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Individual Development Accounts (IDAs) are matched-savings accounts for low- to moderate-income individuals that encourage microenterprise development. Customers save a certain amount of money, which is then matched with grant money from local and federal sources. The savings and matched dollars can be used towards starting, expanding, or stabilizing business.

ECDI currently has microenterprise development IDA grant money available through the following funding sources:

Franklin County Department of Jobs and Family Services:

IDAs are available for microenterprise development. To qualify for this program, applicants must:

·         Be 18 years of age or above, and be a resident of Franklin County.

·         Have at least one dependent, under the age of 18, living in the home.

·         Be employed and have an annual household income at or below 150% of the Federal Poverty Level (see table below).

·         Not have assets valued at or above $10,000 (excluding primary residence and one automobile).

           Ohio Department of Jobs and Family Services:

 

IDAs are available for microenterprise development. To qualify for this program, applicants must:

·         Be 18 years of age or above, and be a resident of Ohio.

·         Have at least one dependent, under the age of 18, living in the home.

·         Be employed and have an annual household income at or below 200% of the Federal Poverty Level (see table below).

·         Not have assets valued at or above $10,000 (excluding primary residence and one automobile).

 

Office of Refugee Resettlement:

IDAs are available for microenterprise development. To qualify for this program, applicants must:

·         Be a refugee or asylee

·         Be a resident of Franklin County

2008 Federal Poverty Guidelines

 

1

2

3

4

5

6

7

8

150% FPG (monthly)

$1,299

$1,749

$2,199

$2,649

$3,099

$3,549

$3,999

$4,449

150% FPG (annual)

$15,600

$21,000

$26,400

$31,800

$37,200

$43,950

$48,000

$53,400

200% FPG (monthly)

$1,733

$2,333

$2,933

$3,533

$4,133

$4,733

$5,333

$5,933

200% FPG (annual)

$20,800

$28,000

$35,200

$42,400

$49,600

$56,800

$64,000

$71,200

·         Add $450 at 100% poverty (monthly) for each additional household member

·         Add $5,400 at 100% poverty (annual) for each additional household member

·         Add $600 at 200% poverty (monthly) for each additional household member

·         Add $7,200 at 200% of poverty (annual) for each additional household member

Qualified customers must complete 35 hours of ECDI or comparable training, open a custodial savings account, and save an agreed upon amount of money. To remain eligible, customers must deposit $20 or more each month to remain eligible for the program.  Customers cannot withdraw funds from the IDA without ECDI’s authorization, but are authorized to make deposits. After saving the money, providing a satisfactory business plan, proof of business existence and an invoice for their prospective purchase, ECDI provides a check for the asset purchase.

Please contact the ECDI Asset Development Department  for more information.

 

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475 E. Mound St. ·  Columbus, OH 43215 · (614) 559-0115 ·  Fax: (614) 732-0986
Updated: February 11, 2008