2015 Annual Report

Building Better

We're a nonprofit on a mission to build a fair financial marketplace for hardworking families.

2015 Annual Report

Building Better

We're a nonprofit on a mission to build a fair financial marketplace for hardworking families.

Our Values

We meet you where you are.

We respect you for who you are.

We build on what you have.

A Word from Our CEO

In Spanish we say, “cada quien tiene un don” or “every person has a gift.” Lending Circles brings to light what’s already good in people’s lives.

This year, we’ve built a network of over 50 nonprofits across the nation to bring the power of social lending to thousands of hardworking people — so that they, too, can unlock their economic potential.

-- Jose Quinonez

The MAFistas

8

New MAFistas

It's been quite a year at MAF. In 2015, we welcomed 8 new MAFistas — and 1 beautiful baby girl — to the family.

1,150

Hours of Training

Together, we completed over 1,150 hours of training courses and professional development.

32,319,504

Steps

Our staff walked, ran, and skipped a total of 32,319,504 steps in MAF’s wellness challenge.

8

New MAFistas

It's been quite a year at MAF. In 2015, we welcomed 8 new MAFistas — and 1 beautiful baby girl — to the family.

1,150

Hours of Training

Together, we completed over 1,150 hours of training courses and professional development.

32,319,504

Steps

Our staff walked, ran, and skipped a total of 32,319,504 steps in MAF’s wellness challenge.

Our Impact

Milestones

Milestones

Growth

Milestones

Client Outcomes

Milestones

Our Clients

100%

Of Clients Complete Financial Education

Henry

“If I had my dream, my daughter would be learning about financial literacy in elementary school.” As a financial coach in Minneapolis, Henry knew Lending Circles was something he couldn’t pass up. From schoolkids to financial coaches, everyone could benefit from financial education. After he joined, he brought the program to his nonprofit, Project for Pride in Living.

703

New Citizens & DACA Recipients

Kimberly

Kimberly worked hard in school, with dreams of becoming a lawyer. As an undocumented student, she wasn’t able to qualify for financial aid — until she joined Lending Circles for Deferred Action. Now she’s enrolled at S.F. State University and prepping her law school applications, on her way to a career in immigration and family law.

1 in 7

MAF Clients Are Self-Employed

Sandra

Sandra sells clothing emblazoned with her unique take on Dia de los Muertos “Calacas” (skulls). Despite growing demand, she struggled to get a business loan because of her low credit score. Lending Circles for Business pushed Sandra’s credit score above 800 and provided a loan to invest in more merchandise, helping her build her confidence and clientele.

100%

Of Clients Complete Financial Education

Henry

“If I had my dream, my daughter would be learning about financial literacy in elementary school.” As a financial coach in Minneapolis, Henry knew Lending Circles was something he couldn’t pass up. From schoolkids to financial coaches, everyone could benefit from financial education. After he joined, he brought the program to his nonprofit, Project for Pride in Living.

703

New Citizens & DACA Recipients

Kimberly

Kimberly worked hard in school, with dreams of becoming a lawyer. As an undocumented student, she wasn’t able to qualify for financial aid — until she joined Lending Circles for Deferred Action. Now she’s enrolled at S.F. State University and prepping her law school applications, on her way to a career in immigration and family law.

1 in 7

MAF Clients Are Self-Employed

Sandra

Sandra sells clothing emblazoned with her unique take on Dia de los Muertos “Calacas” (skulls). Despite growing demand, she struggled to get a business loan because of her low credit score. Lending Circles for Business pushed Sandra’s credit score above 800 and provided a loan to invest in more merchandise, helping her build her confidence and clientele.

Our Partners

National Network

In 2015, our national network of Lending Circles providers grew from 31 to 53 nonprofit partners — ranging from LGBTQ organizations to business accelerators — across 17 states and Washington, DC.

Partner Support

MAF’s Partner Success Managers support our nonprofit partners with everything from forming their first Lending Circle to sharing their client successes. This year we provided over 4,000 hours of training and technical assistance to help our partners set up and sustain Lending Circles.

