"the People's Paths!" Cherokee News Path - CN Matching Savings Program

TAHLEQUAH, OKLAHOMA - Not many savings programs yield a three to one return, but the Cherokee Nation has an exciting program that does just that. The Individual Development Account (IDA) Program, which is currently accepting applications, provides up to a three to one match, depending on the participant’s savings goals.

“The Cherokee Nation is proud to offer a program that helps Native Americans build their dreams,” said Chad Smith, Principal Chief of the Cherokee Nation. “The IDA allows participants to save for the future. Programs such as this one, enables citizens and the Cherokee Nation to work together to help them start a business, get an education or buy a home. In a sense, we help participants to help themselves.”

Participants enrolled in the IDA Program will save $30 each month for 24 months, attend money management classes and take part in an asset maintenance class. All classes will be provided by the Cherokee Nation.

The Cherokee Nation will match a participant’s savings with a three to one match for home purchase. For persons interested in starting a small business the tribe will match savings two and a half to one. Home rehabilitation savings will be matched two to one and individuals seeking to earn an education will be matched one to one. In addition, the Cherokee Nation will monitor participant’s accounts on a monthly basis.

To qualify applicant’s must be at least 18 years of age or older, be a member of a federally recognized tribe, must reside within the 14-county jurisdictional boundary of the Cherokee Nation, must meet income guidelines and be gainfully employed or enrolled in school during the 24-month saving program.

For an application or for more information contact Gina Martinez, phone: 918-207-3834.