The Individual Development Account (IDA) Program is designed to help low to moderate income and low to moderate wealth individuals and families leverage a modest income into long lasting prosperity and provide a road-map for lasting social and economic stability. The WWBC IDA Program is available to all Wyoming residents and primarily consists of women, people of color, people with disabilities and individuals with low to moderate incomes and low wealth. The WWBC is particularly committed to working with parents of young children and people with disabilities to improve their overall quality of life through savings and financial literacy in conjunction with assisting individuals to start and expand small businesses within the State of Wyoming.
Individual Development Accounts are matched savings accounts that can help you save money towards starting or expanding your own business, purchasing or repairing a home, or continuing your education which will assist you in starting or improving your business. You will learn to set financial goals and develop a plan to reach them, and how to use credit wisely and make informed spending decisions. You will also develop skills related to your savings goal which for most clients results in the development of a business plan for their desired business!
The WWBC offers two IDA programs – the WWBC IDA Program and the WWBC Fast Track IDA Program. For the traditional IDA Program, each participant will develop his/her own savings plan based upon the participants end goal, but generally, should plan to save between $25 and $55 per month for a period ranging between 12 months to 3 years. The first $2,000 of the participants savings will be matched by grant funds from the WWBC, which will be paid directly to the asset vendor once the participant completes the required trainings and savings goal. Please review the WWBC IDA Application Packet to determine eligibility.
The new Fast Track IDA plan allows for a shorter savings period. The recipient will save for a period of 3 – 11 months with a maximum match of $1,000. To participate in the Fast Track IDA the participant must already have been in business for a minimum of 2 years. Please review the Fast Track Application Packet to determine eligibility.
Ready to Start Your IDA Program? Here are the steps:
Click and Download our WWBC Client Intake Form (fillable pdf).
Click and download one of the IDA Applications:
WWBC IDA Application
Fast Track IDA Application
For questions, contact:
Waldo Smith, Director of Microlending
Phone: (307) 760-2698