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.
Through Valley Individual Development Accounts (VIDA), eligibile participants commit to saving on a monthly basis (at least $25), from as short as 6 months to a maximum of 3 years. Participants also commit to 10 hours of financial management training, and work with specialists to develop their business plan. These training requirements are invaluable to participants, as they help to create or strengthen the building blocks for increased success as a small business owner.
After completing VIDA program requirements, participants are rewarded for their savings and training investments with a 3:1 match on their total savings. That's $3 for every $1 you save. Not only are the IDA particpants rewarded, but our community and our local economy and food system is rewarded; more local and healthy food choice options and increased access to this food for our dinner tables = more dollars in our small business owners pockets, which also = a growing, healthier, and more resilient food system.
Pictured here is Carolina Lyddy, past Food Roots' IDA participant and founder of Corvus Landing Farm in Neskowin; www.corvuslanding.com. "I moved to the Oregon Coast with the goal of starting a farm. I got a job as a baker to save some money while I figured out how the farm could work. Within a year, we found land to lease and I enrolled in Food Roots' IDA program to help grow my savings. My starting budget was $20,000 so the $4,000 from my IDA savings and match covered 20% of my costs. I would not have been able to afford a hoop house without the IDA program funds, which will greatly expand my growing season and the variety of crops that I am able to grow. The program will also pay for fertilizer and a drip irrigation system, essential items for the farm." See Food Roots' YouTube Channel to hear more about Carolina's story!
Food Roots' current IDA participants have businesses ranging from small acreage vegetable production, egg production, CSA farms, a specialty diet catering business, and a nursery selling acclimatized starter plants, edible landscaping plants and fresh produce. With the money saved and matched from this program, our clients are able to purchase assets such as Hoop houses for season/production extension; solar panels to maximize energy and limit its costs toward production; a mobile food truck (for a specialty diet catering company that includes gluten free, egg free, and dairy free foods); irrigation systems; egg handling machine; soil amendments; fencing; materials for raised beds and other garden equipment; and towards the cost of purchasing farm land.
Are you starting up or expanding a food system business in Tillamook or Clatsop County and wish to apply for a Food Roots' IDA?
*Please read the following eligibility requirements and complete a Food Roots' Food System Questionnaire:
- Net assets must not exceed $20,000 (but this does not include your house and primary vehicle).
- Household annual income must be equal to or less than $41,000 (for a household size of one occupant). Click here for a broader view of household income restrictions for more occupants.
- Must be a food-system small business entrepreneur - Please fill out Food Roots Food System Questionnaire here.
- Please note that there is a $60 application fee due to CASA of Oregon at the time of your official VIDA application.
After you submit your Food Roots' Food System Questionnaire, please contact Lauren Karl, 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 fiduciary partners 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!
