CARTOONS BY CHRIS BRITT

– INDIVIDUAL DEVELOPMENT ACCOUNTS –
Offered through the Corporation for Enterprise Development, this is a special savings
account for people with low incomes where the money saved is matched through
donations. That means
you can receive a dollar
or more for every dollar
you save in an IDA
and this money can be
used to start a small
business. In addition
to the matching funds,
you are able to learn
more about budgeting,
banking and saving
when you open an IDA.
In most cases, additional
education is required
as part of the program.
One-on-one counseling
may also be available.
There are hundreds of
these programs offered in
Time is nature’s way of keeping everything
from happening all at once.
the U.S. and no two are alike. So feel free to shop around to find an IDA that meets your
individual needs.
HOW DOES IT WORK?
IDAs are offered through a partnership between financial institutions and local nonprofits.
As the sponsoring organization, the non-profit provides the education as well as
counseling and training. As a participant, you open an account with the partner bank
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