THIS PROGRAM IS CURRENTLY ONLY FOR AGRICULTURAL-RELATED ACTIVITIES (BUSINESS & EDUCATIONAL)
Individual Development Accounts (IDA) is a special savings program for individual or households with low-income to purchase an asset such as a house, pay for post-secondary education, or to start/expand/strengthen a small business. When you save in an IDA, your money will be matched with donations. The matching rate is 2:1. That means you can receive $2 for every $1 you save.
An individual can earn up to $2000 and a household can earn up to $4000 in grant funds. In total, the individual will have $3000 and the household will have $6000 to use towards an asset. IDA savings requires a minimum of 6-month savings activities, attend financial education workshops, and attend a class specific to the asset goal. To be eligible, the applicant must reside in one of the following counties: Fresno, Madera, Stanislaus, San Joaquin, Sacramento, and Merced county; and the income or employment must be from agriculture business. Why is my money matched: Your money is matched to encourage and help you to save enough to buy an asset, such as a house, pay for post-secondary education expenses, or to start a small business.
The funds can only be utilized for one of the following assets:
- Purchase First Home
- Start, Strengthen, or Expand Small Business (This includes capital, plant, equipment, working capital, and inventory expenses to capitalize a legal business with an approved business plan.)
- Pay for Post-Secondary Education Expenses (i.e. books, tuition and other related expenses), or
- a Vehicle for business use).
To find out how IDA works and to get prequalify over the phone, please contact our office at (559) 263-1067. Download Brochure
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