Mission Asset Fund
Nonprofit
MAF’s Lending Circles program has received widespread national attention for its success in helping low income families gain access to capital, build financial capability, and increase access to low-cost loans for education, homes, and small business startup. To date, over 1,700 participants have made $1.7 million in social loans, resulting in a 99% repayment rate and under 1% in defaults. Because these loans have … Read More
MAF’s Lending Circles program has received widespread national attention for its success in helping low income families gain access to capital, build financial capability, and increase access to low-cost loans for education, homes, and small business startup. To date, over 1,700 participants have made $1.7 million in social loans, resulting in a 99% repayment rate and under 1% in defaults. Because these loans have zero interest and zero fees, participants have saved an estimated $350,000. Average credit scores were raised by 49 points, often the difference between subprime and prime credit.
MAF was honored to receive the 2012 Bank of America Neighborhood Builders Award, 2012 Latino Leaders Maestro Award, 2012 Ashoka Fellowship, and 2013 James Irvine Foundation Leadership Award. Last year, our Executive Director Jose Quinonez was also appointed Chair of the Consumer Advisory Board for the Consumer Financial Protection Bureau.
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Submitted Ideas
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Idea about how to make LA a better place for Income & Employment, submitted by this organization and selected as a winner in the 2013 challenge.
The 2013 Challenge featured categories used at My LA2050 to categorize organization impact.
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Building on LAs Social Capital
In Los Angeles, tens of thousands of low-income residents live on the margins of California’s economy. They have no bank accounts, credit scores or any hope of getting conventional loans to buy cars, start businesses, or apply for citizenship. Even renting an apartment may be out of reach.
By working with two Los Angeles-based organizations, we propose propose to bring Lending Circles for Citizenship and the Security Deposit Loan Program for the first time to Southern California.... Learn more
