How the Individual Development Account (IDA) Works
Karina Potestio of Luna expanded her small business by
purchasing a sewing machine through the MCNW grant
matching program. - Photo: Bruce MacGregor for MercyCorps
Start or Grow Your Small Business
WHAT IS AN IDA?
An Individual Development Account is a special savings account that helps families and individuals with limited financial resources save, build assets, and enter the financial mainstream.
Mercy Corps Northwest provides a specific IDA for starting or growing a small business.
(If you are interested in a housing or educational IDA, please see IDA provider list here.)
STEP 1: HOW DOES AN IDA WORK?
Choose between Mercy Corps Northwest’s 2 IDA options:
Option 1: Participants save $1,000 for a minimum of 6 months. Receive match grant of $3,000, for a total of $4,000
Option 2: Participants save $2,000 for a minimum of 1 year. Receive match grant of $6,000, for a total of $8,000
You will use the total to buy fixed business assets. (What is a fixed asset?)
MORE THAN MONEY
IDAs are meant to provide the skills necessary for you to successfully start or grow your business.
Mercy Corps Northwest requires the following before funds can be received.
Total Upfront Program Investment: $250 ($140 with scholarship and free coupon use)