TEAM, Inc announces the start of a new matched savings program, called the IDA Program, for low-income residents of the Valley area.
The IDA Program allows participants to deposit regular savings into a special savings account, called an Individual Development Account or IDA, in order to work toward the purchase of a productive asset — a first home, a small business, a car for employment or post-secondary education.
Program participants’ savings deposits will be matched (2:1) to make purchasing one of these assets a realistic goal for low-income families who are willing to save regularly for 4 to 5 years.
The IDA Program is part of an innovative approach to combating poverty focusing not just on meeting the most immediate needs of low income families, but also on the long-term benefits of helping working poor families to acquire a modest but decisive stake in their communities. President and CEO Richard Knoll believes this program helps families develop assets to improve their self-sufficiency.
“We at TEAM are pleased to be able to increase the funds available in the region to assist residents to accomplish this vital financial saving and education process.”
The IDA Program is in Connecticut, under the auspices of the Department of Labor. This Program is supported by a grant from the Department of Labor. Naugatuck Valley Savings and Loan will be the depository for each participant’s IDA savings account.
In order to qualify, prospective IDA participants must meet qualified income guidelines, must have a regular source of earned income and must be residents of TEAM’s service area.
In addition, all program participants take part in a twelve-hour personal finance and money management workshop series and attend monthly Savings Club meetings to prepare for asset ownership.
For information about the IDA program, including detailed eligibility information, please call 203 736 5420 × 209.
