Individual Development Accounts
The IDA matched savings program provides ongoing 1:1 financial education, higher education coaching, small business mentorship and technical assistance. Participants will receive one dollar for every dollar they save towards the purchase of a productive asset up to $5000.
The mission of our IDA program is to create opportunities and resources for low- and moderate-income first generation immigrant Mainers at or below 100% of area median income to increase their personal net worth through matched savings accounts that can be used for post-secondary education or small business start-up or expansion. The vision of the IDA program is to rebuild and equalize immigrant BIPOC representation in the small business, education, and technology sectors in Maine.
Participant Requirements:
Be at least 18 years old;
Living in Maine;
First Generation Immigrant;
Income that is at or below 100% Area Median Income; and
Net assets that do not exceed $10,000.00 excluding retirement funds, one car and one home.
The IDA matched savings program provides ongoing 1:1 financial education, higher education coaching, small business mentorship and technical assistance. Participants will receive one dollar for every dollar they save towards the purchase of a productive asset (small business or higher education with a focus on Maine’s technology sectors) up to $5000.
Qualifying IDA participants must meet with a staff member to review their household budget, create a monthly savings plan and identify an asset purchase goal before they begin saving. IDA participants are expected to save the amount defined in their saving’s plan agreement each month for a minimum of 6 months to a maximum of 2 years. IDA savers must complete our Basic Money Management course and training specific to their goal before they can receive matching funds.
IDA savers for education:
May submit invoices for themselves, a spouse or child.
Must consult with their school guidance counselor or career advisor within 3 months of admission into the IDA program
Submit a description of their degree program or course of study, class schedule or career plan at least 1 month prior to requesting IDA funding.
Invoices must be from an accredited post-secondary institution, college or university in Maine.
Must be used and tuition, books, fees or a vocational certificate training program.
Invoices will be paid directly to the college or university.
IDA savers for business:
May set a goal to start their small business or for capital improvements to an existing small business.
Must enroll in CEI’s StartSmart program within 3 months of admission to the IDA program.
Invoice will be paid directly to the registered business.
To apply, please complete the application online. The application process may take 20 minutes to complete.
There are limited spots and acceptance will be based on date the application and all supporting documentation are received, and eligibility.
Have questions about this program? Please contact our Director of Programs, Heather Cameron at hcameron@prosperityme.org to learn more.
