Individual Development Accounts

Arrowhead United Way is a partner with Community Action Partnership of San Bernardino in providing matching funds for their Individual Development Accounts (IDA) program. IDAs make it possible for low-income families to build the financial assets they need to achieve the American dream.

During a two year period, program participants are required to attend and complete 15 workshops covering financial literacy, asset goals and four electives. Identified asset goals may be buying a home, post-secondary education or starting or expanding a business.

While in the program, participants are required to save monthly, accumulating $2,000 in savings during the two year period. Once the 15 workshops are completed and the savings goal is met the participants are then eligible to receive matching funds from the IDA program. Matching funds are provided as follows: $2,000 federal match and a $2,000 local match. The participant will then have a total of $6,000 to be applied toward the asset goal identified.

To qualify, participants must be a resident of San Bernardino County and meet income and net worth guidelines.