When is the deadline for Matched Savings Program (Individual Development Accounts - IDA)?

This grant has a rolling deadline or the deadline has not been announced.

Matched Savings Program (Individual Development Accounts - IDA)

COMMUNITY ACTION AGENCY OF OKLAHOMA CITY

Foundation Rolling (Quarterly) Economic Services Grants Workforce Development Grants Grants for Education

Funding Amount

Up to $6,000 (participant saves up to $2,000, receives up to $4,000 match)

Deadline

Rolling / Open

Grant Type

foundation

Overview

Matched Savings Program (Individual Development Accounts)

Overview: Individual Development Accounts (IDAs) are savings accounts established at participating banks that help working parents and junior/senior high school students build wealth and achieve economic goals.

Award Amount: Participants can deposit up to $2,000 of their own money and receive up to a $4,000 match, for a total of $6,000.

Eligible Uses:

Expansion of a business (must be profitable, in operation at least 6 months, and have legal business structure)

Higher education at an accredited Oklahoma university, college, or career technology center

Geographic Scope: Oklahoma City and Oklahoma/Canadian counties

Eligibility Requirements:

Must live in Oklahoma City, Oklahoma or Canadian counties

Must be employed or self-employed consistently for at least 6 months

High school students must maintain GPA of 2.5 or better and work part-time or participate in extra-curricular activities

Adults working and living in the home must be at or below specified income guidelines

Other qualifications may apply and will be reviewed at first meeting with EDD Staff

Program Details:

Upon enrollment, participant and EDD Staff create a Savings Plan

Participants must save monthly for at least 6 months, with up to 18 months to reach savings goal

Account opened with minimum $50 at participating banks

Participants must attend money management classes covering: short/long-term financial goals, budgeting, credit building, and avoiding financial pitfalls

After choosing savings goal (business, home ownership, or higher education), must attend at least 8 hours of specialized training

Contact: Economic Development Division at (405) 232-0199, ext. 3207

How to Apply

Application Process

1. Contact Economic Development Division at (405) 232-0199, ext. 3207 to schedule orientation
2. Complete enrollment meeting with EDD Staff to create Savings Plan
3. Open savings account with at least $50 at participating bank
4. Attend money management classes covering financial topics
5. Once savings goal is selected, attend at least 8 hours of training in that area (business, homeownership, or higher education)
6. Save monthly for minimum 6 months, up to 18 months to reach $2,000 savings goal
7. Upon reaching savings goal, receive matching funds

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