IDA funds availableMarch 13, 2012 No Comments
Do you need money for college education or job training? Do want to start a business or expand a business, but don’t have the money you need? The Individual Development Account is an excellent way to raise money to start or grow a business, or to pay for post-secondary education. The IDA is a matched savings account where every dollar the account holder saves is matched with $3 from the IDA program. Account holders can use the program to raise a maximum of $10,000 for use in a small business or to pay for education and training. The Northeast Oregon Economic Development District (NEODDD) is now taking applications on a first-come-first-served basis for both education and business IDAs.
“The IDA has changed my life. It has helped me realize that my goals can be attained by hard work, a thought-out business plan and by smart saving,” says one Baker County farmer. NEOEDD has been offering IDA’s in Baker, Union and Wallowa counties since 2008. Over sixty individuals have participated to date, saving nearly $148,000 and receiving over $440,000 in matching funds to pay education expenses or to start or grow a business. You may qualify for an IDA if your total household income is less than $41,000 for a one-person household, $46,850 for a two-person household, or $58,550 for a four-person household.
Anyone interested in learning more about how to apply for an IDA is invited to contact Sara Miller, Jeff Moss or Lisa Dawson at 541-426-3598, visit the website at www.neoedd.org, or email [email protected]. The Northeast Oregon Economic Development District is a public organization which helps individuals start and grow businesses. The IDA program is part of a nationwide initiative based on the idea that people escape poverty and become economically self-sufficient through savings and investment. “The matched savings accounts are a valuable resource for folks with lower incomes to help themselves earn a living,” says Lisa Dawson of NEOEDD.
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