Individual Development Account (IDA) Program | PROCEED
Offers a match savings account to low-income families saving for a house, education, or business expansion. For every $1 deposited by eligible families, the IDA program matches with an additional $1, allowing participants to receive up to $1500 annually for up to 3 years. Alongside financial education at PROCEED, including 18 hours of financial management in the first year and approximately 10 hours of asset choice training in the second year, clients engage in monthly meetings with experienced staff. This ensures ongoing development of a savings plan, addressing income changes, adjusting financial goals, tracking expenses, and reviewing credit reports. Participants commit to depositing at least $25 per month in the first year and a minimum of $40 per month in the second and third years.
Physical Address
1126 Dickinson St, Elizabeth, NJ 07201
Application process
Please call for more information and/or to apply.
Eligibility
Open to families with an income of no more than 200% of the Federal Poverty Guidelines, who are actively participating in all program requirements.
Agency info
PROCEED
Provides individuals, families, and other organizations with a of supportive and preventive social, health, capacity building, and community development services that are culturally and linguistically designed to reaffirm self-actualization and improve living standards for the community. Its programs include: preschool centers, transitional home for men living with HIV/AIDS, and counseling programs for those struggling with abuse and addiction.