Holyoke Hosts Individual Development Account Orientation Workshop Text Size
The City of Holyoke and the Greater Holyoke Chamber of Commerce, in collaboration with Springfield Partners for Community Action, would like to invite the public to attend the Individual Development Account (IDA) Orientation Workshop that will be hosted at the Holyoke Health Center on Thursday, May 8th from 5:30-7:00pm.
The IDA program is a matched savings program designed to help income qualified individuals save toward a small business, college education or home. For every $1 saved by participants, the program matches that with $2 to assist them in reaching their development account goal.
“We look forward to offering Holyoke residents the chance to participate in our IDA program and purchase a home for the first time, pay for their education, or start or grow a small business. We encourage everyone to attend,” said Springfield Partners Executive Director Paul Bailey.
Marcos Marrero, The City of Holyoke’s Planning and Economic Development Director, echoed Mr. Bailey’s sentiments by saying, “We’re happy to welcome Springfield Partners for Community Action’s Individual Development Account workshop and grant program to Holyoke. Helping people to become self-sufficient by saving money save money is an important step towards creating greater wealth from within the community.”
In the case of small businesses, a $1,000 savings by the individual will earn them $2,000. Participants must stay in the program a minimum of 6 months, at a maximum of 3 years, and will be provided financial literacy and management training. Kathy Anderson, President of the Holyoke Chamber of Commerce pointed out that “This can really boost small entrepreneurs to get the push they need to kick-start a business, or get the education tools to be successful. The Chamber is proud to partner in this valuable effort.”
For more details regarding the workshop, please see attached flier.
Applications for the program will be available at the workshop.
Posted on May 7, 2014 by tromboletti