National Network

In 2015, our national network of Lending Circles providers grew from 31 to 53 nonprofit partners — ranging from LGBTQ organizations to business accelerators — across 17 states and Washington, DC.

Partner Support

MAF’s Partner Success Managers support our nonprofit partners with everything from forming their first Lending Circle to sharing their client successes. This year we provided over 4,000 hours of training and technical assistance to help our partners set up and sustain Lending Circles.

Loans Across the Country

With an expanding network, every year more hardworking families across the nation are investing in each other's dreams.

california

E $1,297,304.50

  • AnewAmerica
  • Asian Resources Inc.
  • BrownBoiProject
  • Building Skills Partnership
  • Central City Neighborhood Partners
  • Family Independence Initiative
  • Fremont Family Resource Center
  • Game Theory Academy
  • Korean Resource Center
  • Main Street Launch (Formerly OBDC Small Business Finance)
  • Mexican American Opportunity Foundation (MAOF)
  • Peninsula Family Service
  • Pilipino Workers Center of Southern California
  • Renaissance Entrepreneurship Center
  • Rubicon Programs
  • San Francisco LGBT Community Center
  • The Unity Council
  • Veterans Equity Center

colorado

F $12,650.00

  • NEWSED Community Development Corporation

washington DC

y $27,250.00

  • Latino Economic Development Center (LEDC Metro/DC)
  • National Coalition for Asian Pacific American Community Development (CAPACD)

florida

l $41,680.00

  • Catalyst Miami

georgia

J $21,500.00

  • Center for Pan Asian Community Services

hawaii

K $9,800.00

  • Hawaiian Community Assets, Inc.

illinois

N $65,900.00

  • Center for Changing Lives
  • Chinese American Service League
  • The Resurrection Project

maryland

T $125,150.00

  • Latino Economic Development Center (LEDC Metro/DC)
  • National Coalition for Asian Pacific American Community Development (CAPACD)

massachusetts

S $151,515.10

  • Family Independence Initiative

michigan

V $6,500.00

  • Southwest Solutions

minnesota

W $127,100.00

  • Asian Economic Development Association
  • Comunidades Latinas Unidas en Servicio
  • Project for Pride in Living
  • Southwest Minnesota Housing Partnership

new york

h $22,450.00

  • Chhaya Community Development Corporation
  • Harlem Congregations for Community Improvement, Inc.

nevada

g $81,000.00

  • Financial Guidance Center

ohio

i $14,400.00

  • Asian Services in Action

oregon

k $26,400.00

  • CAPACES Leadership Institute
  • Hacienda CDC
  • The Next Door, Inc.

tennessee

p Coming Soon

  • Conexion Americas

texas

q $33,000.00

  • Catholic Charities of Fort Worth
  • Center for Transforming Lives
  • Chinese Community Center
  • El Paso Collaborative for Community and Economic Development
  • Family Pathfinders

virginia

s $12,925.00

  • Northern Virginia Family Service

washington

u $92,540.00

  • 21 Progress
  • El Centro de la Raza

total

z $2,069,064.60

2015 Highlights

Technology

2015 marked the roll-out of our new online social loan platform, cutting our client application time in half and connecting our partners with on-demand troubleshooting and support.

Next, we launched virtual Lending Circles formations in California, allowing residents to join our credit-building community from anywhere across the state.

Research

In December we unveiled the “Hierarchy of Financial Needs” (HFN), a new framework for understanding economic well-being.

The HFN takes its inspiration from psychologist Abraham Maslow’s hierarchy of physical, social, and psychological needs.

Leadership

CEO Jose Quinonez was invited to contribute a chapter to What It’s Worth: Strengthening the Financial Future of Families, Communities and the Nation , a new book published by CFED and the Federal Reserve Bank of San Francisco.

Jose’s chapter “Latinos in the Financial Shadows” highlights the hidden strengths of immigrant communities and MAF’s work to bring informal practices into the mainstream.

