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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.
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