Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
City CU offer small biz start-up incentives
DRYDEN, N.Y. (10/9/09)--The town of Dryden, N.Y., has teamed up with Alternatives FCU, based in Ithaca, to help local entrepreneurs start up their businesses or invest in them with a savings match program. The town and credit union will provide residents with Individual Development Accounts (IDA)--matched savings accounts that help moderate-income people save for asset purchases. For every dollar a person saves, the town will contribute $2 (Ithaca Journal Oct. 7). A maximum of $1,000 can be matched, which means a resident can get $3,000 for a start-up or expansion of their business. The business must be located in the town of Dryden and owned by Dryden residents. The funds are from payments of a loan the town provided several years ago to Cayuga Press. It received $400,000 in federal HOMES grant money. As Cayuga Press pays back the loan, the town is reinvesting part of the payments in other local businesses, starting with $30,000 for the IDA venture, the town board told the newspaper. Participants in the IDA match program are required to complete finance and business classes offered by Alternatives FCU, which developed an IDA program for both business and personal investments. More than 300 people have saved and made asset purchases through the program the past 10 years, said Alternatives CEO Tristram Coffin. That included 70 home purchases, he told the newspaper.
Other Resources

RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
7 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
2 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
3 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
4 hours ago