As a single mother of three, Shelli longed to open her own business, be her own boss, and have a work schedule that better met her family’s needs. In 2014, she entered PathStone’s IDA (Individual Development Account) program. When applying for the program, Shelli expressed an interest in learning how to best position herself to meet her goals. She saw the IDA opportunity as crucial to reaching these goals and helping her family.
Life-changing programs like IDA are not possible without the support of United Way donors. Indiana Housing and Community Developing Authority awards IDA funding to PathStone. Your support provides classes that teach healthy savings habits, build financial literacy, and help individuals and families become financially stable by building assets. The success of the IDA program would not be possible without your support.
Eligible applicants must have an earned income and household income less than 200% of the Federal Poverty limit, based on household size. Once enrolled, participants can save up to $300 a year and receive a 3:1 match on their savings! Money from the IDA Savings Account can be used to purchase a home, cover educational and job training costs (such as tuition, fees, books, and a laptop), or to start or expand a small business.
Since starting the IDA program, Shelli worked hard to meet her annual savings goals needed to get her business up and running. Your gift provided Shelli with access to career-building learning opportunities, such as classes on money management and small business-related topics. As a result of her involvement with the IDA program, Shelli's overall mindset toward financial stability has changed significantly. She developed an effective business plan and took all the steps necessary to start her business!
"I feel that the program is helping me see that being financially whole is attainable," says Shelli. "Today I am more educated and confident with the tools I have been able to develop with the IDA program and the supplemental classes offered."
One year ago, Shelli launched her Mary Kay business with a withdrawal from the IDA program. She used her IDA to purchase inventory and business supplies. Since her business’ launch, she has grown her clientele and uses her IDA to restock inventory.
Thanks to you, Shelli is continuing to build her savings. Her next goal? Purchase a home.