Use of Funds
The Mercy Corps NW IDA match savings program operates on an 8:1 match ratio. This means that for every dollar you save, you will be matched with $8 in grant money. The savings goal for all participants is $500, matched with $4,000 in grant money, for a total of $4,500. The length of time you save and participate in the program is determined by both your budget (how much you can afford to save) as well as how much time you need to be ready to launch your business plans. The minimum savings period to fulfill the $500 in savings required is 6 months.
After you meet the program requirements of 1) reaching your savings goal, 2) attending the required educational hours, 3) writing your business plan, 4) registering your business with the state and 5) obtaining an EIN number for your business, you will receive your grant money! Please describe below how you anticipate using your $4500 to either start or grow your business. (We understand that this may change over time and we will work with you to finalize your purchase list before you receive your grant).