Individual Development Accounts
Contact Us:
(317)524-6855
tweaver@cagi-in.org
Individual Development Accounts
An Individual Development Account is a bank savings account geared towards low-income individuals to assist in building assets to achieve financial stability and long-term self-sufficiency. An IDA is used for a predefined purpose, such as starting a business, paying for education, or purchasing a home or vehicle.
Frequently Asked Questions
An IDA, or Individual Development Account, is a multi-year, matched-savings program designed to assist individuals in achieving self-sufficiency through financial literacy and asset generation. For each dollar you save, up to $1,500 in three (4) years, the State of Indiana will match it with $4,500, totaling a combined $6,000 to put towards an eligible asset purchase.
- Further your education or enroll in a job training program
- Buy a home
- Start or expand a business
- Repair a home
- Purchase a vehicle for employment purposes
- Indiana Resident
- Employed
- Minimum credit score of 640 or higher
- Make less than the maximum 200% Federal Poverty Guidelines (see chart below).
Contact Us
If you would like to sign up, contact:
Terri Weaver
(317)524-6855
tweaver@cagi-in.org
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