Asset Building

Contact:	Aaron Murphy, Asset Building Project Manager
Phone:	(530) 990-8951
Fax:	(530) 533-7470
Email:	amurphy@buttecaa.com

Asset Building Coalition of Butte County

In late 2009, Community Action Agency of Butte County, Inc. recognized a need to increase Asset Building activities in Butte County. The Agency strategy was to promote Asset Building through a broadly representative group from areas served. Assistance was sought from the community in an effort to build a coalition. In May, 2010 the group approved the formation of the Asset Building Coalition of Butte County.

The Asset Building Coalition is a countywide collaborative effort to increase access to current and future asset building activities within our community.

Coalition members include a number of community leaders from for and non-profit businesses and government officials. This cross-segment of our county provides the coalition with a wealth of knowledge and the ability to best assess the needs of the community.

During the next year the coalition has committed to two asset building activities, financial education amongst our youth and increased awareness of Volunteer Income Tax Assistance (VITA) and the Earned Income Tax Credit (EITC). Are you interested in becoming a member of the Asset Building Coalition of Butte County? If so, please contact us.

Volunteer Income Tax Assistance (VITA) Program

In 2010, Community Action Agency of Butte County, Inc. entered into a partnership with the Internal Revenue Service (IRS) to provide FREE Tax Assistance to our communities. In addition to the partnership the Agency will also be promoting the Earned Income Tax Credit (EITC).

The VITA program offers free tax help to low- and moderate income people who cannot prepare their own tax returns. Certified volunteers will provide basic tax preparation to our communities. The Agency is always looking for volunteers to prepare taxes, if you are interested in this rewarding volunteer opportunity please contact us. Tax preparation services run through tax season from late January to the first week of April. Preparation sites include the CARD Community Center, Dorothy Johnson Center, and Butte County Libraries in Chico and Durham. For a schedule of times open, please contact us.

Even with a steady job, many working families continue to struggle to make ends meet. The EITC is powerful incentive to working families throughout the country. The EITC is a refundable tax credit offered through the IRS to working families who earn less than federal guidelines. Workers who qualify for the EITC and file a federal tax return can get back some or all of the federal income tax that was taken out of their pay during the year. Further statistics on Butte County are available here.

Financial Education

Financial education is the base layer for all asset building activities. Without knowledge of basic financial principals it is difficult for clients to progress through other asset building activities.

Classes are designed to build the framework for future financial success through budgeting, product and service knowledge, savings, and proper use of credit and credit repair. Classes are forming now, if you are interested in attending please contact us for a schedule.

Entrepreneurial Training:

Community Action Agency of Butte County, Inc. is now offering one-on-one entrepreneurial training. This training will cover all areas of micro and small business development for new and existing businesses. Many new and existing business owners write a business plan with the sole purpose of convincing banks or investors to provide capital for the start up or expansion of their business. However, a good business plan can be useful from other reasons. It can help you to:

Organize your ideas and research into a structured format
Clarify your business purpose to yourself and communicate it to potential partners and staff
Predict future scenarios and address them before they threaten the success of your business
Develop strategic plans for your business including mission and marketing strategies
Set targets and objectives, including sales and financial benchmarks, so you are able to monitor your businesses success

Our entrepreneurial training will provide you with the knowledge to develop a coherent description of how y our business will move from where it is now to where you want it to be. We understand that every business is different and will work with you one-on-one throughout the business plan development process.

Participants of the Entrepreneurial Training are eligible for loans through the Butte County Self Sufficiency Loan Program.

FEE STRUCTURE:

Initial consultation of 30 minutes is FREE of charge

Each additional hour of one-on-one training is charged at a rate of $65 per hour

Butte County Self Sufficiency Loan Fund:

Community Action Agency of Butte County Inc. is pleased to announce the Butte County Self Sufficiency Loan Fund. The BCSSF is designed to provide low and moderate income individuals and families of Butte County with access to loan funds to help build assets, increase credit ratings, and obtain funds needed to gain and/or maintain employment (including entrepreneurship), acquire adequate transportation, and acquire adequate housing while promoting positive banking relationships with mainstream financial institutions.

Prior to qualifying for funds from the BCSSF clients will need to successfully complete a financial education and credit counseling series. These classes are designed to provide clients with the necessary financial tools to reach their financial goals. Loans for the program will range from $250-$2,500.

COMING SOON

Individual Development Accounts (IDA):

An IDA is a matched savings account for low- and moderate-income individuals and/or families who desire to save for one of three assets;

Home Purchase
Start a Business
Attend College or Trade School

The IDA Program is an intense asset building program designed to change the economic behavior of our clients. Through financial and asset specific education and savings clients can earn up to a 3:1 match rate for each dollar they save up to a specific amount.

Micro Finance Program:

The Micro Finance program will be designed to support low- and moderate-income individuals, families, and entrepreneurs in Butte County. Properly conducted credit activities and financial literacy support are the foundation of a well-maintained Micro Loan Fund. The Micro Loan Program will support micro business and family self sufficiency in Butte County by providing small loans from $500 to $35,000.