Individual Development Account (IDA)

Assets for Opportunity is a matched savings program for low and moderate income residents of Rutland and Bennington Counties.

Assets for Opportunity will allow residents of southwestern Vermont to deposit a determined amount of money each month into a special savings account, called an Individual Development Account (IDA),in order to work toward the purchase of a productive asset - a home, a small business or post secondary education for the saver or their child. Program participants savings deposits will be doubled in order to make purchasing one of these assets a realistic goal. Participants will save regularly for one to two years.

Assets for Opportunity is part of a new and innovative approach to combating poverty that focuses on meeting the most immediate needs of low income families while assisting working families in acquiring a stake in their communities.

Support is available to reach these goals.

Economic Literacy - 8 part workshop series where participants will learn about:

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Success Story...

Written by Lindsay Arbuckle and Scott Courcelle in December 2010

"Dear Vermont State Legislature,

We are writing to express our gratitude for BROC's Assets for Opportunity program, through which we each set up and IDA (Individual Development Account) and improved our economic literacy.

We started the program in December 2009 and were immediately amazed at the resources at our disposal, mostly through the knowledge of Shelley Faris, BROC's IDA program specialist.  The workshops gave us invaluable skills and knowledge that neither of us learned in high school or college.  We learned about credit scores, writing a business plan, creating a budget, and much more.

In February 2010, we started our own farm business called Alchemy Gardens.  We had a successful season, selling our organically grown produce every Saturday at the Rutland Farmers' Market.  Our profits exceeded our expectations, and we are excited for the year ahead.  In January of 2011, we will receive a combined sum of $4,000 through the IDA program.  We will use this money to pay for tools and infrastructure for our farm business.  As college graduates who have taken AmeriCorps positions and other low-paying jobs since graduating, all the while paying off school loans, this money is critical to our success as beginning business owners.

We hope our story, and those of other IDA participants, confirms the need to continue funding for this program.  We can't say enough about how important the education and savings program has been to us".