Matched-Savings Business Grants

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Individual Development Accounts

 

SAVE: IDA matched-savings grant operates on an 8:1 match ratio.  Every dollar you save will be matched with $8 in grant money up to $4,000.  The length of time you save is 6 months at a savings rate of $84 per month.

TRAIN: Complete 12 hours of business training or other technical assistance such as credit counseling, financial literacy, and tax preparation.  Completion of the Center for Inclusive Entrepreneurship (CIE) First Step course is one way to satisfy this requirement. Additional training options are also available.

PLAN: Submit an action plan. Templates are available and your training will help you.

BUY: After all requirements are met, receive a $4,000 grant for your business.

Minimum Eligibility:

  • Business located within Seattle city limits
  • Business is a for-profit microbusiness with five(5) or fewer employees (including owner(s))
  • Source of earned income to make a monthly savings deposit of at least $84
  • Gross adjusted household income less than 80% AMI (area median income) as indicated below
Family size Income limit
1 $50,400
2 $57,600
3 $64,800
4 $72,000
5 $77,800
6 $83,550
7 $89,300
8 $95,050

APPLICATION: You can apply Online or download an application in English or Español.  Detailed instructions are available in English and Español.

For additional information, please contact:

Edwin A. Rios

Senior Loan Officer
(206) 939-2590
erios@mercycorpsnw.org