My Grocery Store IDA 

Introduction

The My Grocery Store Individual Development Account (IDA) Pilot is an innovative financial empowerment program designed to support participants in building assets while developing critical financial knowledge and skills. Operating across the I-94 corridor from Waukegan, Illinois, to Milwaukee, Wisconsin, this program delivers financial reinvestment to underserved communities while fostering self-efficacy and economic mobility.

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An Individual Development Account (IDA) is a specially designed savings account that helps vulnerable populations establish patterns of saving while broadening their understanding of money, finance, and credit. Through a powerful 5:1 matching structure, the program multiplies participant savings to accelerate progress toward life-enhancing asset acquisition.

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Program Objectives

The My Grocery Store IDA Pilot aims to:

• Set vulnerable populations on the path to self-sufficiency

• Equip people with the means to become personally accountable for their well-being and the well-being of their family

• Catalyze economic revitalization in communities along the I-94 corridor

• Deliver intellectual and financial reinvestments that improve quality of life

• Build financial capability through education and practical experience

• Create pathways to asset ownership that can break intergenerational cycles of poverty​

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Eligible Participants

IDA Pilot participants are My Grocery Store Shopping Partners residing in the I-94 corridor region from Waukegan, IL, to Milwaukee, WI. The program serves vulnerable populations including:

• Low to moderate income individuals and families

• Underbanked or unbanked individuals

• Residents of underserved communities

• Those seeking to build financial security through asset acquisition

 

Quality of Life Enhancing Assets

Participants in the IDA Pilot work toward acquiring assets in one of four categories:

1. Homeownership: Purchasing a home to build equity, create stability, and establish a sense of place and security

2. Post-Secondary or Vocational Education: Advancing education to improve career prospects and earning potential

3. Small Business Development or Sustainment: Starting or growing a business to create economic opportunity

4. New Vehicle Purchase: Acquiring a new vehicle (with fewer than 1,000 miles) to improve mobility and access to employment, education, and services