Individual Development Accounts (IDAs)
Matched savings accounts that assist individuals with a modest income to save towards the purchase of a life-long asset. Through an IDA, every dollar saved individuals earn $3 in return and can be used towards home ownership, furthering personal education, or to expand a small business.
Step 1: Are you eligible?
- An Indiana Resident?
- Below 200% of the Federal Poverty Guidelines based on household size or receive Temporary Assistance for Needy Families (TANF)?
- Able to Save a Minimum of $25 per Month?
- Meet the Minimum Screening Requirement?
Step 2: Complete Financial Empowerment Training
Here are the options, please pick one:
FDIC Money Smart – Self-paced, computer- based workshop including 11 modules of financial topics. At no cost to you, register at Money Smart CBI Online .
Note: You will earn certificates of completion for each module and turn all 11 of them in with your IDA application.
Pathways to Your Financial Destination – Instructor- facilitated introductory workshop covering primary financial topics in person. Eight hours. Cost $25. Register via Eventbrite link below or by submitting attached registration form with payment to the Center by mail or in person.
Step 3: Complete the IDA Application
You may also request an IDA Application by calling 317.633.8210 or email IDA@jbncenters.org. Please print one-sided and pay close attention to the checklist. Incomplete applications are not accepted.
Step 4: Request an Appointment with a Financial Coach
You may do so by calling our office at 317.633.8210 and asking to speak to a financial coach or by requesting an appointment in the form below:
Your financial coach is part of your coaching team and will connect you to your other team members (career coach & case manager). Your team is here to help you achieve your goals. If you are already working with a financial coach at another center, please let us know. Together, you and your coach will complete & sign the IDA assessment form in the application.
Step 5: What Happens Next?
Your coach will turn your completed application into the IDA Program administrator, who will contact you with a status:
- Approved – The administrator will make arrangements with you to complete the enrollment process and open your account.
- Denied – The administrator will provide you with the reason for denial and any additional steps you can take.
- Incomplete – The administrator will inform you of additional information needed and ask you to collect your application and resubmit with all documents.
- Wait list – Your application is approved but you will open at a later date typically because accounts are not currently available or you & your coach determine that you are not yet ready to open an account..
Explore other supportive resources available to you:
Home Ownership IDA: Indianapolis Neighborhood Housing Partnership (INHP)
Small Business IDA: Business Owners Initiative (BOI)
Job Training/Education IDA: email firstname.lastname@example.org to meet with a career coach for planning assistance