Individual Development Accounts (IDA)
Interested in saving for your future? The IDA program allows you to multiply your savings. For every one dollar you save, you will receive three dollars in matching funds.
In order to be eligible to participant on the program you must be:
• a resident of the State of Indiana
• have earned income from employment and/or self-employment
• meet current income guidelines
• complete financial training/workshops
• be able to complete the program within three (3) years
• must not be a former IDA Participant.
• a resident of the State of Indiana
• have earned income from employment and/or self-employment
• meet current income guidelines
• complete financial training/workshops
• be able to complete the program within three (3) years
• must not be a former IDA Participant.
Once approved, you will open a savings account with our partner bank. As you make deposits, matching funds are added at a rate of three dollars for every one dollar you save.
The combined funds can then be used for an approved asset purchase, including:
• home purchase (site-built home located in Indiana)
• post-secondary training
• job training programs
• owner occupied rehabilitation (must be participant's primary residence)
• motor vehicle purchase (necessary for employment or post-secondary education)
• start or expand a small business (must develop a detailed business plan)
To learn more, please call 1-800-467-1435 ext. 229 or ext. 231.
The combined funds can then be used for an approved asset purchase, including:
• home purchase (site-built home located in Indiana)
• post-secondary training
• job training programs
• owner occupied rehabilitation (must be participant's primary residence)
• motor vehicle purchase (necessary for employment or post-secondary education)
• start or expand a small business (must develop a detailed business plan)
To learn more, please call 1-800-467-1435 ext. 229 or ext. 231.
