New Savings Program at Plenty Doors Offers 4:1 Match for Participants

New Savings Program at Plenty Doors Offers 4:1 Match for Participants

A new program at Plenty Doors CDC can help people save up to $5,000.

Plenty Doors Community Development Corporation is running a program to help people who qualify save money in progress towards a goal of home ownership, home repair, business expenses, debt reduction, or education. The program, called the Plenty Doors Individual Development Account, or the IDA program for short, is run by Carla Catolster and Joey White, while Roberta Glenn is teaching credit builder and financial literacy classes.

The IDA program promises to teach participants budgeting and savings strategies, as well as help with creating a plan to meet financial goals. 

“In order to be financially stable, you need to learn healthy savings habits while you’re young,” said Roberta Glenn. “I feel like here on the reservation those habits were not emphasized enough.” 

Roberta also travels to schools in the area of the reservation to bring these lessons to younger generations.

Beyond that, Plenty Doors will also match participants' savings deposits at a rate of 4:1, meaning for every dollar a participant puts in, Plenty Doors will put in four. 

In order for participants to be eligible for the program, they must be enrolled members of the Crow tribe, a descendant of an enrolled member, or married to an enrolled member. Participants must meet the program’s income guidelines.

Depending on the reason participants are saving, they will be given training courses designed to meet their needs. The participant can choose between a six-month or nine-month program. 

The classes themselves go over what a credit score is, what affects your credit score, strategies to build and improve your credit, as well as the importance of credit. 

“Good credit opens possibilities,” Glenn explains. “Insurance, employment, loans for housing or cars are all reliant on credit.”

In order to remain eligible for the program, participants must come to an orientation and the provided training courses, make regular monthly deposits of at least twenty dollars, and use the funds from the program on a qualified asset. Participants will also have to open an account with Morningstar Credit Union, located in Plenty Doors. 

“The program is to help people get into the habit of saving towards a goal,” said Carla Catolster, the coordinator for the IDA program.  

For more information on this program, as well as any of the other programs offered by Plenty Doors, call 406-638-2074, or send a message on their Facebook.

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