

Business and education savers will be matched with $4 for every $1 they save up to $1,000, giving them a total of $5,000 to spend toward their savings goals. Participants on the first-time home ownership track will still be matched $2 for every $1 they save up to $2,000.”

Through the use of matched savings accounts, Back on Track encourages savings and personal financial planning for limited-income individuals and families in order to build assets and self-sufficiency. Once someone is enrolled in the program, he or she must meet the program requirements before accessing the matching dollars. Establishing a savings behavior by keeping the account open and in good standing for a minimum of six months to a maximum of 24 months is necessary to complete the program. Additionally, a participant must complete 10 hours of general financial education courses, as well as some training that is specific to the asset for which the participant is saving, before gaining access to matched dollars.

Twenty-two Central Kentuckians have already graduated from the Back on Track program. More participants are actively saving money for their future, some being a deposit away from meeting their savings goal.

To qualify for the program, potential candidates must be 16 years of age or older, have earned income from wage, salaries, or professional fees that does not exceed 200 percent of the Federal Poverty Guideline, cannot have a net worth that exceeds $10,000, and must living in the nine-county United Way of the Bluegrass service area (Anderson, Bourbon, Clark, Fayette, Jessamine, Madison, Montgomery, Scott, and Woodford counties).

For more information, visit uwbg.org/backontrack to download an application or call 2-1-1 to see if you qualify.

From United Way of the Bluegrass

Related Posts

Leave a Comment