IDA Frequently Asked Questions
How long does it take?
The minimum is 6 months of savings. A grant of $1,000 requires 6 months to 1 year of savings. A grant of $2,000 requires a savings plan that is a minimum of 13 months, and for the $3,000 grant, the minimum savings plan is 25 months.
How many times can I get a grant, or what is the total I can earn with the IDA program?
An individual can be awarded an IDA grant up to two times, or up to $20,000.
What are the Feasibility Workshops?
The Feasibility Workshop is a 6-week, once a week, 2-hour workshop lead by a entrepreneurship coach to help you research and develop your business concept or educational plan in order to determine whether it is likely to be a successful plan to meet your stated goals. Where there are areas recognized to be less realistic, more research can be conducted, under the guidance of the feasibility counselor, to determine a better plan or route for success.
In the FWS, you are offered the opportunity to research and test your idea, whether it is a business plan or an educational plan, so you can find out if it is a good idea. You also have the opportunity to learn about your business, the market you want to do business in, what is required to start and run a successful business, or if you’re already in business,what else you need to do in order to grow your organization.
The Feasibility Workshop is required for every IDA grantee.
How often do the workshops run?
We offer the workshop twice a year, once in the spring and once in the fall.
How much does the Feasibility Workshop cost?
The FWS is $100 and we offer flexible payment plans to help people struggling financially to be able to afford the workshop.
What if my address is changing or will change in the future?
Please enter your current address and update your specialist of your new address once you have completed your move.
What if the bank I want is not listed in the approved list of Financial Institutions?
We have a specialized contract with each of our partner financial institutions. These are the most qualified and trained institutions that will be able to assist you with your IDA. At this time please choose a financial institution listed in the approved list.
Will having a negative Net Worth affect my eligibility for the program?
Having a negative net worth will not affect your eligibility.
What if I have SSI or SSDI?
Please select Other as your income type and enter 0 (zero) as your monthly gross income and annual income. You do not need to provide a written letter detailing the nature of your income, but please provide your benefit letter. SSI and SSDI income should not be included in the application but will be used to determine eligibility.
Income Types and Verification of Income
Wages, Salaries- Two months of concurrent pay stubs and previous year’s tax return
Self-Employment- Previous year’s Schedule C and Three month Cash Flow
Pension- Previous year’s tax return
Unemployment- Unemployment Benefit Letter
Work Study- Award Letter
Other- Letter detailing the nature of your work and your gross monthly income.
Other Required Materials
Previous year’s Tax Return
Oregon Residency Verification (state ID, driver’s license, utility bill, lease agreement etc.)