Special Initiatives
Individual Development Account (IDA) Program
Since 2003, WESST's Individual Development Account (IDA) program has helped low-income individuals build assets such as a home, a small business, or higher education. The program requires participants to complete intensive financial literacy education prior to implementing a savings program with matching funds provided by WESST. Show/Hide Info»
“The IDA program gave me hope, faith and courage to break my debt habits and develop a new healthy lifestyle, which includes a savings plan of action. I'm not only learning how to save but why I must save. I simply didn't know.”
D.R. IDA participant
Participants complete a ten-week money management course that focuses on budgeting, saving, and credit. After successful completion of the money management training, participants open a savings account to which they contribute for a period of six months to two years. Participants' contributions are matched by WESST at a rate of 4:1 over a two-year period, with the goal of accumulating $3,000 in total savings ($600 participant savings and $2,400 WESST match). The use of these matched savings is restricted to high-return investments: buying a home, paying for post-secondary education, or investing in a new or established business.
Since the IDA program was launched in 2003, 91% of WESST participants have completed the money management training and opened their IDA savings accounts. IDA is now offered in both Albuquerque and Las Cruces, and in 2007 a pilot youth IDA was launched in partnership with Junior Achievement and an Albuquerque high school.
If you are interested in participating in the IDA program, please contact us.
Albuquerque Public Housing Partnership
WESST's Albuquerque Housing Services ROSS Partnership allows WESST to provide free training services to Public Housing residents living in housing units. These services include the following. Show/Hide Info»
- Job readiness assessments and skills training
- Computer technology training
- Life skills training
- Financial literacy classes, and
- Assistance with establishing IDA accounts (see above)
Some fee-based entrepreneurship training is also available at below-market rates. Contact your closest regional office for details.
If you are an Albuquerque Housing Services public housing resident and would like to learn more about services offered under our ROSS Public Housing Partnership, please contact us.
Refugee Loan Program
WESST's Refugee Loan Program is designed to provide microenterprise training and financial assistance to New Mexico's political refugee population. More information about the Refugee Loan Program is located in the "Loans" section of this site. More Info»