Individual Development Accounts (IDAs) are matched savings accounts that help income-qualified families buy their first home, make improvements to their home, pay for post-secondary education or job training, or start or expand their own business.

Program requirements:

• Participants’ income must fit within guidelines
• Participants must not have more than $10,000 in assets (not including their home and one car)
• Open and maintain an account for a minimum of six (6) months
• Make a $20 minimum deposit every month
• Save $667
• Use the funds toward one of the program goals: homeownership/home improvement; post-secondary education; small business start-up or expansion
• Complete economic skills classes: a five-part workshop and an asset-specific class.
  
  

Once the participant reaches the savings goal of $667, Southern Good Faith Fund matches the savings $3 for every $1 saved for a total of $2000 toward their goal.

Program limitations:

• $2,000 maximum life-time match for individuals
• $4,000 maximum life-time match for household
• Funds must be used for home ownership or improvement, starting or expanding a small business, or post-secondary education.

Contact us online today for more information, or call Enrique Castro, Program Coordinator in Pine Bluff, (870) 535-6233 x.16 or Mindy Maupin, Program Coordinator in Helena-West Helena, (870) 816-1104.