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VIDA Program Helps Fund Valley Entrepreneurs - NBC29 WVIR Charlottesville, VA News, Sports and Weather

VIDA Program Helps Fund Valley Entrepreneurs

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The Staunton Creative Community Fund has a new tool for helping entrepreneurs make their dreams come true.

It's called VIDA, or Virginia Individual Development Account. VIDA is a matched savings program. If someone in the Shenandoah Valley wants to turn a hobby into a business, the program can help. For every buck saved participants earn two bucks - up to $6,000 - essentially tripling their money.

The program targets people of modest means.

"If you're a single mom with two kids you may be able to qualify for this program, because it's about $36,000 annual income. So if we're talking about eligibility for folks who may want to apply for this problem it's exactly who we're talking about," said Chris Cain, director of the Staunton Creative Community Fund.

VIDA participants also get financial literacy training, helping people manage their money.

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