INDIVIDUAL
DEVELOPMENT
ACCOUNTS (IDAs) |
Do
you want to Start or Expand a
Small Business?
IDAs Can Help You Reach Your Goal. |
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What are IDAs?
- Individual Development Accounts
(IDAs) are special
"Matched
Savings"
accounts designed to assist low income households toward asset
ownership to help with a business startup or expansion that will help
them build their future.
- "Matched Savings" means that for
every dollar saved
by the
participant,
the IDA program will match that amount with $4 towards an asset
goal/purchase.
- Participants commit to a savings
plan to reach their
asset
goal/purchase
- Participants receive personal
financial management
skills
training.
- IDAs are not "hand outs."
They are investments
in
individuals who
are ready and willing to invest in themselves.
- "Asset Purchase" can include
equipment and machinery
needed
for the
business.
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- IDAs can provide participants an
opportunity to Start/Expand
a "small business."
- Total "Asset Purchase"could
equal
$5,000.
- "Small Business"can
be a home-based
business.
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For
more information, please
contact: Edgar Tohtsoni
Eastern
Regional Business Development Office (ERBDO)
Phone
(505) 905-6400
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