Individual Development Accounts (IDA)
IDA Accounts are matched savings accounts that are designed to help participants save for the purchase of a designated asset. Participants save funds for a specific time period. Upon successful completion of all savings requirements, Chi Ishobak will contribute to those funds with a specified matching ratio. Financial education is a necessary component to the IDA Program and is required to obtain matching funds.
Small Business IDA
Tribal entrepreneurs save $500 over a 12-month period. When the entrepreneur has successfully made the twelve monthly contributions, Chi Ishobak will match those funds 2:1 ($1,000) for a total $1,500. Completion of a Financial Wellness workshop is the second requirement to receive matching funds. Submission of a business plan is the final requirement for completion of this program. These funds are to be used for equipment, materials, inventory, and working capital for existing and start-up small-business. This program helps Tribal entrepreneurs accumulate business assets, build capacity, establish banking relationships, and empower the accomplishment of goals.
Items required for submission:
- $45 non-refundable application fee
- Small-Business Development IDA application form