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Apr 15, 2008 5:12 pm US/Pacific

Savings Match Program Helps SF Entrepreneur

Reporting
Jeanette Pavini
(CBS 5)

Singer and songwriter Ana Faith went from a struggling artist to the successful business owner of SF Music Together, a children's music program.

"I went from below the poverty line to essentially middle class in one year," she said. 
So how did Ana Faith turn her passion for music into a thriving business? 

"I woke up one day and noticed that I was totally broke...I had no money, so that really had to change," she said. 

Change isn't always easy, though, especially when it comes to money. That is when she heard about a savings match program known as EARN, the Earned Assets Resource Network.

"We do this for hard working low income people by matching their savings and providing money management training," said Ben Mangan, CEO of EARN. 

The program works like this: when you save $2,000, EARN will match it. The $2,000 she saved in addition to what EARN gave her put a total of $6,000 towards her business. 

"$6,000 doesn't sound like a lot of money but for me it was perfect," she said.

It was perfect enough to buy a computer, a franchise, secure a location and hire teachers. SF Music Together opened and it took off.

"From there it exploded, and we are up to 110 families," she said.

The money the participants save must go towards opening a business, buying a home or continuing their education. That is exactly what DeeDee Brooks did. 

"I would not have returned to school because I would not have been able to afford it," said DeeDee.

She did not have a money saving system in place. Instead, she loved to shop.

"I saw those shoes. I wanted those shoes! I bought those shoes," DeeDee said.

To beef up her account, DeeDee applied to EARN and started to save. 

"I returned to state university and did clinical trials, did a management program with them and became certified," she explained.

That education that she could finally afford lead to a job as a clinical research associate.

"I pretty much doubled my salary over the last few years," she added. 

There are other ways to earn a match. There is a program designed to help those people and families coming off of welfare, as well as one for families who save $500 towards their kids' education. After they receive a 3 to 1 match from EARN, $500 turns into $2000. 

"This works because it gives life to dreams," added Ben Mangan. 

This is one dream Ana Faith doesn't plan on waking up from. 

"My happiness levels have jumped so much and I hate to say that it's because of money but money is pretty powerful," she said. 

Through EARN, 2,000 bay area families have saved $2 million. 65 homes have been purchased, 200 small business opened and 200 people have gone back to college. Participants need to qualify and there may be a wait list.

(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)

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