Individual Development Accounts (IDAs)
Note: We are not currently accepting participants for the IDA program because available funds have been used. We will begin accepting applications at a later date when new funding is available.
This is a matched savings account designed to help individuals reach their long-term goals and acquire assets. The money saved can be used for starting or expanding your own business. You can participate in this program no less than 6 months but no longer than 2 years as long, as you follow the terms of the agreement. These accounts are managed by various community banks along with the guidance of GROW. You will receive a monthly statement showing your balance along with the matched amount. You always have control over the money you have deposited. However, withdrawals are restricted to “emergency use” only and you will not have access to the matching funds. Early withdrawal without approval may result in forfeiture of your eligibility for the matching funds and the IDA program. The matching funds are provided by organizations, corporations, individuals and state agencies that are committed to helping you grow as a business owner.
When you’re ready to make an approved purchase, GROW IDA Program staff will be happy to provide you guidance. Your purchases can be made in six months to two years depending on your individualized plan. Before qualifying for the program you will be required to attend a Financial Management course on money management, credit same day loans, and economics to help you make wise choices for the money you save. To learn more contact GROW today.
The Truth About Grants
Most grants are awarded to non-profit organizations that provide goods and services for the greater good. A few goods go to businesses, but these grants are extremely specific in nature and often quite technical. For example, there is a tiny grain of truth to those late-night TV infomercials…. if you are solving a global issue, developing a major breakthrough in the health science or solving the world’s energy crisis. Unfortunately, grants are not readily available to those entrepreneurs who are interested in opening restaurants, hair salons, retail stores, consulting firms or other small businesses.
Download our PDF Grants and Incentives for Michigan Businesses, which is a compilation of resources we’ve gathered in one place for you.