IDA Program
Individual Development Account (IDA) Program
Since 2003, WESST's Individual Development Account (IDA) program has helped low-income individuals build assets such as a home, a small business, or higher education. The program requires participants to complete intensive financial literacy education prior to implementing a savings program with matching funds provided by WESST. Show/Hide Info»
“The IDA program gave me hope, faith and courage to break my debt habits and develop a new healthy lifestyle, which includes a savings plan of action. I'm not only learning how to save but why I must save. I simply didn't know.”
D.R. IDA participant
Participants complete a ten-week money management course that focuses on budgeting, saving, and credit. After successful completion of the money management training, participants open a savings account to which they contribute for a period of six months to two years. Participants' contributions are matched by WESST at a rate of 4:1 over a two-year period, with the goal of accumulating $3,000 in total savings ($600 participant savings and $2,400 WESST match). The use of these matched savings is restricted to high-return investments: buying a home, paying for post-secondary education, or investing in a new or established business.
Since the IDA program was launched in 2003, 91% of WESST participants have completed the money management training and opened their IDA savings accounts. IDA is now offered in both Albuquerque and Las Cruces, and in 2007 a pilot youth IDA was launched in partnership with Junior Achievement and an Albuquerque high school.
If you are interested in participating in the IDA program, please contact us.