Before, Michelle Sotelo didn't think much about the roof over her family's head. Then both she and her husband, Avelino, lost their jobs. The couple and their four children suddenly found themselves in bankruptcy and on welfare after exhausting their savings.
Today, the Sotelos own a home and are partners in a family-owned business. They worked hard to repair their credit. And they're saving
money each month.
What moved them from being on housing assistance to
making their own way?
Avelino Sotelo was able to find another job. But Michello Sotelo credits United Way of Snohomish County for helping the family buy its own home and, more importantly, providing a financial education.
"It was really a godsend," Michelle Sotelo said of the United Way's Individual Development Account (IDA) initiative.
The IDA initiative encourages enrollees to save for goals such as buying a home or starting a small business by matching what they save up to $2,000. Businesses and nonprofit groups to help train employees to be successful in meeting their goals. Michelle Sotelo is the first graduate.
"Along with the savings, we got a lot of training and education to help us with home buying. We learned how to improve our credit, how to save and how to budget.,” Michelle says.
Michelle received counseling from professionals at Washington Mutual, a free savings account from Cascade Bank, advice on loan programs and home buying from Homesite, and lots of support from other members of the program.
"It's the education about saving that changed our lives," Michelle said.
Now, Michelle and her family are not only thriving, they’re helping others become independent. Michelle testified before the state house and senate about the value of IDAs and was there when the Governor signed the law allowing others enroll in the program.
“Before, I never thought about giving back,” Michelle said, “but after United Way helped me and my family, it’s what I want to do.”
Helping people in poverty is a good thing. Helping people get out of poverty is an even better thing.
Results matter. Thanks to your contribution to United Way of Snohomish County, we’re doing better things for people in our community.