Individual Development Account Program
Individual Development Account Program at RISE
The Individual Development Account program (IDA) at RISE is an opportunity for any refugee or immigrant who has been in the U.S. less than five years to receive assistance in building their financial future! The IDA program assists participants in opening a savings account at our partner institution Syracuse Cooperative Federal Credit Union where they will make monthly deposits which are matched dollar for dollar. RISE then provides clients with financial literacy training and assists clients in using their savings to make a qualifying asset purchase that will help to promote financial independence and stability.
- To support RISE’s mission by promoting client self-sufficiency through financial literacy education, individual counseling, empowerment, and long-term financial asset building while bridging cultural differences to make clients feel confident in their financial futures.
- Program participants build financial confidence, independence, and stability for the future through asset purchases
- Program participants receive individualized guidance on asset purchase decisions and management
- Program participants learn valuable information about the United States financial system
- Double your savings! IDA Program participants receive a savings match, dollar for dollar!
Program Eligibility Requirements
- Program participants need to have been in the U.S. for five years or less, (three years for vehicle asset purchase)
- Program participants must be employed and have active proof of income
- Income does not exceed 200% of federal poverty level (for a household of 4 persons, income does not exceed $49,200) See. http://familiesusa.org/product/federal-poverty-guidelines
- Program participant does not currently receive any other IDA funds from other sources outside of RISE
Asset Purchase Options
- Home Purchase
- Vehicle Purchase (may only be purchased if required/used for work or education purposes)
- Starting your own business
- Furthering your education (applies to a variety of higher education options)
- Syracuse Cooperative Federal- community development credit union, local branch open on Burt Street http://www.cooperativefederal.org/
- Savings accounts
- Credit advising
- Financial educational resources
- Empower Federal Credit Union https://www.empowerfcu.com/
- Savings Accounts
- OCC Small Business Development Center http://www.onondagasbdc.org/
- Business Plan creation and counseling services
The IDA Program is always looking for new clients! If you are interested in the program or have questions about the program please contact Isabelle Wiles, IDA Program Coordinator at email@example.com.