West Virginians meeting the income guidelines living in an 11-county area may qualify for an Individual Development Account through the Kanawha Institute for Social Research & Action Inc., or KISRA. The group is a nonprofit organization established in 1993 by Ferguson Memorial Baptist Church. The program is designed to improve the quality of life through education, employment and economic empowerment.

IDAs are special savings accounts that carry a three-to-one match to help families and individuals of modest means to establish a pattern of regular savings and, ultimately, purchase a productive asset. Program participants may use their savings and match money for purposes such as purchasing a home, repairing their home, establishing a small business or pursuing post-secondary education.

Chief Executive Officer Michelle Foster said the pilot program in Kanawha County has produced results. She said 20 have enrolled in the program so far, including several single mothers who have been victims of domestic violence.

"(One woman) had credit problems and was having trouble paying off debt," said Foster. "She needed a hand-up, and she understood the program. It takes a commitment because you have to be willing to save money and follow-up by going through the training workshops. Some are not willing to do that. They want an instant fix overnight."

KISRA has raised funds to start the program through a federal grant matched by private and corporate funds. To be eligible for an IDA, participants must have an income less than 200 percent of the federal poverty level, make monthly savings deposits of $25 or more, save in the program for at least 12 months, participate in personal finance and money management workshops and attend on-going peer support meetings.

Foster said the workshops are designed to help participants prepare for long-term successes by promoting financial skills such as long-range planning, budgeting, credit repair and savvy consumer habits.

In emergency situations, the savings can be withdrawn without the matching funds. Participants may also close their accounts, withdraw from the program and receive all of their savings and earned interest.

As of Oct. 1, the program is offered in Kanawha, Putnam, Cabell, Boone, Clay, Raleigh, Wyoming, McDowell, Pocahontas, Monroe, Mercer and Greenbrier counties. KISRA maintains offices in Dunbar and Huntington.

For information on the IDA program, contact Patricia Scott at 304-768-1300.

In addition to the IDA program, KISRA offers services to assess, development and implement educational and socioeconomic initiatives to low income residents.