Matched savings equals ‘free money’ in Holyoke

HOLYOKE, Mass. (WWLP) – A Springfield-based organization says it’s an opportunity to turn $1000 into $3000, or $2000 into $6000, depending on what you’re saving for.

The Springfield Partners for Community Action held a workshop in Holyoke Thursday night to explain “I.D.A.s,” Individual Development Accounts.

SPCA credit counselor Steve Plummer told 22News, “It’s free money!”  I.D.A. is a matched savings program designed to help people start a small business, pay for education, or buy a house.  To qualify, you must make regular payments with a defined goal.

“When you reach your target, you come back to me and say; ‘I got my money in the bank.’  And we give you two dollars to go along with every dollar you have in the bank, up to a maximum of either a thousand for a business or education, or 2000 if you want to buy a house,”  Plummer said.

The matching funds come from local banks and the federal government.  Plummer said his organization has been helping people in Springfield with this program for 7 or 8 years, and now they’re expanding into other western Massachusetts communities.

There are a limited number of slots open for Hampden County residents who have earned income that meets federal income guidelines.  To find out how to get involved, call the Springfield Partners for Community Action at (413) 263-6500.

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