What is VIDA? VIDA (Virginia Individual Development Accounts) is a match savings program for individuals of modest means that allows you to save, and have your savings matched $8 for every $1 you save. You can save up to $500, and with the match your total savings can be $4,500 of funds to be used towards education or your business. Interested in applying? Check out our VIDA Application Timeline.
EARN $8 FOR EVERY $1 YOU SAVE!
These funds can be used towards Education or Business Development. Additional benefits include financial literacy training and asset specific training for your education or business development.
EDUCATION: You can use your funds towards vocational and post-secondary education. Funds can be used the cover the cost of tuition, books, or other educational expenses. Interested in education? Check out our VIDA Education Timeline.
BUSINESS DEVELOPMENT: You can use your funds towards start-up or expansion of your business. Examples include: ad design, website development, growing inventory, or investing in equipment. Interested in business development? Check out our VIDA Business Timeline.
- Are you 18 years or older?
- Are you a U.S. citizen or legal resident? Do you live in Virginia?
- Do you have earned income?
- Do you have a household net worth less than $10,000 (excluding primary residence and one car)?
- Do you meet household income limits?
If you received TANF, free or reduced lunch programs, or qualify for the earned income tax credit on your previous year’s taxes, you qualify for VIDA.