DES MOINES, Iowa – The Iowa CU League has received a $257,920 grant from the Assets for Independence Individual Development Account Program to help fund IDA accounts for Iowa credit unions.
The grant makes a total of $1.2 million the league will be providing in matching funds for its IDA program. The additional funds have allowed the league’s foundation to expand the program to an additional nine credit unions, bringing the total number of credit unions participating to 18, reaching 91 of Iowa’s 99 counties.
IDAs are matched savings accounts where the savings of a participant is matched by a grant from another organization. The savings and matching funds are used by the individual to purchase a specific asset, such as a home, starting or expanding a small business, paying for education or job training, or purchasing a vehicle to get to work. Participants must meet income guidelines to qualify for an IDA account and must participate in financial education seminars.
