Understanding JESA & Marriage Development Accounts

What is JESA?

The Jobs & Entrepreneurship Stimulus Accounts (JESA) is an accelerated Individual Development Account (IDA) program for AFI-eligible persons (households below 200% of Federal Poverty Line). Participants agree to save $500 towards their small business or job training costs, and can receive up to $4,000 in matching funds.
Participants must agree to:

1. Complete ten hours of financial education provided by CAAB
2. Attend transformative financial coaching sessions on an as-needed basis
3. Complete a minimum of four hours of entrepreneurship or job training provided by an approved partner.

Following this training period, participants will continue to receive transformational coaching from CAAB and support through CAAB’s Financial Empowerment Circles, peer-led groups of CAAB clients who are continuing to work towards economic self-sufficiency. After completing program requirements, CAAB will match each graduate’s $500 savings, when used to invest in their chosen asset, at a rate of 8:1 for a total, including client savings, of $4,500.

How do I qualify?

What are MDAs?

Marriage Development Accounts (or MDAs) are a savings program to help married and engaged couples eliminate debt, increase their savings, and build wealth through long-term investment.

Currently, CAAB is not accepting new applicants to the MDA program.

Marriage Development Accounts were part of Together is Better: The Campaign to Strengthen DC Families, Marriages & Communities. The initiative promoted healthy families and marriages in DC’s low-income African-American communities, where child poverty rates have climbed above 50%, many families have zero or negative net worth, and fewer than 20% of children are living in households headed by two parents. The idea, introduced by Senator Sam Brownback (R-KS) and strongly supported by Del. Eleanor Holmes Norton (D-DC), was a response to a growing body of research on child well-being which indicates that children born and raised in households where their biological parents who married enjoy significant financial and emotional advantages.

How did they work?

Currently, CAAB is not accepting new applicants to the MDA program.

Couples with combined earnings of $50,000 or less may be eligible to open a Marriage Development Account (or MDA) with CAAB and received a 3:1 match on up to $3,000 of personal savings, for a total of $12,000 that can be invested in higher education, a small business, or purchase of a first home in DC.

Engaged couples were eligible to open an MDA but had to be married by the time they planned to use their savings and matching funds.

If you would like to receive updates on the status of the program you may sign up for CAAB’s monthly e-newsletter at www.caab.org.

If you have any questions, please contact Shani Lee, Savings Program Associate at slee@caab.org or 202-419-1440 x102.