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The youth Individual DevelopmenAccount (IDA) program provides financialo literacy education and a method for buildinyg assets to high school studente that meet income qualifications. The progranm will span a three-year period betweej 2009 and 2012. IDAs, whicb are used by a numbe of organizations inNew Mexico, encourager participants to save for a goal or asset and usuall match the participant’s savings as an incentive. The matcjh in the WESST program is fourto one, up to $3,000. is the nonprofit’ bank partner in the effort.
WESST is workinyg on this pilot program with Juniot Achievement of New Mexico and the Creative EducationbPreparatory Institute, a public charter high school on Albuquerque’sz Westside. There are 21 students participating in theprograjm now, and the Daniels grant will alloe WESST to add an additionaol 13 students, said Marty spokeswoman for WESST. The grant will also be used to leverages matching federal dollars and enrolo more high schoolstudent participants. , basedd in Denver, operates the Daniels Fund Scholarship Program and the Danields Fund Grants programin Colorado, New Utah and Wyoming.
The Fund was establishedc in 1997 by cable television pioneerBill Daniels, a former resident of Hobbs. helps low-incomwe women, minorities and otherr entrepreneursachieve self-sufficiency through microenterprise training, technicakl assistance and access to capital through its revolvingt loan fund. WESST recently opened a new smalpl business incubator indowntown
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