Project GREEN’s vision is to turn everyday people into money heroes. We seek to move consumers away from asset-reducing products and practices and move them towards asset-building mechanisms. Our four strategic focus areas include Awareness, Alternatives, Asset-Building, and Advocacy. Creating asset-building small dollar loans as an alternative to payday loans is central to Project GREEN’s mission.
Through Pay It Forward, PG will equip Kent County churches to provide “repayable gifts” by restructuring their benevolence program. We will partner with five churches in 2020 to provide these innovative “loans” to their constituents. Churches will help individuals to meet their emergency needs – as they’ve done historically. But, participants can choose to repay the money at 0% interest – no strings attached. Well, there is one string… Once individuals have paid back their full amount, they can continue to make additional payments that will go into a savings account. The church will then match the savings amount up to $250! So, you will end up with $500 in an account so that you can meet your emergency head-on on your own terms next time.
Households who are served by Pay It-Forward will reduce the amount of fees they pay for emergency financial services, increase their savings, improve their financial literacy, and avoid payday lending. To learn more, contact us here.