For every $1 you save, the program will match it with $2 (match limit $2,000).

The Individual Development Accounts (IDA) also referred to as Assets for Change is a program offered by the Northeast Kingdom Community Action Agency’s Micro Business Development Program (MBDP).

What’s an IDA?

Individual Development Accounts (IDAs) are match savings accounts designed to assists low-income workers to save earnings and acquire assets as a way out of poverty. The matched savings can only be used for purchasing a first home, capitalizing a small business, or post-secondary education expenses.

How Our IDA Program Works

• Applicants must be determined income eligible to participate in the program
• Eligible applicants need to attend orientation sessions, complete Savings Plan Agreement, and open a savings account with Community National Bank
• Applicant must attend eight financial literacy classes
• Participants must not have household net worth (assets minus debts) exceeding $10,000, excluding primary residence and one car

Participation in the Vermont IDA program will not affect other government benefits you receive.

Where are my Savings Deposited?

Your IDA account will be opened at the Community National Bank. You will receive a Monthly statement showing your deposits and interest earned. The account will be held jointly with NEKCA.

How Do I Get the Match Funds?

The match is held by NEKCA, in your name. After you have met all program requirements and saved for at least one year you will be able to use your savings and matching funds. All requests for checks will be made out to the vendors of your choice.

How to Get Started

• Contact Micro Business Development Program for an application
• Complete a budget and spending plan
• Complete the application  and provide proof of income
• Open a savings account with Community National Bank
• Make monthly savings deposits.

What MBDP Will Do

• Send you monthly statements showing how your money is growing.
• Teach you money management and how to budget, save, spend, and use credit wisely. We will also work with you on credit repair.
• Help you purchase your chosen asset after you’ve been in the program at least one year.

What are the eligibility qualifications for the IDA Program?

• Have earned income of at least $25 a month from any kind of job or self-employment.
• Household income within program guidelines and less than $10,000 in net assets (Excluding primary residence and one car)

Income guidelines:

• 1 person household: $21,660
• 2 person household: $29,140
• 3 person household: $36,620
• 4 person household: $44,100

How Can I Apply for the IDA Program?

• Call Micro Business Development Program at 802.748.6048 or 802.334.7316.
• Stop in at 108 Cherry Street, St. Johnsbury or 70 Main Street, Newport or email us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Assets For Change