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Individual Development Accounts

Food Roots envisions increasing our food source options by supporting local entrepreneurs as they develop or expand their North Coast food-system related businesses.

Food Roots has been serving Tillamook and Clatsop county 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 business owners and 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 $1.00 you save, the program will match it with $3.00. In addition to consistent monthly savings, participants learn important business skills such as cash flow, financial management, and marketing through free, required classes. It is the goal of the IDA program to encourage habitual savings in order to increase future earning potential. Save a little bit today, grow your business tomorrow. 
 
Eligible businesses might include: 
  • Growing/Producing
  • Transporting
  • Processing
  • Packaging
  • Cooking
  • Composting/Recycling
  • Selling/Retail/Restaurants, etc.
 

Food Roots IDA Program Details:

  • The IDA program duration can be from a minimum of six months to a maximum of three years
  • The matched money on your savings is not a loan, but a grant, if participants complete all requirements like actively participating in 10 hours of financial management classes and develop a business plan with support from Food Roots and free business plan software and counselors at the Small Business Development Center
  • Participants can save a maximum of $3,000 in three years that will be matched at the 3:1 rate (a $9,000 maximum match; totally $12,000 in savings + match funds) to be used for purchasing business assets
 
Examples of past and current Food Roots IDA participant asset purchases with IDA funding: 

Fencing, garden & farm implements, vegetable cleaning room for CSA, refrigerated food truck, egg handling machine, hoop houses, aquaculture system, contractor services and much more!

 

Are you starting up or growing a food-related business in Tillamook or Clatsop County and wish to apply for an IDA?

Please read the following eligibility requirements and complete a Food Roots Food System Questionnaire: 

 

*After you submit your Food Roots' Food System Questionnaire, please contact Lauren Sorg, Community Food & Microenterprise Coordinator at (503) 815-2800 or microbiz@foodrootsnw.org to discuss the application procedure and to schedule a meeting.

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 Neighborhood Partnerships at http://ida.neighborhoodpartnerships.org/ and CASA of Oregon 

You can also read more detail about a Food Roots administered IDA here.

Below is a short video featuring a variety of Food Roots IDA participants and their businesses; detailing just how important these farm and food system entrepreneurs our to our local food shed and economy. Support these small businesses, support your local economy! 

    

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