Individual Development Accounts

CAGI is excited to now offer IDA’s (Individual Development Accounts) to our clients! An Individual Development Account is a bank savings account geared towards low-income individuals to assist in building assets to achieve financial stability and long-term self-sufficiency. An IDA is used for a predefined purpose, such as starting a business, paying for education or purchasing a home. Read below and click the link to download more information about the program. If interested in signing up please contact: Terrence White 317-524-6843 or at twhite@cagi-in.org

WHAT IS AN IDA?

An IDA, or Individual Development Account, is a two-year, matched-savings program designed to assist individuals in achieving self-sufficiency through financial literacy and asset generation. For each dollar you save the State of Indiana will match it with three dollars, up to $3,000. This means if you successfully save $1,000, then the State will match it with $3,000, totaling a combined savings of $4,000 over the two-year period. Maximum Program Balance (2 years) = $4,000

HOW CAN I USE THE MONEY?

You can use your combined IDA savings to:

  • Further your education or enroll in a job training program
  • Buy a home
  • Start a small business
  • Pay for essential home improvements