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Individual Development Accounts
Buy a house! Start a business! Go back to school!
Individual Development Accounts help families realize these dreams and achieve financial stability.
The Individual Development Account (IDA) program addresses one of the biggest obstacles encountered by people with low incomes: their lack of assets and corresponding financial insecurity.
IDAs are matched savings accounts designed to help families invest in education, home ownership, home rehab and repair, or small business development.
There are three key components:
• Participants save each month and these savings are matched 3:1. (In other words, for every $100 that a participant saves, the State of Indiana matches their savings with $300.)
• Participants attend an extensive financial education course that teaches them how to budget their money, decrease their debt, maintain good credit, and save for the future. After this course ends, participants continue to meet, learn and support each other through a monthly Savings Club, where we continue to cover a broad range of financial topics.
• Participants receive ongoing, one-on-one financial counseling from program staff on a monthly basis.
If you would like to learn more about these services and find out if you qualify, contact NWICA 2-1-1 or Information and Assistance at 1-800-826-7871.