what is an ida? save futurebvca.net/how_we_help/programsservices/ida.pdfprovides programs and...
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earn your degree achieve purpose opportunity
goals
potential
own your own home
financial independence
go back to school start your own
expand your business success
self-sufficiency
solutions
Save for your
Future with Individual Development Accounts (IDA)
Providing Financial Literacy Training and Support to Create Matched
Savings Accounts for Asset Ownership
Blue Valley Community Action Partnership Helping People Changing Lives
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, a end 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. Par cipants 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 par cipant 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. To be eligible for an IDA, applicants must meet the following requirements*: Applicant must be employed and making
under 200% of the poverty level at the me of applica on.
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 and
must hold a valid Social Security Number or Individual Taxpayer Iden fica on Number.
Blue Valley Community Ac on Partnership (BVCA) is a private, non‐profit Community Ac on Agency. Our mission is “Overcoming poverty by helping people, improving lives and strengthening communi es.”
To achieve this mission, BVCA Partnership provides programs and services to help families meet their basic needs, achieve their educa onal and employment goals, and strengthen their family development.
For more informa on on BVCA’s IDA program please contact your local BVCA Office:
Butler County ................... (402) 367‐4347 Fillmore County: ............... (402) 759‐3564 Gage County: .................... (402) 223‐6034 Jefferson County .............. (402) 729‐5568 Polk County ...................... (402) 747‐2102 Saline County ................... (402) 826‐2376 Seward County ................. (402) 643‐6425 Thayer County ................. (402) 768‐6704 York County ...................... (402) 362‐3516 Youth Center .................... (402) 729‐6510
Administra ve Offices Blue Valley Community Ac on Partnership
620 5th Street P.O. Box 273 Fairbury NE 68352 Phone: (402) 729‐2278 Fax: (402) 729‐2801
Email: [email protected]
For more informa on visit us at www.bvca.net
* Other eligibility requirements may apply and will be discussed when the applica on for the program is submi ed.
Earn your degree!! Learn the skills you need to get a be er job! Par cipants may use their IDA savings for a post‐secondary educa on program. Savings can be used toward tui on, course fees, and any reasonable supplies related to comple ng an educa on. Par cipants will be provided with financial educa on using the Money Smart curriculum. To prepare for secondary educa on and begin the path to success, par cipants will be connected with Educa onQuest as well as with a college advisor at the college they plan to a end.
POST-SECONDARY EDUCATION
SMALL BUSINESS DEVELOPMENT
HOMEOWNERSHIP
Start or expand a business!
Par cipants may use their IDA savings to start a small business or expand the one they currently own. Savings can be used for ini al start‐up costs, such as inventory purchase, marke ng, business equipment and more. For business expansions, savings can be used for business equipment, marke ng efforts and more.
Par cipants will be provided with financial educa on using the Money Smart curriculum. Addi onal educa on will be provided using the Money Smart for Small Businesses curriculum which focuses on the needs of new or exis ng entrepreneurs.
Own your own home!
Make your dreams of homeownership come true by pu ng 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.
Par cipants will be provided with financial educa on using the Money Smart curriculum. Addi onal educa on will be provided using REACH Homebuyer Educa on or bank specific program.