Rural Enterprises of Oklahoma, Inc. (REI) has rolled out 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.
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.
“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.”
The program is made possible through the partnership of REI and the Department of Health & Human Services, Office of Community Services, First United Bank & Trust and the Federal Home Loan Bank of Topeka.
Smith encourages interested persons to call Jeremy Layman at 800.658.2823 for program details as soon as possible.