Savings
Borrow and Save Program
Designed to promote saving, these small loans for one year or less require half the proceeds be locked down in a savings account until the loan is paid off. These loans are also supported with financial coaching.
SURGE Program
Berkshire Community Action Council (BCAC) and Berkshire United Way have partnered with Greylock Federal Credit Union, EforAll and Berkshire Community College to offer the SURGE Matched Savings Program. SURGE stands for Saving Up Resources for Growth & Empowerment.
The Program has 3 tracks – Home Ownership supported by Greylock Federal Credit Union, Secondary Education supported by Berkshire Community College and Starting Your Own Business – supported by EforAll.
This program is linked to an Individual Development Account held at Greylock, that the program participants save money in, while they participate in financial coaching, mentor coaching on the track they select and financial wellness classes. All participants that successfully complete the program, which is expected to be anywhere from 18 months to two years depending on your track, will receive a 2 for 1 monetary match that is restricted to be paid toward your goal.
For example, if you save $1000 during your participation in the program in the special IDA account, you will receive an additional $2000 from the program which is $3000 to put toward that home purchase, business equipment or degree/certificate completion.
Please visit the BCAC Website for additional information and access to the program or call Jeff Murray at 413-418-3683.
