Save Money with the IDA Program

Individual Development Accounts (IDAs) are matched savings accounts that help income-eligible families buy their first home, make improvements to their home, pay for post-secondary education or job training, or start or expand their own business.

Participants must meet these program requirements:

• Be income eligible
• Have less than $10,000 in assets excluding their home and one car.
• Open and maintain an account for at least six (6) months
• Make a $20 minimum deposit every month
• Save at least $667 in your IDA
• Choose one of the following as a savings goal: homeownership/home improvement; post-secondary education; small business start-up or expansion.  Note that home improvement funds are not available in all areas.
• Complete twelve hours of financial education classes.

Once the participant reaches the savings goal of $667, Southern Bancorp Community Partners matches the savings $3 for every $1 saved for a total of $2000 toward their goal.

Contact us online today for more information, or call Mindy Maupin in Helena-West Helena, (870) 816-1104; Brent Garner in Arkadelphia, (870) 246-1055; or Lamar Hicks in Clarksdale, (662) 624-5776.