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LAEDA to Offer IDA Savings Match Program to Alumni Starting Spring 2020

Posted on 1/2/2020 by EDTP Coordinator in LAEDA News
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With the new year comes new opportunities, and this year is no exception at LAEDA. Beginning Spring 2020, LAEDA will begin accepting applications to the Lubert IDA Small Business Expansion Program on behalf of the United Way of Greater Philadelphia and Southern New Jersey (UWGPSNJ). This program is an opportunity for participants to increase their assets and improve their financial stability by setting aside monthly savings for their businesses that UWGPSNJ matches at a 2:1 ratio. Thus for every $10 an IDA participant puts into a business savings account, UWGPSNJ will deposit $20. Participants also receive financial literacy and small business expansion training, one-to-one counseling, and personal finance and money management educational classes. As a result of this comprehensive, free package of services, qualified small business owners can participate and save up to $4500 to invest in the growth of their business.

Since 2002, UWGPSNJ has been operating IDA (individual development accounts) program originally as an opportunity for low-income families to meet down payment requirements on a first home. In 2006, the IDA program expanded to include education IDA accounts. In 2013 Philadelphia venture capital investor and philanthropist Ira M. Lubert pledged $4 million to UWGPSNJ’s endowment fund to support in perpetuity the Individual Development Account (IDA) Program. In 2018, UWGPSNJ began to offer Small Business Expansion IDA accounts. The objectives of this program are helping participants:

ü Set realistic short and long term personal, financial, and asset goals.

ü Design strategies to achieve their personal, financial, and, in particular, asset goals.

ü Acquire financial skills and knowledge in order to make informed financial decisions.

ü Develop or improve fiscal self-discipline, self-awareness, and patterns of regular saving.

ü Improve self-esteem, self-confidence and assertiveness, particularly with regard to financial and consumer matters.

Please see call LAEDA at 856-338-1177 for details or visit UWGPSNJ’s Small Business Expansion IDA Program’s website for specific eligibility requirements and more information.

Graduates of the Entrepreneurial Development Training Program and Women's Business Academy may already meet the financial literacy and small business education requirements.