As a single mother of three, Shelli was longing to open her own business, be her own boss, and to have a work schedule that better met her family’s schedule and needs. She entered PathStone’s IDA (Individual Development Account) program in 2014. When applying for the program, she expressed that she was interested in learning how to best position herself to meet her goals. She saw this opportunity as a crucial turning point to meet her goals and help her family.
Life-changing programs like IDA are not possible without the collective support of United Way donors. Your support teaches healthy savings habits, builds financial literacy, and helps individuals and families stabilize financially by building assets. Indiana Housing and Community Developing Authority awards IDA funding to PathStone. Eligible applicants for the program must have 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, laptop, etc.), 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. You provided Shelli with access to career-building learning opportunities, such as classes on money management and small business-related topics. Because of this assistance, she developed a business plan and took all the steps necessary to start her business!
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 on the path to savings. Her next goal? Purchase a home.
There are still many single parents in Delaware County longing to achieve their goals, but not quite sure what steps to take. This year, will you make an impact and help a family achieve financial stability?