IDA Match-Grant Savings Accounts
Our IDA Match-Grant Savings Accounts are a way for lower-income creative entrepreneurs to rapidly build toward financial self-sufficiency. Participants make regular deposits in a special savings account; every dollar they save is matched by an additional dollar from the program (up to a set maximum). It works like a 401-K, where employer contributions match an employee’s retirement savings. But instead of an employer providing the match, the IDA program provides the extra dollars. As part of their participation, IDA savers attend professional development and financial education classes, and create business plans to help the savings they’re building catalyze their arts businesses.
For a more detailed look at how the program works and why it’s important, click here.
ArtHome has been Partnering with Assets for Artists for over five years to provide IDA Savings Accounts to low-income artist-entrepreneurs.
Our first IDA program started in 2008, serving the Berkshires region of Massachusetts in partnership with MASS MoCA(the largest contemporary arts center in the country), the Midas Collaborative(one of the nation’s leading matched savings networks), the Massachusetts Small Business Development Center Network,and various local arts and community development organizations. The Berkshires program is still going strong and to date has helped over 40 Berkshire-based artists build savings and invest in their businesses. In 2011, the program expanded to cover all of Massachusetts.
During 2012-2013, Assets For Artists/ArtHome IDA programs began operating in Portland, Maine, and Rhode Island, supported by local and national funds.
In 2013 we launched our New York City IDA Pilot Program, with funding from the Rockefeller Foundation’s Cultural Innovation Fund, the National Endowment for the Arts, and the New York Community Trust. 24 initial account-holders enrolled in 2013; they will be joined in 2014 by an additional 36 account-holders, with the goal of creating nearly a quarter-million dollars of new capital for small arts-based businesses in NYC.
In all, our matched savings programs have helped over 160 artist-entrepreneurs save an average of more than $100 dollars per month, creating (with matching funds) a total of $606,985 in seed capital for creative entrepreneurs across the country.
To meet our savers check out the Assets For Artists Blog