EDG can help you earn money to start or expand a business, go to college or buy a home while teaching you how to make sound financial decisions. Our matched savings programs (also called Individual Development Accounts or IDAs) will allow you to save money toward the purchase of a major asset and then receive a matching grant of up to $9,000.
Participants must meet income and other requirements and be willing to participate in financial education classes which teach topics including budgeting, goal setting, credit management, credit score tricks, and how to utilize banks.
If you are a:
Interested applicant: Please review the program elements in the chart below and contact EDG to apply.
Community organization: EDG is looking for partners to improve the capacity and quality of our matched savings offerings. Organizations interested in providing matched savings to their clients can contact EDG to schedule an orientation.
Funder : Foundations and financial institutions are invited to provide philanthropic support to leverage additional funds to benefit low income clients for this innovative, cost-effective program.
For more information contact Emmanuel at (703) 685-0510 or email .
EDG MATCHED SAVINGS FAQ
Virginia Residents
Washington , DC Residents
Do I qualify?
Qualifying participants must:
Qualifying participants must:
· meet income requirements (mother and a child less than $26,400 a year)
· be married or engaged
·have at least one child less than 18 years old.
· earn no more than $50,000 a year
·have no more than $10,000 in assets (excluding a primary home and one vehicle)
What can I purchase?
IDA funds can be used for expenses associated with buying a home, starting/expanding a business or higher education.
Virginia