Money available for small businesses
Small business owners and entrepreneurs preparing to start a business can triple their savings, up to a maximum of $10,000 over three years, under a savings incentive program available through the Northeast Oregon Economic Development District.
“We have received a new round of funding and have $72,000 in matching funds available this year,” said Annie Thompson, an NEOEDD spokeswoman.
For every dollar saved by qualified entrepreneurs and small business owners who sign up under the Individual Development Account program, NEOEDD provides up to $3 in matching funds, Thompson said.
“Imagine how that money could change your business — or your business dreams,” Thompson said.The IDA program administered by NEOEDD accepts applicants with low to moderate income who live in Baker, Union or Wallowa counties. Thompson said the program is available in other counties through other providers – see www.vidaoregon.org for more information.
This year’s state funding allocation is down about 10 percent from the $80,000 received for 2009, Thompson said.
In Baker County, the income limits to be eligible for the program are $28,000 for a one-person household; $32,000 for two people; $36,000 for three; $40,000 for four; $46,400 for six and $52,800 for eight people.
Before entering the program, applicants are required to complete three months of pre-savings of at least $25 per month, Thompson said.
To take part in this IDA program and receive a 3 to 1 saving’s match, contact the Northeast Oregon Economic Development District at 541-426-3598.