An information session on how to earn up to $3 for every $1 saved to start or grow a business will be held from 6 to 8 p.m., Wednesday, Nov. 28, at the YWCA Delaware, 153 E. Chestnut Hill Road, Suite 102, Newark. The information session is free but registration is required via email to firstname.lastname@example.org or at 302-224- 4060, Ext. 226.
The YWCA Individual Development Account Program is a matched savings program that helps new and emerging entrepreneurs with start-up and expansion costs. Participants can save up to $1,500, and have it matched 3-to-1 for a total of $5,500 to invest in their business. Enrollment is limited, and household income limits apply for eligibility. Once accepted into the program participants must complete a business development course at YWCA and work one on one with a counselor to create a complete business plan.
“I found the IDA program to be extremely helpful. The monthly savings program was convenient and very easy to follow. The money that I received from the IDA program was a major contribution to my business start-up cost,” said Kristin Boyer, a successful IDA saver and owner of Hair is Our Passion salon. Participants can save for as little as six months or up to three years, with as little as $25 a month or as much as $250 a month.
Interested individuals are encouraged to register for the Nov. 28 information session no later than Wednesday, Nov. 21. For more information on the YWCA Delaware Center for Entrepreneurship and income eligibility requirements for the IDA matched savings program, go to www.ywcade.org/dcwe.
Eligible participants must have earned income and meet income eligibility requirements to enroll; income requirements are: For a total household size of one, total household income must be $21,780 or less; for a household of two adults, $29,420; for one adult and one child, $36,052; for three adults or two adults and one child, $ 37,060; for one adult and two children, $40. 964; for four people, $44,700; for five people, $52,340; for six people, $59,980; for seven people, $67,620; for eight people, $75,260.