IDA (Individual Development Accounts)
SORRY, WE HAVE CLOSED OUR IDA APPLICATIONS FOR 2009 (as of 6/19/09).
An Individual Development Account (IDA) is a special matched-savings account designed to help low-income individuals save and build assets to start or expand their small business.
Participants of the IDA program have 3 requirements to meet in order to successfully complete the program and receive their matching grant
1. Commit to and complete a monthly savings plan. Participants save $1000 over the course of 6 to 18 months.
2. Attend and complete the Foundations business class taught by our staff here at MCNW. The Foundations class focuses on financial education, business basics and helps jump start your business plan
3. Complete a thorough business plan with the help of Mercy Corps Northwest staff during enrollment in the program.
Upon successful completion of these 3 requirements, savers receive a matching grant to purchase assets for their business. We match the $1000 in participant savings with a matching grant. Funds must be used for assets that will benefit the business.
Do I qualify?
To be eligible for matching funds for the Mercy Corps NW IDA program, participants must meet the following three criteria:
1. Household income is either less than twice the federal poverty line at the time of application or within federal Earned Income Tax Credit limits. (see chart)
Family Size/ Income limit
1 : $21,660
2 : $29,140
3 : $36,620
4 : $44,100
5 : $51,580
6 : $59,060
7 : $66,540
8 : $74,020
2. Household net worth is less than $10,000. ( Excludes the value of your home, or your primary car.)
3. City of Portland resident, or as a referral from one our our established partners.
4. Source of earned income to make your monthly savings deposits
Next Steps:
-Complete an IDA application, using this form: IDA application form
-Submit application with 2008 taxes
-IDA staff will contact you within 3 weeks of receiving you application
The IDA Initiative is supported by funding from the Oregon IDA Tax Credit. The Oregon IDA Tax Credit allows Oregon taxpayers to support participants like ours and get back a 75% credit on their Oregon state tax return. For more information, go to http://ida.neighborhoodpartnerships.org.