Rural Enterprises of Oklahoma, Inc. (REI) announces the availability of the Individual Development Account (IDA), a matched savings account program to help families purchase their first home or help entrepreneurs start or expand their business. The program is made possible through the partnership of REI and the U. S. Department of Human Services, Office of Community Services.
Here is how the program works. Participants make regular contributions to a supervised savings account for a minimum of six months. REI matches $2 for every $1 saved, up to $2000. This would potentially provide the participant up to $6000 total.
Eligibility for the program is based on household income and family size. All participants are required to attend specific educational courses. For the purchase of a home, they must attend approximately eight hours of Homebuyer Education and for business ventures, five hours of financial literacy and six hours of entrepreneurship training.
“This is a wonderful opportunity that doesn’t come along very often,” said Tom Seth Smith, REI President & CEO. “When you consider the return of a 2:1 match, that’s hard to beat and in these economic times. It’s a great return on investment.”
Smith said program funding is limited and encourages interested persons to call Jeremy Layman at 800.658.2823 for program details as soon as possible.
REI is a non-profit economic development firm offering business financing, community development services and entrepreneurial training.