New Canaan, Conn., entrepreneur Jack Loop wants to help prospective homebuyers save up for a home, but he's having a hard time finding a bank to assist him.
Loop first developed the 'HomeCard' in 1995 as a savings tool for consumers to help them stash away money to be used toward downpayments or repairs on a home. Several previous attempts to launch the card have been unsuccessful, but Loop is hoping this time around will be different.
"Consumers need more help than ever getting on the path toward buying a home," he said. "The key for us is finding the right bank to partner with us to bring this to market."
Depending on the bank partner, the HomeCard will be either a Visa or MasterCard branded card and will be offered as a debit or credit card.
Loop envisions consumers receiving up to 25% cash back on purchases that can be deposited into an interest-bearing savings account and used toward expenses related to a home purchase.
Though the cards won't be available until a bank partner is found, consumers can go to www.thehomecard.com to enroll in the program in advance.
