YWCA Delaware announces matched savings program
An information session on how to earn more than $3 for every $1 saved to start or grow a business will be held from 6 to 8 p.m., Wednesday, Aug. 14, at the YWCA Delaware, 153 E. Chestnut Hill Road, Suite 102, Newark. The information session is free but registration is required via email at dcwe@ywcade.org or at 302-224-4060, Ext. 216.
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 $6,500 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.
“The IDA program is beneficial to aspiring business owners like me. With my personal savings and the match money, I was able to afford the necessary supplies in order to launch MallardRocks. Not only was I able to properly start my business, but it has instilled a behavior of saving money in me for future needs,” said Michelle Mallard, a successful IDA saver and owner of MallardRocks PR.
This program allows eligible savers to work on their business plan and prepare for opening or expansion of their business while saving for it at the same time. 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 Aug. 14 session no later than Monday, Aug. 12. For more information on the YWCA Delaware Center for Women’s 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 $22,980 or less; For a household of two people, $31,020; for three people, $39,060; for four people, $47,100; for five people, $55,140; for six people, $63,180; for seven people, $71,220; for eight people, $79,260.
