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IDA ACCOUNT PROGRAM
 

SIEOC is the local administering IDA Organization for Dearborn, Franklin, Ohio, Ripley, Switerland and Union Counties.

The Individual Development Account Program (IDA) is designed to assist qualifying individuals to accumulate savings and develop personal finance skills.  IDA participants must save $35.00 per month and they are required to save it in their savings account at US Bank, which is SIEOC's partnering financial institution.  The State of Indiana matches the IDA participant's fund with a 3 to 1 ratio.  Meaning, for each dollar the IDA participant saves, up to $400.00 per year, the State will triple it.  This means, if the IDA participant successfully saves $400.00 a year, then the State of Indiana will triple that and they will deposit $1,200.00, giving the participant a total of $1,600.00 after 12 months of savings.  The client can stay in the program up to four years, meaning they have the opportunity to save $6,400.00.coins

The money that is saved can be used to:

  • Purchase a primary residence

  • Rehab a primary residence

  • Post secondary education costs for the participant or a dependent

  • Purchase, start-up, or expand a business

The objective of Indiana's IDA Program is to assist people with limited means in achieving financial independence and becoming financially self-sufficient by providing them skills to:

  • Develop a budget and set goals

  • Establish regular saving habits

  • Invest in assets

To be eligible for SIEOC's IDA Program you must:

  • Be an Indiana resident

  • Employed either full time or part time

  • Be below 175% of the Federal Poverty Guidelines based on household size

  • Able to save $35.00 per month

  • Attend required financial classes

For more information or questions, please email using the below "Email IDA" Link.

EMAIL IDA

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The State of Indiana
matches those funds with
a 4.75:1 ratio, giving the
participant no more than
$1200. These funds are
then monitored by SIEOC.
They can be used to pur-
chase or rehab a primary
residence, post secondary
education costs for the
participant or a dependent,
or the purchase, start-up, or
expansion of a business.  To
qualify for this program, the
individual's household must
fall below the 175% income
level, attend required financial
classes and commit to
monthly savings.

 

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