Lakota Tiwahe Family Asset Building Project
The Lakota Tiwahe Family Asset Building Project is a program where low-income participants open a matched savings account, or Individual Development Account (IDA), to be used specifically for building assets. These accounts provide the capital, incentive and support necessary to move individuals and families towards homeownership, business development, or post-secondary education.
How it Works
Once enrolled in the IDA Program, a participant opens their savings account and makes minimum monthly deposits of $25.00 for at least six months and up to two years. Lakota Funds deposits $2.00 for every $1.00 a participant deposits. Participants can deposit up to $1,440, and Lakota Funds deposits up to $2,880, for a grand total of $4,320 to be used towards asset-specific purchases. Upon completion of the program, participants can withdraw their savings to attain post-secondary education, start or expand a business, or purchase a home. All participants attend monthly support meetings and complete asset-specific training.
To qualify for the Lakota Tiwahe Family Asset Building Project, your gross household income must fit within the income guidelines below.
Maximum Gross Household Income
- Complete the Financial Literacy class prior to opening account.
- Make minimum monthly deposit of $25.
- Attend monthly IDA support meeting.
- Complete asset-specific training.
- Save for at least 6 months and up to 24 months.
- Savings goal must be for college, a business, or buying a home.
Steps to Enroll
If you meet the eligibility guidelines, you may take the following steps to enroll in the Lakota Tiwahe Family Asset Building Project.
1. Download and complete the application form.
2. Call 605-455-2500 and schedule an interview appointment with Douglas Patton, Lakota Funds Success Coach.