REAP Study Now Pay Later Program

REAP Project Synopsis

Project Name: REAP Study Now Pay Later Program

Project Description: The project aims to assist poor but deserving students to complete their courses and graduate from college by providing them loans to finance their educational needs. The loan will be repaid by the beneficiaries on a monthly basis stretched over 2 to 4 years at minimal interest. Loan repayment starts 3 months after the beneficiary lands a job

Funder: Dana Asia Foundation Inc. They will provide up to a maximum of P50 Million to fund this project. Dana Asia is a registered not-for-profit organisation in Australia, Singapore and the Philippines, operating in South East Asia. Dana Asia works to source funds to be given in grants for the development of projects and activities in target communities, working with local partners to inspire and fund the creation and scaling of viable social business and educational activity aimed at lifting people away from poverty. Dana Asia's vision aspires to overcome poverty by delivering sustainable and scalable solutions that empower the most disadvantaged in South East Asia and the Pacific. Dana Asia provides funding and advises local implementation partners to enable sustainable business and community development activities in pursuit of two objectives: To raise income levels in target communities across South East Asia and Pacific through focused, locally relevant and community-driven development of social business. And, To foster sustainability and long-term impact through capacity building and empowerment of local community.

Fund Manager: Grameen Pilipinas Microfinance Inc. They will receive and manage the funds from Dana Asia. They will also release the funds to the beneficiaries and receive the loan repayments. Grameen Pilipinas is a financing company that charges minimal interest to loans extended primarily to communities for them to escape the clutches of poverty. They follow the tenet of the Nobel Peace Prize awardee Prof. Muhammad Yusuf, the founder of Grameen Bank of Bangladesh who aims for zero poverty, zero unemployment, and zero net carbon. Through the Grameen model, communities are empowered through microfinance, social business, and technology.

Project Administrator: Rotary Club of Manila. They will conduct interviews and select beneficiaries.

Fund Release Target: P 1.3 Million for the first year. P 50 Million for the entire program

Beneficiaries: Graduating students from public and private schools. Criteria to be decided by the committee. Selection through personal interviews, credit assessment.

Number of Beneficiaries: 17 for the first year. With yearly increases, up to a maximum of 50 at any one time. Potentially, 50 each succeeding year after the first loans are fully paid.

Project Duration: The project will be continuous. Loans to further beneficiaries will be funded from proceeds of loan repayments.