AEDC Offers Scholarships for Entrepreneurs and Students

Low to Moderate Income Entrepreneurs:

Are you looking for financing to help realize your business dreams?

If you fit our Scholarship eligibility requirements (links to below) and are able to save up to $1200 a year from earned income, AEDC will match your savings 2 to 1 when you complete small business training. Click here to download a copy of the 2010 Prosperity Scholarship application. You can also call 707-822-4616 ext. 12 with questions or to have an application mailed to you.

Applications are due Friday, March 12th.

Download your copy here and deliver it to:
The Prosperity Center c/o Michael Kraft, 520 E Street, Eureka, CA 95501.

The Prosperity Scholarship Individual Development Account Program is a matched savings program for low to moderate income entrepreneurs in Humboldt County. Classes for participants in the 2010/2011 flight will be held in the Eel River Valley. The program is designed to help you save for and purchase your business asset dream.

Your savings are matched $2 for every $1 saved!

 
Participants save up to $1,200, which is matched by a scholarship of up to $2,400, the total of which may be used for capitalizing a small business:

• Inventory
• Equipment
• Marketing
• Other Business assets

While you are saving you can:

• Strengthen your financial knowledge
• Sharpen your money management skills
• And improve your credit record

The IDA program objective is to help low-income working families to become economically self-sufficient by providing the motivation, information and skills to:

• Set goals for the future
• Establish regular savings habits and disciplines
• Invest in assets that will allow participants to realize their goals

Eligibility Requirements

 
Individuals or families meeting all of the following criteria are eligible to apply, and participants will be selected from among the applicants:

• Maximum annual household income up to 200% of Federal Poverty Level
• Must be a resident of Humboldt County 

Twelve participants are accepted into the program annually. AEDC reserves the right to select participants on the basis of eligibility, business viability and a demonstrated commitment to achieving goals.

Conditions for Participation
 

Once accepted into the program, participants must meet the following conditions to remain enrolled:

• Open an IDA account at a participating financial institution
• Complete the financial skills course within the first 10 months of enrollment
• Complete the asset-specific course for the selected asset
• Make a savings deposit of at least $20 per month for a minimum of 10 months
• Do not miss more than 2 deposits during the savings period; and
• Do not make withdrawals that are not approved by the IDA Program Coordinator

Participant savings and interest remain in their ownership and will not be lost if they withdraw from the program, however the match is only available at the time of asset purchase. The program encourages regular savings habits and only allows early withdrawals in emergency situations. All participants must complete both personal financial skills training and asset-specific training prior to the purchase of their chosen asset.