Ends on June 30, 2019

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 to $3,000.

Funds may be used to launch a new arts-based business, alter or expand an existing business, or purchase long-term assets such as equipment.

 Eligibility Requirements

Applicant must:

  • Be a professional-caliber artist;
  • Be 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
  • Not be a degree-seeking, full-time student during the grant period.

Be 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.

Additional Requirements of this Program:

 Applicants 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.

The SCAC works with the Artist by preparing for initial in-take by CW.

Questions?

Contact Joy Young, (803) 734-8203 for more information.

http://www.southcarolinaarts.com/grants/artists/artsgrowsc.shtml