Frequently Asked Questions...
Is there a need for the services provided by Project Prosper?
Why would donors want to invest in Project Prosper?
Why do volunteers contribute their time and expertise to Project Prosper?
How does Project Prosper benefit the community?
Are there any success stories?
Do the recipients "give back" by mentoring other immigrants?
Does Project Prosper intend to expand its current service area or initiate new activities?
How can I support Project Prosper if I don’t have time to volunteer?
Is there a need for the services provided by Project Prosper?
Yes, the need for loans, matched savings, mentoring and financial education was confirmed prior to commencement of the Project by all our Project Partners who work with immigrants and refugees including the Wealth Building Coalition, the Tampa Bay Refugee Task Force and adult English for Speakers of Other Language programs. Since 9.000 to 10,000 persons in the Tampa Bay area from more than 75 different countries receive Permanent Resident status each year, we anticipate the need will continue for some time.
We assist recent legal working immigrants because of their language barriers, the absence of or limited exposure to banking systems in their countries of origin and their difficulties adjusting to a new culture. Working poor have some access to loans and financial education, both of which we agree they well need. We chose the most difficult group, one not served by current programs. We aim to assist future owners of small businesses, prospective homeowners, seekers of higher education and those who want to successfully live and work and raise their families in the United States. Project Prosper can be the very first step for new documented working immigrants on a high ladder to success.
No. With no credit history, their borrowing opportunities are often limited to credit cards with high interest rates and/or the use of predatory lenders such as payday lenders or check cashing services. Those who don't learn to use the system to their advantage often end up in debt. And because of language difficulties, existing financial education classes may not be available or suitable.
Why would donors want to invest in Project Prosper?
Businesses want their workers unencumbered by financial problems; banks want customers who appropriately use their services; organizations and individuals want to help members of a disadvantaged group become integrated into the American way of life just as many of their families were.
Why do volunteers contribute their time and expertise to Project Prosper?
As a 501(c)(3) organization, registered in the State of Florida, Project Prosper is widely recognized for the opportunities it provides not only to the community and to recent immigrants but also to volunteers. Volunteers serve on the Board of Trustees, design and maintain the website, screen and mentor borrowers, teach financial literacy classes, serve on the Loan and Development Committees, assist in public relations and fundraising, and have the opportunity to strengthen their own skills as they benefit the Project. This enables Project Prosper to keep its expenses including the matched savings to under 10% annually.
How does Project Prosper benefit the community?
The community benefits by our efforts to prevent financial dependency and to mainstream immigrants likely to become citizens. Our goal is their full participation in the economic and social life of our community.
Are there any success stories?
Yes. For example, one of our ESOL financial education students successfully applied for a loan; all our borrowers referred by our Project Partners are paying their monthly loan and savings payments on time and in the process of receiving financial education; and we have been asked to teach more ESOL students in several schools. The number of completed loan applications is increasing as our Partners become more familiar with the services and benefits we offer their clients. The FDIC in Washington, DC lauded our innovative concept and a member of the Federal Reserve Bank sits on our Loan Committee to document our progress.
Do the recipients "give back" by mentoring other immigrants?
Not formally, but they are sharing their experience and knowledge with others. In time, we anticipate they will “give back” in some fashion that meets both their and the project’s needs. Whether Project Prosper students in ESOL classes or Project Prosper borrowers, they are sharing their new learning with their family and friends. For each student or borrower receiving financial education, we estimate at least 10 people benefit including their dependents, other family and friends.
Does Project Prosper intend to expand its current service area or initiate new activities?
In time, as more resources become available, our Board may consider an expansion of the service area. We are not anticipating initiating further activities, but are always open to new ideas that will enable us to better serve the community. In any event, we encourage all interested persons or groups who wish to replicate our current model to contact us for information and advice on adapting the model for their own local needs.
How can I support Project Prosper if I don’t have time to volunteer?
You can help provides loans and matched saving to recent legal immigrants by making a secure donation on line at www.projectprosper.org. Our goal is to make 2-3 loans per month. Or, you can help us provide more financial literacy courses, course cost average $75 per class.
Project Pro$per
P.O. Box 8411
Madeira Beach, FL 33738
(727) 391-8213
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