How would you like to earn $3 for every dollar you put into savings? If you meet the qualifications, it’s not out of reach.
In a time when it’s just that much more difficult to save money toward a house, college or starting a small business, the Argenta Community Development Corporation could make all the difference.
Argenta CDC has opened enrollment for the “Assets for Arkansans Individual Development Account Program.” It’s designed to help low to moderate income families in Pulaski County accumulate savings over six to 24-months.
Resource Development Manager Shanta Nunn-Baro explains, “We match up to $2,000 for an individual and $4,000 for a household.”
Here is how it works: for every dollar you save, $3 will be added to your balance. You are required to save a total of $667 (as an individual). The total amount of $2,000 – $4,000 will be given directly to the vendor of your choice. The options are purchasing a home, house repairs, starting a small business, paying tuition or job training.
Nunn-Baro adds, “Studies have proven, people who seek higher education earn more money over time. It’s also been proven, even though we’re in a down time, you’re home is definitely a financial asset for you. Home repair is one of the assets you can save for keeping your home in good working order and everything as well can definitely help you if you choose to sell your home. So we do believe these four areas in which you can save for definitely can make a great financial impact on your future.”
The program also requires participants to complete an eight-hour financial class and visit an Argenta budget credit counselor three times during the program. Nunn-Baro says it may sound difficult, but it’s well worth the investment in your future.
She continues, “Along with building an asset, we’re also working with people to create life long budget habits as well as life long savings habits as well.”
The matched savings program has been around since the 90’s, but Argenta CDC joined it this year. They anticipate the program will be ongoing, but right now have only 25-slots available.
If you don’t live in Pulaski County, you can call your local Workforce office to find out if your county is participating.
Potential participants must have a source of earned income and meet income, family size and geographic guidelines. A limited number of program slots are available.
To find out if you qualify, click here or call (501) 374-0622.
Staff Main Number (501) 374-0622
Brad Williams, Executive Director ext. 24
Cathy Carlock, Home Ownership Counselor and Educator ext. 26
Brian Cox, Construction Manager and General Contractor ext. 27
Katie Croom, HomeOwnership Counselor and Educator ext. 29
Nancy Martin, Operations Manager ext. 23
Shanta Nunn-Baro, Resource Development Manager ext. 22
LaKesha Crow, For Sale Properties (501)960-5499
Pattie Dedmon, Rental Properties (501)370-9000
AAIDAP is funded by Arkansas Department of Workforce Services, Southern Good Faith Fund and Arkansas Economic Development Commission.