In October 2010, ECDC established the Individual Development Accounts (IDA) program at our Las Vegas branch office. Funded by the Office of Refugee Resettlement, the program helps low-income refugees save money toward educational betterment and asset-building.
ECDC’s IDA program matches refugee savings to apply toward first-time home purchases, college tuition payments, vehicle purchases, or microenterprise start-up costs. While participants are saving to achieve their asset goals, the program provides them with financial literacy and asset-specific education. Financial training is intended to help refugees understand budgeting, banking, the value of saving and turning savings into an asset, and the importance of earning good credit. The African Community Center(ACC) also collaborates with banks and other community partners to augment its program.†