Source: WESST Press ReleaseAllstate Foundation Supports IDA Program
Albuquerque, NM | May 12, 2008 –
WESST will be able to help additional low-income families increase financial literacy and accumulate savings as a result of a $15,000 grant from The Allstate Foundation.
The grant will provide continued funding of WESST’s Individual Development Account (IDA) program.An IDA is a matched savings account designed to help families accumulate assets for a down payment on a home, to purchase business assets, or for post-secondary education.WESST’s IDA program requires that participants obtain extensive financial literacy training and set specific goals for the use of the account proceeds.
“Our IDA program has been extremely successful in helping low-income families accumulate the savings necessary to acquire assets and education that bring lasting improvement in their lives,” says Agnes Noonan, WESST’s Executive Director.
“WESST’s IDA program combines financial incentives, financial literacy training, and setting specific goals into a very effective package,” according to Melissa Stoloff of The Allstate Foundation. “The Allstate Foundation looks forward to continuing its partnership with WESST and the opportunity to help low-income New Mexicans in a way that creates long-term benefits in peoples’ lives.”
WESST is a non-profit, economic development organization that helps New Mexicans achieve personal and small business success through business and financial literacy training, personalized consulting, and loans.WESST serves a diverse set of clients from six offices across New Mexico.
Established in 1952, The Allstate Foundation is an independent, charitable organization made possible by subsidiaries of The Allstate Corporation. The Allstate Foundation partners with non-profit organizations on community initiatives that promote “safe and vital communities,” “tolerance, inclusion, and diversity” and “economic empowerment.” Teen driving and empowering victims of domestic violence have been priorities for the Foundation since 2005.
WESST (www.wesst.org) is a non-profit economic development organization with offices in Albuquerque, Santa Fe, Gallup, Rio Rancho, Roswell and Las Cruces. The organization provides training, consulting and loans to entrepreneurs across New Mexico as well as business incubation services to members of the WESST Enterprise Center in Albuquerque.