Northeast Oregon Economic Development District: Microenterprise Development – IDAs and Business Education

Posted on: October 4th, 2012 by Kate Humphrey

NADO’s 2012 Innovation Awards recognized 64 projects from 22 states for their creative approaches to regional community and economic development, including the project described below. Click here for the full list of winners.

The Northeast Oregon Economic Development District (NEOEDD) supports Microenterprise Development through Individual Development Accounts and Business Education. The accounts, or IDAs, provide a match of three dollars for every dollar saved by an individual over a period of 6 – 36 months with the funds then invested in the savers’ business or education at an accredited institution. Those saving for a business are required to complete a business planning class, supported by CDBG funds, and prepare a business plan. NEOEDD recruits, screens, and provides individualized assistance at all steps of the saving and withdrawal process to those participating in the IDA program, including business planning classes scheduled at night for greater flexibility. Since it began in 2007, 34 individuals have graduated from the program, with another 43 currently enrolled.

Lisa Dawson, Executive Director: [email protected]
541-426-3598
http://neoedd.org/Ind_Dev_Accts.html

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