The West Angeles Community Development Corporation will hold a workshop May 21 from 6:30-7:30 p.m. to introduce its Individual Development Account (IDA) program that can help people start or expand a business, buy a house or enhance their education.
The event will be held at the corporation’s office, 6028 Crenshaw Blvd., Los Angeles. Registration is reqired and can be made by contacting program manager Noquomas Wilson, at (323) 751-3440 ext. 29 or by registering at the website http://events.r20.constantcontact.com/register/event?oeidk=a07ear7vkog76eaa7d3&llr=ziy9zijab.
The program targets low- and moderate-income people and allows that for every dollar saved in an IDA, savers receive a corresponding match which serves as both a reward and an incentive to further the savings habit.
Those who open an account in May, in celebration of Small Business Month, will qualify for a 4 to 1 match for all accounts opened. That means if you open your account with a $50 deposit, it will be matched with $200.
In order to receive the matching dollars, participants must agree to complete financial education classes and use their savings for an asset-building purpose—typically for post-secondary education, home purchase, or to start or expand a small business.
In addition to earning matching dollars, people learn about budgeting, saving and receive additional training before purchasing an asset.
Additionally, individuals must:
• save their money for a minimum of 12 months before any match will accrue.
• deposit the monthly minimum into the account every month.
• take additional workshops on financial literacy.
If three deposits are missed in one calendar year, the account will be closed. The goal of these workshops is to help individuals invest their savings successfully.
