FiveCAP, Inc.

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IDA PROGRAM

for Lake County residents

ARE YOU DREAMING OF :

Starting a Business, Owning a Home, Getting More Education

STOP DREAMING AND MAKE IT A REALITY !

An Individual Development Account (IDA) is a matched savings account designed to help you achieve your long term financial goals -

• Home Purchase

• Education

• Business Start-up / Expansion

HOW DOES THE PROGRAM WORK?

1. Open an IDA savings account

2. Deposit $80 every month

3. For every $1 you deposit, up to $1000 per year, FiveCAP, Inc. will match at a rate of 1:1.  For every $1 saved, FiveCAP, Inc. will match $1 (maximum of $1,000).

4. Use your savings, plus the match for one of the 3 purposes listed above

WHO CAN JOIN?

Families and Individuals that fit these profiles:

• Families are Required to be Employed

• Families who are Eligible for the Earned Income Tax Credit

Households with income less than:

• $19,140 without children

• $25,660 with 1 child

• $32,180 for a household with 2 child

• $6,520 for each additional member

DOES $20 A WEEK REALLY MATTER?

If you save $80 a week through the IDA program, at the end of the one year period you will be able to:

• Use funds and IDA savings for home closing costs;

• Take a full year of courses at a community college without financial aid; OR

• Qualify for a bank loan to start your own business

FUNDING PARTNERS:

LAKE OSCEOLA STATE BANK/FEDERAL HOME LOANS BANK

FIVECAP, INC.

TRAINING AND COUNSELING SERVICE PARTNERS:

MSU EXTENSION SERVICES

LAKE OSCEOLA STATE BANK