For Immediate Release
April 14, 2011
For more information contact:
Traci Stiles, Business Development Manger
Des Moines Metro Credit Union
IDA Program Helps New Small Business Owner
Des Moines, IA - Maurice Murenzi of Waukee was able to open his own small business recently, thanks to Des Moines Metro Credit Union and the Individual Development Account (IDA) Program. Maurice saved $4000 in his IDA by making regular deposits and received $8000 in matched funds from private, federal, and state donors to reach his goal of opening his new business, Culture Fusion, in Valley Junction. They carry fair trade goods, such as jewelry, handbags, scarves, and accessories. Culture Fusion is located at 401 Maple in West Des Moines, and the phone number is 515-528-8099.
Under the IDA Program through the Iowa Credit Union Foundation (ICUF), qualifying individuals and families can have their savings matched dollar-to-dollar up to $4,000. Participants work with DMMCU to grow their savings to achieve their goal, such as a first-time home purchase, small business startup or expansion, education expenses, or a first-time vehicle purchase.
DMMCU has partnered with the ICUF to make IDAs possible and help working Iowans become financially self-sufficient. To qualify for an IDA, participants must receive earned income and meet other income criteria, such as earning income that is less than two times the annual federal poverty limit.
IDA savers must save for a minimum of six consecutive months and complete a financial education program based on their savings goal to receive matched funds. For more information about IDA accounts, please contact Alejandro Alaniz at 515-283-4195 or firstname.lastname@example.org. DMMCU currently has seven members in the IDA Program.
About Des Moines Metro Credit Union:
Des Moines Metro Credit Union is a not-for-profit cooperative with $42 million in assets, owned by over 5400 members. They provide a full range of financial products and services to anyone who lives or works in Polk and the surrounding counties. The main office is located at 100 University Avenue, just east of the main post office. For more information contact us at 515-283-4195 or visit www.dmmcu.org.