What is an IDA?
Ready to start or grow your business with limited resources? An Individual Development Account may be right for you. An Individual Development Account (IDA) is a special savings vehicle that helps families and individuals with limited financial resources build assets, gain valuable training, and enter the financial mainstream.
At Mercy Corps Northwest, our small business IDAs invest in the personal and financial growth of entrepreneurs to build strong small business communities throughout Oregon. Mercy Corps Northwest’s matched savings IDA Program operates on a 5:1 match ratio in Portland. Every $1 an IDA Program participant saves will be matched with $5 in grant money. The savings goal for all participants is $1,000, matched with $5,000 in grant money, for a total of $6,000. The length of time you save and participate in the program is determined by both your budget (how much you can afford to save) as well as how much time you need to be ready to launch your business plans. The minimum participation period is 13 months. Graduating participants will also be pre-approved for a $2,500 credit-building loan.
Clients who participate in our IDA program come from wide-ranging backgrounds, from food carts to contractors, lawn maintenance technicians to janitorial ventures. IDAs empower any individual in our state with the desire to become an entrepreneur–regardless of race, ethnicity, involvement with the criminal justice system, sexual orientation, age, disability, national origin, or citizenship status–to realize their dreams and not only grow the assets of themselves and/or their family but also contribute to the economic strength of our state as a whole.
The application period is closed now. The next application period will be open on June 24th 2021 from 3 p.m. to 7 p.m.
Please keep in mind: submitting an application doesn’t ensure acceptance. Priority consideration is given to applicants who face the greatest barriers to financial inclusion and asset accumulation. If you were not able to submit in time to be considered, never fear: a new application session will open in fall 2021. You can also look for another IDA provider in the Portland Metro area here.
Expression of interest in Spanish below:
Si está interesado(a) en recibir notificaciones sobre el programa de subvención IDA, por favor llene este formulario.
Expression of interest in Arabic below:
إذا كنت ترغب بأن يتصل بك شخص من فريق المنح للمشاريع الصغيرة للتكلم باللغة العربية – إضغط هنا
Expression of interest in Russian below:
Если Вы заинтересованы в прохождении программы на русском языке и хотите быть в курсе мероприятий на русском языке, пожалуйста, заполните данную форму.
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