Indiana Individual Development Account (IDA) Program
Are you one of those individuals who wants to go back to school to further your education in order to get a better job?
Want to start your own business?
Are you tired of renting and want to buy a home or maybe just need repairs completed on your current residence?
Struggling to save the money to attain your goal?
Then you might be interested in the Individual Development Account (IDA) program. The IDA program is a four-year savings plan intended to help families with limited income to develop a budget, set goals, establish savings habits and invest money in an asset.
Some of the requirements of the program are that you must be a resident of Indiana, have earned income and are able to put a small amount into the program on a monthly basis.
For each dollar saved, up to $400 a year, the program will match it with three dollars. This means, if you successfully save $400, then the program will match it with $1,200, totaling a combined savings of $1,600.
THAT’S AN INTEREST RATE OF 300%
If you complete the four-year program at the current rate of match you would have approximately $6,400.00 to invest in an asset (business, education, homeownership, etc.).
For more information about the program and to get an application, contact Alice Young at 793-4881, Ext. 1209 or by email at ayoung@capwi.org
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