Individual Development Accounts

Dollars to Dreams

Individual Development Accounts (IDA)

This program is a matched savings program that works with income eligible individuals to help them achieve wealth accumulation and assets.

How It Works

• Attend an IDA Orientation
• Sign a savings plan agreement
• Open an IDA personal saving account
• Deposit at least $10 per month
• Attend financial literacy classes
• Receive match dollars

Match dollars can be utilized to achieve the goal of attending school, starting a business, or purchasing  a home.

Services

NORWESCAP Individual Development Account Program – turns your dreams into reality!

Education or Training

IDA accounts can be used for education including vocational training, college or training to get a professional license.  The progam has provided match savings for 25 indivdiuals who have attend school or college.

Start a business

IDA dollars have successfully helped many indivdiuals start a new business.  Match dollars can be accessed for inventory, business computer software, or other business related expenses.  The program  has assisted 20 individuals to become business owners including:  housecleaning services, massage therapy, Internet based busineses and home day care center!

Buying a home

IDA dollars can be used for the down payment and closing costs on a home.  In fact, over the length of the program, 48 individuals have purchased and maintained their home!

Eligibility

• Must be income eligible

• Must complete and submit an application

• Must attend a series of financial workshops

Information

NORWESCAP IDA PROGRAM

Dollars to Dreams

908-454-7000 ext. 116

The NORWESCAP IDA Program is available to income eligible residents

of Warren, Sussex, Hunterdon, Somerset and Morris Counties.

Donation Information

If you are interested in supporting NORWESCAP, the communities we serve or the Individual Development program, please call 908-454-7000.

350 Marshall Street

Phillipsburg, NJ 08865

908-454-7000

fax: 908-859-0729