MAF's mission is to expand access to financial services, savings and investment opportunities for residents of the Mission District to build a more secure economic future for themselves, their families and their community.
The Mission Asset Fund: Investing in the American Dream
On June 11, we celebrated the inauguration of the Mission Asset Fund with tasty food and lively music. It was a great event that brought community leaders, Mission residents, financial industry representatives, and public officials, all interested in moving a community asset building agenda forward. And on this day, we showed a wonderful video telling the story of why the Mission Asset Fund was created - click on the YouTube video and see for yourself.
Cestas Populares - Peer Lending Circles
A recent study by Social Compact revealed that 44% of households in the Mission District do not have credit histories. Without credit scores, low-income families are locked out of the low-cost credit market and forced to turn to high-cost fringe establishments for their financial needs.
MAF is addressing this bleak reality through Cestas Populares, a program that helps low-income immigrants build their credit scores and increase their ability to access low-cost credit. Essentially, Cestas Populares formalizes peer lending circles (PLCs) that are common in immigrant communities. Known in Latino communities as ‘cestas’ or ‘tandas’ or ‘cundinas’, PLCs function as rotating interest- and fee-free credit associations. Cestas are formed by participants who agree to make regular contributions to a fund that is then distributed in whole or in part to each contributor in rotation. Once a member has received the fund, the cycle continues until all members receive a distribution.
Financial Education Conference in Mexico City
The IME - Instituto de los Mexicanos en el Exterior (The Institute for Mexicans Abroad) regularly hosts Jornadas Informativas (Informative Conferences) with invited community leaders from Mexico, the United States and Canada. On behalf of MAF, I attended the 66th Jornada Informativa on Financial Education from April 21st to April 23rd in Mexico City. The Jornada is structured around an agenda in which participants exchange ideas, projects and programs for Mexican communities abroad.
U.S. Department of State: Banking the Unbanked
We were recently featured in an article by Matt Herrick from the U.S. Department of State on how alternative financial services attract immigrants.
You can read the full article here.
KTVU's Bay Area People Highlights MAF's Credit Building Program.
We are so fortunate to be getting such wonderful press coverage. KTVU recently aired this segment which goes into detail of how MAF's Cestas Populares work and how MAF is leading the way in formalizing the rich tradition of peer lending in immigrant communities.
Take a look!