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IDA stands for Individual Development Account, a matched savings account designed to help low-income individuals pursue their goals of education, home ownership, small business development or car purchase.
The IDA program provides participants with financial fitness training, specific training for their individual goal, and assistance from a local community organization - while having savings dollars matched 3:1 (for every $1 saved, the participant will receive an additional $3 - up to $2,000 saved).
Individuals and households who have earned income and:
- are TANF eligible; or
- are EITC (Earned Income Tax Credit) eligible; or
- are 200% of poverty or below.
The Loan Fund will help you determine your eligibility.
Participants deposit between $25 and $100 each month into an IDA savings account until they’ve reached their goal – up to a maximum $2,000. Deposits are matched with three times the deposited amount. If the maximum is saved, the saver will end up with a total of $8,000!
A maximum of two IDA accounts per household is allowed.
IDA savers are required to attend 12 hours of training each year. The training will strengthen saving, planning and budgeting skills, and provide knowledge about the savings goal.
Depending on the goal, training may include information about the home-buying process, what to consider when choosing a college major or the skills needed to build a strong business.
A minimum of six training hours must be completed prior
to enrolling in the IDA program.
If you are interested in opening an IDA, please click here for a community partner near you, or contact us at (603) 224-6669 or info@theloanfund.org.
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