Complete the eligibility form below. If you meet the criteria, you’ll be able to begin the application process. You’ll need to have a few items available to upload, so if you need to come back to the application, you can always click “Save and Continue” and receive an emailed link to the form so you can pick up where you left off.

Once the application is complete, an IDA Program Officer will contact you with instructions for opening your IDA account, which is an FDIC insured savings account at Southern Bancorp Bank. You can open yours in person at one of Southern Bancorp’s Arkansas locations (banksouthern.com/locations) or an account opening specialist will reach out with instructions for opening remotely. Your account will automatically close at the end of the IDA process when your funds have been distributed.

Start saving! You can save over time or if you’ve already saved, you can deposit the full amount to be matched ($667) into your IDA account immediately. Note that you will always have complete access to your saved money and may close the account or withdraw the unmatched portion at any point you no longer wish to participate.

Your IDA Program Officer will then provide you with either an online or in person option for completing the required three (3) hours of financial counseling, and once you’ve done that, you’re ready for your match!

Your matched amount (up to $2,000) is not placed into your IDA account, but instead will be sent directly to the vendors providing you services. For example, if you’re using your matched funds to pay for school, we will send the required amount directly to the school. If it’s for purchasing your home, we will send the money to your closing agent. If it’s for home repair, we’ll pay your licensed contractor directly. Your IDA Program Officer can answer all your questions about different payment options.