Program Helps Mom Save For A Business

hutchnews.com:

Garcia has the passion to make her dream of owning a photography business a reality. But there is one important ingredient that she doesn’t have.

Money.

With what Garcia makes, it is tough to pay the bills every month, much less save enough to buy the equipment she’d need to pursue her photography dream.

Without the assistance of an Interfaith Housing Service program, that obstacle would be insurmountable.

Through her enrollment in Interfaith Housing Service’s Individual Development Accounts program, Garcia has saved about 75 percent of the money she needs to get her photography business idea off the ground.

The program helps low- to moderate-income individuals establish goal-based savings accounts and then matches clients’ deposits to the savings account two-to-one. The matching funds are made possible through Interfaith Housing’s sale of state tax credits and a federal grant.

Along with the matching funds, IDA clients receive eight hours of financial education classes.

“I’ve let my account sit for over a year without drawing from it,” Garcia said. “It’s been day-by-day. Some months all I could put in was the $20 minimum, and then when I get a little extra here and there I put that in, too.”

Photo by Hamed Saber

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