Individual Development Account

We help individuals and families build personal money management skills, save toward purchasing a meaningful asset, and grow their savings through matching incentive dollars.

Eligibility Requirements

You must be enrolled in the program for a minimum of 6 months and no longer than 2 years. Eligibility requirements:

    • Must be within Pacific Northwest Tribal Lending’s Target Market
    • Must be employed – full-time or part-time or other verifiable source of income.

How to Apply

Applications are closed at this time. Watch for updates for next opening!

The Individual Development Account (IDA) program is designed to help individuals and families strengthen their financial management skills, save toward a valuable asset, and grow their savings through matched funding incentives.

Program Overview

You can save for any of the following track areas:

  • Home – repairs, down payment, etc.
  • Small Business – start-up, expansion, money down for a business loan, etc.
  • Education – tuition, books, travel, etc.
  • Rebuilding Credit – establishing new credit, repairing debt, etc.

Pacific Northwest Tribal Lending, will match your savings with $1 for every $1 you save (possibly $2 to $1, which is dependent on the availability of funding.) Individual participants will be allowed to save a minimum of $41.67 to a maximum of $166.67 of earned income per month, for a term of 6 to 24 months. This will give you a total of $2,000 to  use towards your “asset”. All deposits to the IDA savings accounts must be from EARNED INCOME sources.

Document Checklist

Please bring the following required documents to your IDA appointment:

  • Picture ID
  • Certificate of Indian Blood, if applicable
  • Copies of last 2 paycheck stubs or letter of hire
  • Copies of signed income taxes (if you did not file, please contact the IRS)
  • Recipients should request a print-out of their benefits, if necessary
  • Information regarding your assets (value of homes, real estate, vehicles, bank accounts, IRAs, stocks, other investments)
  • Information regarding your liabilities (balances on any loans, credit card balances, listing of all debts including student loans, medical, dental bills, etc.)

Your first appointment will be with the IDA Specialist and should last approximately 1 hour. During this appointment you will complete the IDA program documents.

  1. You must fill out a credit check authorization form for a credit check for review at your next IDA appointment
  2. You must fill out IDA Application and General Intake Form

After your application has been processed and approved for enrollment into the program, we will notify you and schedule your second appointment. This appointment will be with the IDA Specialist:

  • Review credit report
  • Based on your General Intake Form, the Business Trainer/Success Coach will help prepare your financial education plan using the Business Coach Checklist which must be signed when each course is fully completed.
  • The Business Trainer/Success Coach will also help you prepare a budget.
  • If you are a “Financial Fitness” track participant, each month you will need to check in with the Lummi Fitness Center’s Certified Trainer (Anna Finkbonner @ 360-384-2274) and also Lummi Clinic’s Nutritionist, Monica Sullier (monica@indianhealthboard.org; 360-380-6936). They will recommend health/exercise activities (a minimum of 2/week) and nutrition classes (a minimum of 1/month). All commitment activities must be completed and turned into Lummi Fitness Center before match dollars are applied to your IDA account. Fitness Center will send our IDA Manager your monthly commitment sheet.

After these appointments, you will be ready to open your IDA savings account at identified partnering banks. Then we will set up a schedule for the Financial Education Classes. These are required; however, if the time does not fit with your schedule due to work, please coordinate for other times with the IDA Specialist. You will also be required to participate in training that relates specifically to the “asset” you have chosen. These classes/workshops will happen after you have been saving for a while and are closer to purchasing your “asset."

pacific-northwest-tribal-lending-washington-yolanda

Fueling a Thriving & Sustainable Native Economy

“Pacific Northwest Tribal Lending is first and foremost among financial institutions. The ability to learn, prosper, and grow is unique, and you won’t find it anywhere else.”

-Yolanda Felix-Wilbur

Read More Success Stories