IDA Program


BVCA's IDA Program assists low to moderate income families and foster children aging out of foster care working toward economic independence by creating a matched savings account for asset purchase. Financial literacy training and support is also provided. Click here for our IDA Brochure.

What is an IDA?
Individual Development Accounts (IDAs) are matched savings accounts that encourage low income working individuals to save money and acquire assets. Through IDAs, individuals can purchase their first home, attend college or job training, or start or expand a small business. Most applicants will be enrolled in the program for six months to two years. Participants commit to saving at least $50 a month, up to $750 per IDA account. When they reach their saving goal, their savings will be matched at the rate of 4:1 in order for the participant to purchase the asset. YES! For every dollar saved, BVCA will match it with $4.00 to the applicant’s $1—up to a total from both sources of $3,750.

Eligibility
Applicant must be employed and making under 200% of the poverty level at the time of application.
Applicant must live in the area where they apply for the IDA or be a foster youth, former foster youth, or ward of the State.
Applicant must be age 17 or older.
▪ Must hold a valid Social Security Number or Individual Taxpayer Identification Number.
*Other eligibility requirements may apply and will be discussed when the application is submitted.

Assets
Secondary Education...Earn your degree! Learn the skills you need to get a better job! Participants may use their IDA savings for a post‑secondary education program. Savings can be used toward tuition, course fees, and any reasonable supplies related to completing an education. Participants will be provided with financial education using the Money Smart curriculum. To prepare for secondary education and begin the path to success, participants will be connected with EducationQuest as well as with a college advisor at the college they plan to attend.

Small Business Development...Start or expand a business! Participants may use their IDA savings to start a small business or expand the one they currently own. Savings can be used for initial start-up costs, such as inventory purchase, marketing, business equipment and more. For business expansions, savings can be used for business equipment, marketing efforts and more. Participants will be provided with financial education using the Money Smart curriculum. Additional education will be provided using the Money Smart for Small Businesses curriculum which focuses on the needs of new or existing entrepreneurs.

Homeownership...Own your own home! Make your dreams of homeownership come true by putting your IDA savings toward your first home! Savings can be used toward a down payment, closing costs, or lending costs associated with purchasing a home. Participants will be provided with financial education using the Money Smart curriculum. Additional education will be provided using REACH Homebuyer Education or bank specific program.

Available in Butler, Fillmore, Gage, Jefferson Polk, Saline, Seward, Thayer and York Counties. For more information contact your local BVCA Partnership Center.

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