Individual Development Account
(IDA) for Artists
– This is matched savings program. Those who qualify will commit to saving an agreed-upon amount of money
over a minimum of six months. The SC Arts Commission (SCAC), CommunityWorks (CW), or other funding partners will
then match the savings. Matching amounts vary based on funding partner.
For example, at a 3:1 rate; an
Artist who saves $1,000 is
eligible to receive
a match of up
Funds may be used to launch
business, alter or expand an existing business,
or purchase long-term
assets such as equipment.
a professional-caliber artist;
a legal resident of the U.S.; Should have a permanent residence
in the state for at least one year prior to the application and throughout the
savings period (preference is given to targeted counties); and
be a degree-seeking, full-time student during the grant period.
qualified through income and asset review process to include:
- Meeting IDA income limits/Size of Household Income Limit.
- Completing a Financial Wellness Check Up with a CW financial counselor.
- Opening an IDA account at a partner bank or credit union.
- Saving at least $25 a month in the IDA account for 6-24 months.
- Meeting with CW financial counselor quarterly.
Requirements of this Program:
who are accepted in this initiative will commit to:
- Attendance at no fewer than two convening’s designed to further the professional development of participating artist entrepreneurs.
- Submission of quarterly progress reports (narrative and financial progress) to SCAC over the course of the program.
- Creation and submission of a sound business plan, that includes a narrative detailing how saved funds will support the Artist in growing their business.
SCAC works with the Artist by preparing for initial in-take by CW.
Contact Joy Young, (803) 734-8203 for more information.