Ventures is excited to announce the launch of a new cohort of Matched Savings Accounts.
An Individual Development Account (IDA) is an asset building tool designed to enable low-income families to save towards a targeted amount usually used for building assets in the form of home ownership, post-secondary education and small business ownership.
We’re starting the next wave of Matched Savings Accounts, also known as Individual Development Accounts, for business owners in Snohomish County starting spring 2017. This cohort is funded through United Way of Snohomish County. Matched Savings Accounts provide a financial match for business owners that save every month for a minimum of 6 months, attend financial trainings and work with business coaches on their business plans. For this cohort, clients enrolled in the program will save $2,000 that is matched with $4,000 to purchase business assets such as equipment, inventory or supplies.
Take Lauren Wilson of Sweet Lo’s Ice Cream for example, she bought new equipment and supplies for her ice cream business with her IDA. Now with the help of her IDA and Kickstarter, her ice cream can be found at Home Remedy, The Feed Store, Seven Coffee Roasters Market, Leschi Market, Stockbox First Hill Grocery, and Ken’s Markets in Queen Anne and Greenwood.
The next cohort is for residents of Snohomish County only. The income requirements for the IDA are stricter than for our 8-week Business Basics Course – there is a household net worth limit of $10,000. This cohort will be enrolled by May 2017.
Since starting the matched savings program at Ventures in 2005, 258 business owners have saved over $563,000! These funds have been matched with $577,000 resulting in over $1.1 million in business capitalization.
To learn more about financial management, stay tuned for details about our summer Financial Management Course in August.