IDA Program
successful IDA graduate.
Individual Development Accounts (IDAs) are matched savings accounts that allow low-income individuals and their families to build assets and move up and out of poverty.
eDev’s program specifically helps low-income entrepreneurs save money for specific business goals. Your savings is matched at the rate of 3:1. Once you reach your savings goal, attend the financial fitness education class, 30 hours of eDev training, and successfully complete your business plan, the matched savings funds are paid directly to your vendors for the purchase of your goods and services. The maximum savings amount that will be matched is $1,334 (match amount of $4000).
Income Eligibility: The IDA is specifically for individuals who fall below specific household income guidelines. For instance, a family of four would qualify for an IDA if their adjusted household income falls below $46,700 for the current year. (You can look at your federal 1040 tax form, line 37, for this amount.) More information about income eligibility is here.
Residency: The IDA program is not limited to a specific area of residency and one may reside in Eugene, in Springfield, or outside the metropolitan area in Lane County. However, due to the requirement for 30 hours of classes and counseling, it is advisable to ask if there are any fee waivers available to cover those costs.
Getting Started: Before we can enroll you into our IDA program, you need to demonstrate
your ability to save. You must make a minimum deposit of $25 for three consecutive months. During the period of time, you may not take any withdrawals out of the savings account.
Our IDA handbook outlines the steps to the program in detail.
Application time: After you have completed your three months of pre-savings, you will need to bring a copy of your pre-savings with your completed application to our office. There is an application fee of $50 will be assessed for all new applications. These funds are used by eDev to partially defray the administrative costs. You can find the application on our Forms and Resources page or pick one up at our office.
So you are doing your pre-savings?
eDev encourages you to start to take classes and seeking assistance for your business.
For more information, you may contact Leah Murray at 541-463-4619 or email murrayl@clearwire.net
