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From the Assets Alliance

CAP believes that programs that help low-income families develop assets and use them effectively represent a promising pathway out of poverty. On April 24th, CAP's work with asset development strategies, specifically with Individual Development Accounts or IDAs, was profiled on NPR's Morning Edition in the fifth part of a story series entitled "Fighting Poverty in America."

CAP is honored to have been included in NPR's coverage of effective poverty alleviation strategies. To read about the story or access an audio link, click here.

Profiles of the Value of Asset Building

Mike and Dawn Ferrill

When Mike and Dawn Ferrill started their appliance repair business in Tulsa they needed a jumpstart. They got one with CAP's I.D.A. program.

"One of the first things we did with our savings was to buy an ad in the yellow pages, and that made all the difference in getting the business going. Before that, we just didn't have the money to do it," Dawn Ferrill said.

There were other things that made a difference as well: New uniforms and a new van helped add another level of professionalism, she said.

With a family of six living in a two-bedroom home with just one bathroom, the Ferrills also decided to use the program to save for home improvements. This allowed them to turn part of their living space into a bedroom and add a bathroom.

Not only did the program make these changes possible, it also helped them learn to manage their money better so they could save money more easily, Dawn said. Recently, the Ferrills also started a vending machine business.

"All of this happened because CAP helped us help ourselves," Dawn said.

Dorie Simmons

Dorie Simmons was attending college and raising three children when she was selected for the IDA program, which she learned about through her participation in CAP's free Earned Income Tax Credit program.

Once involved in the IDA program, she enrolled her youngest son in CAP's Head Start program. Dorie was then elected to represent her son's school on the Head Start Policy Council, and it wasn't long before she was elected president of the Council. At the same time, she joined CAP's board of directors, a position she held until October 2005.

"I always knew I would be a homeowner," she says. "The IDA program provided me with a way to learn about credit. I went to classes about financing a home, as well as how to maintain a home. After 2 years of saving, I was able to purchase my first home, and I moved in using only my IDA money. I was fortunate that every dollar I saved was matched by two dollars from the IDA program."

Dorie still owns that first home, but after 5 years it was time to upgrade, so she purchased a second home and "we still live there today."

"Not only did the IDA program put me on the right track toward improving my credit and homeownership," she says, "but the knowledge that I gained about managing money was invaluable."