CDC of Marlboro County Awarded Funding for IDA Program

The CDC of Marlboro County has been funded for the Individual Development Account (IDA) Program which will now be available to high school juniors and seniors.

Bennettsville, SC – The CDC of Marlboro County is one of six community development corporations in South Carolina to receive funding for the IDA Program. Individual Development Accounts (IDA's) are matched savings accounts designed to help low income and low wealth families invest in their:

• Financial Literacy - Assists residents in formulating financial goals, understanding their credit rating, creating budgets and understanding investment options.



• Homeownership Assistance - Future homeowners will learn the advantages of homeownership vs renting and foreclosure prevention.



• Education Assistance – Persons seeking higher education will be referred to training centers, college preparatory courses and potential funding sources.



• Entrepreneurship – Available to persons interested starting a small business or expanding an existing one.



• Rewards through matched savings - The IDA Program provides funds to match the savings of participants $1,000.00 with $3,000.00 to provide an incentive to keep saving. These funds can be used for education, homeownership or entrepreneurship.

The new IDA Program will now be available to all high school juniors and seniors who are seeking higher education or trade school.

For more information, please contact Brenda Lofton or Keith Brewington at the CDCMC office at (843) 454-2188