Learn about the Individual Development Account (IDA) Program
Karina Potestio of Luna expanded her small business by
purchasing a sewing machine through the MCNW grant
matching program. - Photo: Bruce MacGregor for MercyCorps
Grow Your Business with an IDA grant
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. 3 Types of IDA’s help with:
Mercy Corps Northwest only provides small business IDAs. If you are interested in a housing or educational IDA, please see IDA provider list here.
How does an IDA work?
Mercy Corps Northwest has two IDA options to choose from:
Option 1: Participants save $1,000 for a minimum of 6 months. MCNW matches with a $3,000 grant, for a total of $4,000
Option 2: Participants save $2,000 for a minimum of 1 year, matched with $6,000, for a total of $8,000
Totals are used to buy fixed business assets. (What is a fixed asset?)
IDAs are More than Money
IDAs are also meant to provide participants with the skills necessary to become self-sufficient.
The following activities are required to be complete before grant funds can be received.
Total Upfront Program Investment: $250 ($140 with scholarship and free coupon use)