ACEnet is beginning an innovative new asset building program for lower income entrepreneurs this year. With support from the Ohio CDC Association, Merchants National Bank, and the Christ Lutheran Church in Athens, we’re launching our 2023 Individual Development Accounts (IDA) Program.
IDAs are matched savings accounts established in qualified financial institutions. Participants who make the required total $250 in deposits by 12/31/2023 and complete the program steps below will receive $2,000.00, plus an additional $1,000 from Merchants National Bank (total: $3,000) to be deposited into their IDA accounts to use for their businesses.
In order to qualify, participants must meet the following requirements:
- Be a resident of Athens County, Ohio
- Have a relationship with ACEnet
- Income must be 200% or below federal poverty guidelines (see chart)
- Have a net worth less than $10,000
- One house and one vehicle may be deducted from total net worth
- Have proof of earned income
To complete the program, all participants must:
- Deposit $250 into their IDA bank account before 12/31/2023
- Complete 10 hours of Financial Education training and 8 hours of Asset Education training (online options available)
- Register their business with the Secretary of State
Accounts must be opened by June 30th, 2023, and we only have room in the program for a few participants, so if you qualify, please provide us with your contact information today! Please feel free to share this with an entrepreneur you think may be interested.
Link to Google Form to provide your contact info to ACEnet:https://forms.gle/VP81v5f9HSBsaAC37