Individual Development Accounts

The IDA program is simple. We help those in our community who have the drive, passion, and expertise to open or renovate their own business by giving them the financial tools necessary to complete this goal. IDAs allow folks with limited financial resources to achieve these dreams. We have funds to match the client's savings 3:1!

The IDA program essentially works as a savings account for participating clients. Clients start by going through a screening process with an interview, completing a business plan for their objective, and then the saving process starts! Clients must save a minimum of $25 a month which is matched by 3:1 in acquired grant funds. So, in over 1 year an individual can save $1,000 of their personal income which will be matched by $3,000 of funds for a grand total of $4,000 to build their business.

Requirements:

•Must be an Oregon resident

• Must be at least 12 years old

• Household net worth must equal to or be less than $20,000 (The value of a primary dwelling unit and one motor vehicle is excluded from this calculation, including the corresponding debt).

• The adjusted gross income of the household must be less than or equal to 80% of area median income by county of residence or 80% of the State of Oregon's median income level.

• This would work out to approximately $46,150 for a family of 4.

 

If this program sounds like something you might be interested in please contact us!

Please take a look at these success stories around Oregon for how the IDA program can help you and your business here locally!