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: Terri Weaver 317-524-6855 or at tweaver@cagi-in.org
WHAT IS AN IDA?
An IDA, or Individual Development Account, is a multi-year, matched-savings program designed to assist individuals in achieving self-sufficiency through financial literacy and asset generation. For each dollar you save, up to $1,500 in three (4) years, the State of Indiana will
match it with $4,500, totaling a combined $6,000 to put towards an eligible asset purchase.
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 or expand a business
- Repair a home
- Purchase a vehicle for employment purposes