Mississippi Financial Partnership
For the last two years, Delta Health Alliance has been in partnership with local banks and service groups in Indianola to provide financial literacy programs. In late 2015, DHA expanded its program by creating the Mississippi Assets for Independence in the Delta Mississippi Financial Partnership program, through a grant from the U.S. Department of Health and Human Services. Mississippi Financial Partnership is a community-based approach for giving low-income families a “hand-up”. Utilizing existing individual and community assets, our AID program will strengthen Indianola through the use of matched savings accounts called Individual Development Accounts (IDAs). Through financial education and the use of IDAs, we can help low-income individuals move toward greater self-sufficiency. The Mississippi Assets for Independence in the Mississippi Financial Partnership program is a collaboration between Delta Health Alliance, Indianola Promise Community and regional banking institutions, economic development agencies, service groups, housing authorities, community representatives, and faith-based partners. All of us are united by a shared vision of increasing economic self-sufficiency for impoverished families living in rural communities in the Mississippi Delta. The Individual Development Account (IDA) savings plan will offer matching funds to qualified low-income individuals. Every $1 dollar of earned income that a participant deposits into their IDA will be matched with $2 from participating public and private funds, for a maximum individual match of $4,000. Qualified expenses from an IDA can include post-secondary education or training, the purchase of a first home, or qualified business capitalization expenses. Participants will be required to complete financial literacy training, and will receive access to a wide variety of support services including asset-specific training, financial coaching, credit-building services, credit/debt counseling, and assistance with tax credits and tax preparation. Many thanks to our partners: Guaranty Bank is providing match dollars for IDA accounts; the Mississippi Community Financial Access Coalition and Sunflower County United for Children are providing financial literacy courses, and the Delta Housing Authority will be assisting us in locating quality and affordable housing.