Next Steps
Find out more about the IDA Initiative: Individual Development Accounts or IDAs are an innovative way for hard working Oregonians to gain greater financial security. Participants select an asset goal, attend financial education classes and save to achieve their savings goal. Once the savings goal is met, which can take from 6 to 36 months, the savings are matched at a rate of $3 for every $1 saved. IDAs are designed to help people become self-reliant through establishing new savings habits and gaining assets. These special accounts provide a powerful incentive for individuals to save money towards the purchase of an asset.
You can use an IDA to:
- Purchase your first home,
- Go back to school or get more skill training,
- Start a small business,
- Repair or modify a primary dwelling, or
- Purchase equipment or technology in support of an employment plan.
Once you’ve met the criteria and are approved, you open a savings account at a partner bank or credit union. You’ll work with staff from the IDA Initiative to set up a savings schedule and a savings goal. You’ll receive personal financial training to learn how to build a savings habit, repair your credit records, learn basic investment strategies, and manage a small business or household budget.
How do I start?
Start by finding a participating non-profit working in your area. Once you’ve found a non-profit near you, contact them and let them know you’re interested in participating in the IDA Initiative.
Questions? Contact the participating non-profit nearest to you.
