"the People's Paths!" Cherokee News Path - Program Helps American Indians Save for the Future

TAHLEQUAH, Oklahoma - Saving for the future isn’t always easy. A Cherokee Nation program can help Native Americans better establish themselves financially by offering matching funds to those who are setting aside money in savings.

The tribe’s Small Business Assistance Center (SBAC) now has funds available for people who would like to start saving through the Individual Development Account (IDA) program. IDA is a matching funds program that provides an easy way to begin saving for future purchases such as buying a home or starting a new business. The IDA savings account can also be used for students looking for a way to save for educational expenses and their future.

In the IDA program, participants sign a commitment to save money for a 24-month period, making regular monthly deposits. At the end of the 24 months, the program will match what is in that specific savings account. Depending on how the money saved will be used, Cherokee Nation will match the amount at up to as much as a three-to-one rate. The larger the intended expenditure, the larger the match from the Nation will be. For adults, the maximum total amount that can be deposited over a 24-month period is $720, and for youth participants ages 14-17 the maximum total amount is $480.

The program is available to all Native American citizens residing within Cherokee Nation’s 14-county jurisdiction. Participants of the program must be a citizen of a federally recognized tribe and meet income guidelines, as well as all other requirements of the program.

“These funds help promote self-sufficiency and emphasize the importance of saving for future endeavors to create stronger communities,” said Deborah Vanderpool, SBAC Self Sufficiency Supervisor.

For more information please call Deborah Vanderpool, phone: 918-453-5536.