WCCC Blog

SCCCU has 25 Assets For Independence (AFI) Individual Development Accounts IDA account holders and there are still openings!

If you are eligible, apply now.

Eligibility includes low income, low assets and a drive to capitalize your small business.

· Low income means earning under 200% of the federal poverty level. This year, for example, that is $44,100 for a family of four (more income with larger families, smaller income for fewer people).

· Low asset means less than $10,000. A car and a house won’t not counted in the limit.

Fill out the application online: http://www.scruzccu.org/community/AFI_IDA-app.pdf

Or drop by the branch to pick up an application, or call Ellen Murtha to have a copy mailed to you (831) 460-2345. Available in Spanish too.

Households can save up to $4,000 from earned income over the course of two years and have it matched with another $4,000! Individuals can save up to $2,000 and have it matched with $2,000. The savings and the match can be used within the next year or so to capitalize your small business. So far, he AFI IDA account holders have saved $14,659 to date, not counting interest.

Account holders participate in financial education, and also create a written business plan for using the IDA funds to start up or strengthen their small business.

SCCCU is partnering with ten agencies: The Community Action Board; Cabrillo College; El Pajaro Community Development Corporation; Homeless Services Center; Santa Cruz Community Counseling Center; Second Harvest Food Bank; Small Business Development Center; United Way; Walnut Avenue Women’s Center; and the Watsonville Law Center.