Individual Development Accounts
Support the Oregon Individual Development Program
The Individual Development Account (IDA) Initiative is supported by funding from the Oregon IDA Tax Credit. The Oregon IDA Tax Credit allows you to support participants like ours and get back a 75% credit on your State tax return. For more information go to http://ida.neighborhoodpartnerships.org. Adelante Mujeres project participants have used Individual Development Accounts to save money for college tuition and small business start-up funds!
Adelante Mujeres’ Individual Development Account (IDA) program offers participants the opportunity to save for, and invest in, an asset. Asset investment has been found to help individuals become self-sufficient and break out of cyclical poverty. This program is available to current program participants and reflects the values and goals developed in Adelante Mujeres’ Micro Enterprise and Education programs.
The IDA program offers participants 3:1 matched savings accounts, financial literacy education and one-on-one financial and asset-specific counseling. Individuals can save for small business start-up or expansion, post-secondary education or job training. Participants can save up to a $1,000 a year for three years and receive up to $9,000 in matching funds.
In addition to the money available through the IDA, individuals will also participate in financial literacy and asset-specific education aiming to improve the overall financial situation of participants. Adelante Mujeres is partnering with Bienestar, a non-profit organization in Hillsboro, Oregon to provide a comprehensive financial literacy program that introduces participants to available resources through banks, lending institutions and other community organizations. Adelante Mujeres will provide asset-specific education in small business development, preparation for higher education and job readiness. Finally, all IDA participants will establish a close relationship with an IDA specialist. This relationship will allow one-on-one communication and counseling regarding personal issues that arise.
This comprehensive program will provide participants with the opportunity to make a concrete investment as well as provide them with the means to continue planning for the future.
For more information, please contact Anne Morse, IDA Specialist at amorse@adelantemujeres.org or Ali Brown, IDA Specialist at abrown@adelantemujeres.org or call 503.992.0078.
