Matched Savings Funding
A matched savings grant, commonly known as an individual development account (IDA), is a special savings account established for the purpose of helping low-income, low-wealth individuals save money toward an asset-building expenditure, such as starting or expanding a business. For every dollar the accountholder deposits in the IDA account, the IDA sponsor makes a matching contribution (grant) of one dollar or more. To participate in an IDA, the accountholder agrees to save a set amount of money within a defined timeline. The IDA accountholder also receives financial education and credit counseling as a requisite to participating ...
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