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First Project Pro$per Borrowers complete the Loan and Matched Savings Program!

George and Lolita Napuli of north St. Petersburg, formerly of the Philippines, will be honored on Tuesday, March 3 by Project Prosper, a local all volunteer non-profit organization providing small loans, financial education, matched savings and mentoring to recent documented working immigrants and refugees. The event will be held at the CASA meeting room in downtown St. Petersburg at 5:30pm. Partner agencies that make referrals and donors who support the organization will also be recognized.

Board members with Mr. and Mrs. Napuli after the ceremony

Each year in Tampa Bay, over 9,000 immigrants and refugees from over 75 countries are grated permanent resident status. The Napulis, both employees of Bonsecour Manor, were referred to Project Prosper when they attended the annual Citizenship Day at Gulfcoast Legal Services, Inc.  They needed $1350 to apply for citizenship, now costing $675 per adult. 

Project Prosper provided the funding with the understanding that the Napulis make monthly payments to repay the loan and pay an additional 10% as self-interest to be refunded and matched at the completion of the loan period. They also agreed to attend a financial literacy course provided or arranged for by Project Pro$per to learn about budgeting, proper use of credit and how to protect themselves against consumer fraud. 

The Napulis, who have 3 children, are the first borrowers to repay their Project Prosper loan. They will share what the loan and literacy classes have meant to them and receive a certificate indicating their credit worthiness. They will also receive a check for their matched interest savings.

Since awarding its first loan a year ago, Project Pro$per has awarded eight loans for diverse purposes including the purchase of a washer and dryer, a used car and a computer. The organization has also provided three courses in financial education through the Pinellas County school system at no cost to participants.

 

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