IDAs are programs that teach people how to save for a certain asset goal and earn a matching grant as an incentive for helping themselves. They allow low income individuals or families to save a certain amount every month for a certain period of time to select and purchase assets permissible in the original program proposal. They are processes of poverty alleviation through asset accumulation.
The EDG Individual Development Account (IDA) Program combines ORR funded matched savings and training in personal finance management and asset acquisition to assist low-income refugee and asylum status holders in the DC Metropolitan area to become economically self-sufficient.
Client savings are matched 2 to 1; yet, match funds are limited to $2000.00 for individuals and $4000.00 for families.
These funds along with the client IDA savings can be used to:
Purchase or repair a home.
Start or expand a small business.
Pay for post-secondary education, vocational training or recertification.
