Food Roots has been serving food system entrepreneurs with access to Individual Development Accounts through our partnership with CASA of Oregon since 2009.
What is an IDA?
The Individual Development Account, or IDA, is a special savings account to help entrepreneurs of modest finances save money to invest in their businesses. With a Food Roots’ IDA, participants will receive a 3:1 match on their IDA savings; meaning, that for every $1 you save, the program will match it with $3. In addition, participants learn important business skills such as cash flow, financial management, and marketing through free, required classes.
Eligible food system businesses might include:
- Selling/Retail/Restaurants, etc.
- Other ideas?
Quick Eligibility FACTS:
- You plan to expand or start up a food-system related business
- You are a Tillamook County resident
- Your Net Assets (net worth) not more than $20,000 (what you own, minus what you owe, not including your home, one vehicle and up to $60,000 of retirement savings.)
- The maximum income for a one-person household in Tillamook county is $36, 200, for two it’s $41,350 and for three it’s $46,500 (for more household members see the 2017 income limits).
How to Apply:
- Confirm your income eligibility per household size here: 2017 Income Limits
- Submit a Food System Questionnaire
- Contact Lainie at Food Roots to schedule a meeting: 503-815-2800 or IDA@foodrootsnw.org
If you’d like to read more information on IDAs, IDA partner organizations throughout Oregon, types of IDAs, and how you can purchase an IDA State Tax Credit, check out the Oregon IDA Initiative.