CAAB

Investing in People, Strengthening Communities

CAAB and DSLBD Launch IDA Partnership for Justice-Exposed DC Small Business Entrepreneurs

On June 30, 2016, Rich Petersen, Executive Director of Capital Area Asset Builders (CAAB) and Ana Harvey, Director of the DC Department of Small and Local Business Development (DSLBD), signed an agreement to launch a partnership to offer Individual Development Accounts (IDAs) to participants in the ASPIRE to Entrepreneurship Pilot Program for justice-exposed, low- and moderate-income DC residents.
CAAB and DSLBD Launch IDA Partnership for Justice-Exposed DC Small Business Entrepreneurs

DSLBD Director Ana Harvey and CAAB Executive Director Rich Petersen

CAAB and DSLBD Launch IDA Partnership for Justice-Exposed DC Small Business Entrepreneurs

On June 30, 2016, Rich Petersen, Executive Director of Capital Area Asset Builders (CAAB) and Ana Harvey, Director of the DC Department of Small and Local Business Development (DSLBD), signed an agreement to launch a partnership to offer Individual Development Accounts (IDAs) and access to financial capability tools to participants in the ASPIRE to Entrepreneurship Pilot Program for justice-exposed, low- and moderate-income DC residents. 

"We are excited about the opportunity that the IDA accounts will provide to our aspiring DC business owners," said Ana Harvey, Director, DC Department of Small & Local Business Development (DSLBD). "Financial support through this savings and match program is critical to helping our returning citizens achieve their small business goals."

"We are proud to partner with DSBLD in this innovative pilot program," said Rich Petersen, CAAB's Executive Director. "We strongly believe that IDAs can be an effective tool in enabling a low- or moderate-income entrepreneur to launch a small business in the District of Columbia. Through an IDA, participants in the ASPIRE to Entrepreneurship Pilot Program will be incentivized to open a bank account, save $500 and receive a $4,000 match to use for the funding of their new business. Furthermore, CAAB will also provide financial education classes and will link the aspiring entrepreneurs to financial capability tools and resources. We wish the ASPIRE participants success and look forward to partnering with them as they build long-term assets and build wealth for a better future."

The ASPIRE to Entrepreneurship Pilot Program is a collaboration between the District of Columbia Department of Employment Services (DOES), District of Columbia Department of Small and Local Business Development (DSLBD), Mayor’s Office of Returning Citizens Affairs (MORCA), Capital Area Asset Builders (CAAB) and Court Services and Offender Supervision Agency for the District of Columbia (CSOSA). The Program seeks to work with 25 justice-exposed individuals who have a conviction for a misdemeanor or felony as an adult; and, who are interested in launching a business in the District of Columbia. The Pilot is intended to operate for approximately one year, with a training phase and a business phase.


About Capital Area Asset Builders

Capital Area Asset Builders (CAAB) is a non-profit organization whose mission is to empower low- and moderate-income residents of the Greater DC Area to take control of their finances, increase their savings, and build wealth for a better future.

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Now, more than ever, non-profits like Capital Area Asset Builders (CAAB) need your help. Please support CAAB as we continue to help DC residents manage and/or improve their financial situation during these difficult times. If you can't afford to give a monetary gift, please visit our Amazon Wish List where you can choose from a variety of items that CAAB needs in order to better serve our community.

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Capital Area Asset Builders (CAAB)
c/o Joseph Leitmann-Santa Cruz, CEO & Executive Director
1100 H Street NW, Suite 200
Washington, DC 20005