Individual Development Account
Economic Transformation
IDA’s are matched savings accounts that change the financial futures of qualifying Oregonians with lower incomes or limited financial resources. With the partnership of CASA of Oregon as an intermediary organization, MERIT provides direct service management to savers, financial education, asset training and coaching. Participants of the IDA open a savings account in a financial institution with the purpose of saving and building business/retirement assets. Savings dollars are matched 5 to 1 through a grant from the Oregon IDA Initiative.
General Eligibility Requirement
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Be an Oregon Resident & be 18 years old or older
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Have a household adjusted gross income according to household size, at or below 80 percent of the median for you county.
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Have a Household net worth equal to or less than $20,000 (not including first house, first auto & $60,000 of retirement savings)
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Completion of waitlist packet
Requirements After Enrollment
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Maintain quarterly communication with MERIT IDA Specialist
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Complete 12 hours of Asset Training (business or retirement): (No Cost)
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Complete 12 hours of Financial Literacy (no cost)
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Comply with the Savings Plan Agreement & Saver Handbook
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Complete a Personal Development Plan
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Complete a Business Plan
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Complete a Cash Flow Projection, & Expenditure plan
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Post-withdrawal requirements and Exit Packet
Saving Plan Options
Fast Fund - 6+ months
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6 or more months - save $600, earn $3000 ($3600 total)
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6 or more months - save $900, earn $4500 ($5400 total)
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6 or more months - save $1200, earn $6000 ($7200 total)
Seasoned Saver - 13+ months
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13 or more months - save $1800, earn $9000 ($10800 total)
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13 or more months- save $2400, earn $12000 ($14400 total)
Bang for your Buck - 25+ months
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25 or more months - save $3000, earn $15000 ($18000 total)
Let’s Work Together
***Currently not accepting new enrollments. If interested, you will be placed on MERIT's waitlist.
Email info@meritpnw.org for more information