FDIC Community Affairs Memphis Area Office has organized three AEI's that focuses on individuals, communities and small businesses in Arkansas, Southeast Louisiana and Mississippi Gulf Coast/Delta. Each AEI has subcommittees which focuses on a variety of community development areas: Individual Development Accounts (IDA's), Asset Building & Financial Education, Affordable Housing, Foreclosure Prevention, Small and Micro Business Development and Unbanked and Underbanked.
The Arkansas AEI is composed of seven Individual Development Account (IDA) providers and their 43 bank partners that work with IDA clients in 30 of Arkansas' 75 counties. IDA participants can use their IDA savings to purchase their first home, attend college or secondary education, or start or expand a small business with a commitment to save at least $10 per month. IDA providers offer a 3:1 dollar match once the participant reaches their savings goal. The saving goal is normally $667 per individual or $1,333 per household. Approximately 300 individuals participate in the IDA program statewide each year.
Southeast Louisiana's AEI (SEL-AEI), created in the fall of 2007, consists of 86 members. SEL-AEI's overall objective is to work closely with the areas financial institutions, community-based partners, state and local government, academia, other financial regulatory agencies and the faith-based community. In 2011, SEL-AEI financial institution partners reported 20,707 new bank accounts opened in underserved markets, multiple banks offering innovative products, multiple banks offering safe and affordable transactional or saving accounts and several banks provided small dollar loan products consistent with the FDIC pilot product. The SEL-AEI Small Business Conference (SBC) is held annually in New Orleans and attracts 200 – 300 participants. The vast majority of participants resides or conducts business in Low to Moderate Income (LMI) census tracts. The SEL-AEI small business conference focuses on startup businesses, innovative strategies and provides existing entrepreneurs with effective strategies to grow their ventures.
Mississippi Gulf Coast/Delta
The Mississippi Gulf Coast/Delta AEI (MGCD-AEI), created in November 2010, consists of 57 organizations with 81 member partners. In 2011, MGCD-AEI member financial institutions reported 29,565 new bank accounts, multiple banks offered safe and affordable transactions or savings accounts and two banks provided small dollar loan products consistent with the FDIC pilot product. MGCD-AEI financial education outreach efforts impacted 31,370 consumers through our work with our Money Smart Alliance Partners, Train-the-Trainers workshops, youth development partners and Historically Black Colleges and Universities (HBCU) initiatives. The MGCD-AEI Small Business Conference is held at MGCD-AEI member Jackson State University (JSU), annually, and attracts 200 – 300 participants. The conference focuses on startup businesses, procurement opportunities, technical assistance for small and micro businesses, and creative capital sources. The majority of the attendees either resides or has a business focus in LMI census tracts.