Delta State University has inquired about housing a program for developing personal wealth in Itta Bena, but questions have been raised about whether the proposed site is suitable.
Theressa Dent of Delta State’s Center for Community and Economic Development asked the Leflore County Board of Supervisors this week about office space in the Leflore County Business Manufacturing Development Center, known as the business incubator. The board delayed a vote in order to give the county attorney time to determine if the organization fits the building’s purpose.
The program would accept 150 low-income people, who would receive assistance managing personal wealth. A curriculum of financial skills developed by the FDIC called “Money Smart” would be used to teach people how to manage their finances.
Dent said the program needs an office in Leflore County to base its operations.
“We would like our own space, because we would have people coming in and out,” she said. “We will be keeping personal records of individuals, and we want to have space for that.”
However, the incubator is established for new and emerging businesses, and Chancery Clerk Sam Abraham said he wasn’t sure it would fit the description.
Out of the 150 participants, 25 will be chosen to open individual development accounts. After a person saves $1,000, he or she will receive matching funds of $4,000 to go back to school, start a business or put a down payment on a home. Participants would be given six to 18 months to save for the program.
Participants must have a household net worth of under $10,000, be employed and meet certain income requirements.
The “Developing Personal Wealth” program is made possible through a $135,000 grant from the Foundation for the Mid-South.
According to the proposal presented to the county supervisors, more information about how to sign up for the program would be distributed through the media as the program started.
- Contact Taylor Kuykendall at tkuykendall@
gwcommonwealth.com.
