Income limits for the popular Individual Development Account (IDA) program offered by Northeast Oregon Economic Development District were recently raised, making the program available to households with higher incomes. You may now qualify for an IDA if your total household income is less than $40,250 for a one-person household, $46,000 for a two-person household, or $57,450 for a four-person household. The IDA program is a 3:1 matched savings program, meaning that the program will give you $3 for every $1 you save, up to a maximum total of $10,000 that you can invest to start or expand a business.
Anyone interested in the program is encouraged to attend an information session in the study room of the La Grande Public Library at 1:30 p.m. on Thursday, August 11; or in the basement of the Enterprise Public Library at 6:00 p.m. on Tuesday, August 16. RSVP’s for the information sessions are appreciated. The sessions will provide general information and help potential participants get started on an application.
More than $35,000 of funding is currently available, and applications submitted before August 31 will receive priority. NEOEDD’s IDA program is for residents of Baker, Union and Wallowa counties. For more information, or for help with submitting an application, contact NEOEDD at 541-426-3598, 800-645-9454, or firstname.lastname@example.org.
“The matched savings program has already helped over 30 businesses in the region, and we want to help fund as many more businesses as we can,” says Lisa Dawson, NEOEDD Executive Director. The Northeast Oregon Economic Development District is a public organization established in 1985 as a way to enhance community and economic development services in Baker, Union and Wallowa counties. Services include: business assistance, training and technical assistance, strategic planning, and program administration/staffing. For more information, visit the NEOEDD website at www.neoedd.org .