Des Moines, IA - Maurice Murenzi of Waukee was able to open his own small business recently, thanks to Des Moines Metro Credit Union and the Individual Development Account (IDA) Program.
Maurice saved $4000 in his IDA by making regular deposits and received $8000 in matched funds from private, federal, and state donors to reach his goal of opening his new business, Culture Fusion, in Valley Junction.
They carry fair trade goods, such as jewelry, handbags, scarves, and accessories. Culture Fusion is located at 401 Maple in West Des Moines, and the phone number is 515-528-8099.
Under the IDA Program through the Iowa Credit Union Foundation (ICUF), qualifying individuals and families can have their savings matched dollar-to-dollar up to $4,000. Participants work with DMMCU to grow their savings to achieve their goal, such as a first-time home purchase, small business startup or expansion, education expenses, or a first-time vehicle purchase.
DMMCU has partnered with the ICUF to make IDAs possible and help working Iowans become financially self-sufficient. To qualify for an IDA, participants must receive earned income and meet other income criteria, such as earning income that is less than two times the annual federal poverty limit.
IDA savers must save for a minimum of six consecutive months and complete a financial education program based on their savings goal to receive matched funds.
Read more here.
(Photo Credit: Des Moines Metro Credit Union)