Credit Builder IDA
Term: 12 months
IDA match rate: 2:1
IDA savings: minimum of $300 and a maximum of $900
IDA match: minimum of $600 and a maximum of $1,800
Total Savings toward Credit Repair: $900 - $2,700
Requirements: Financial Education class; Monthly credit and financial education workshops and/or receive monthly individualized credit counseling sessions with Consumer Credit Counseling
Credit Builder IDA is an offering of the Citizen Potawatomi Community Development Corporation Asset Building Program as a financial tool to increase business ownership. Credit building is defined as measures taken by an individual in attempts to improve his/her credit worthiness including paying back debt, disputing inaccurate information on a credit report, and making on-time payments to reportable lines of credit. Credit builder savers can even use their IDA funds to pay collections, judgments, tax liens or outstanding loans.
The IDA offers Native Americans incentives to build credit through matched savings, personal finance education, bank partnerships, peer and staff support, and individual counseling to make asset ownership obtainable. Success will be measured in terms of increased credit scores and ability to access business loans.
Learn how Ms. Young was able to use a credit builder IDA and EITC refund to save, pay debt and build credit.
In addition to their basic Credit Builder IDA, Citizen Potawatomi also offers a combined Credit Builder/Business Development Step IDA.
Credit Builder/Business Development Step IDA:
Term: 24 months -- 12 month credit builder/12 month business development
IDA match rate: 2:1
IDA savings: minimum of $600 and a maximum of $1,800
IDA match: minimum of $1,200 and a maximum of $3,600
Total savings: $1,800 - $5,400
Requirements: Financial Education class; monthly credit and education workshops and/or receive monthly individualized credit counseling sessions with Consumer Credit Counseling. Upon successful completion of the credit builder IDA, the participant is stepped into the 12 month Business Development IDA which includes Small Business Development workshops and one-on-one business consultation sessions.
The Citizen Potawatomi Community Development Corporation is a non-profit Community Development Financial Institution (CDFI) founded in 2003 to provide access to capital and business development services to Native Americans. CPCDC began offering Credit Builder IDAs in October 2006 to help savers and potential entrepreneurs build their credit to become eligible for their micro business loans which range from $2,500 and $25,000.
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