Technology

2015 marked the roll-out of our new online social loan platform, cutting our client application time in half and connecting our partners with on-demand troubleshooting and support.

Next, we launched virtual Lending Circles formations in California, allowing residents to join our credit-building community from anywhere across the state.

Research

In December we unveiled the “Hierarchy of Financial Needs” (HFN), a new framework for understanding economic well-being.

The HFN takes its inspiration from psychologist Abraham Maslow’s hierarchy of physical, social, and psychological needs.

Leadership

CEO Jose Quinonez was invited to contribute a chapter to What It’s Worth: Strengthening the Financial Future of Families, Communities and the Nation , a new book published by CFED and the Federal Reserve Bank of San Francisco.

Jose’s chapter “Latinos in the Financial Shadows” highlights the hidden strengths of immigrant communities and MAF’s work to bring informal practices into the mainstream.

Our Financials

Every Dollar Opens Doors

Social Lending

$2M

In Social Loans

In 2015, we provided over $2 million in loans to help thousands of hardworking people save for college, grow businesses, and become citizens — all while building better credit.

Fundraising

$3.27M

Raised

We raised $3.27 million from foundations, corporations, individuals, and partnership fees. JPMorgan Chase & Co. awarded MAF a landmark grant of $1.5 million to expand Lending Circles even further across the country.

Building Better

$2M

Invested

This year we invested $2 million in new partnerships and upgraded technologies. Two major campaigns — Build a Better Bay Area and Build a Better Northwest — added 9 new local partners and 3 in the Pacific Northwest, while Virtual Formations expanded Lending Circles across California.

$2M

In Social Loans

In 2015, we provided over $2 million in loans to help thousands of hardworking people save for college, grow businesses, and become citizens — all while building better credit.

$3.27M

Raised

We raised $3.27 million from foundations, corporations, individuals, and partnership fees. JPMorgan Chase & Co. awarded MAF a landmark grant of $1.5 million to expand Lending Circles even further across the country.

$2M

Invested

This year we invested $2 million in new partnerships and upgraded technologies. Two major campaigns — Build a Better Bay Area and Build a Better Northwest — added 9 new local partners and 3 in the Pacific Northwest, while Virtual Formations expanded Lending Circles across California.

Looking ahead

Lending Circles Summit

Coming in October 2016, the Lending Circles Summit will convene the nonprofit and for-profit innovators bringing the power of social lending to communities across the country.

We’ll hear insights from industry leaders who are shaping the future of financial health about how we can equitably serve consumers of all backgrounds and income levels.

Mobile App

Over the next year, we will make our programs completely mobile-accessible.

The Lending Circles App will enable participants to monitor financial progress and make it easier for our nonprofit partners to provide social loans to communities across the nation.

Research

We learn so we can do better. That’s why data and research are part of our DNA.

This year, we’ll finish up a long-term research project with Yale University studying the impact of programs like Lending Circles on participants’ financial lives, as well as the role of friends and family in people’s financial health.

Lending Circles Summit

Coming in October 2016, the Lending Circles Summit will convene the nonprofit and for-profit innovators bringing the power of social lending to communities across the country.

We’ll hear insights from industry leaders who are shaping the future of financial health about how we can equitably serve consumers of all backgrounds and income levels.

Mobile App

Over the next year, we will make our programs completely mobile-accessible.

The Lending Circles App will enable participants to monitor financial progress and make it easier for our nonprofit partners to provide social loans to communities across the nation.

Research

We learn so we can do better. That’s why data and research are part of our DNA.

This year, we’ll finish up a long-term research project with Yale University studying the impact of programs like Lending Circles on participants’ financial lives, as well as the role of friends and family in people’s financial health.

Thanks to Our Supporters

With the support of our funders, donors, and board members, we’re helping thousands of hardworking families build more secure financial futures. We couldn’t do it without you.

Funders

Visionaries

  • JPMorgan Chase & Co.
  • Center for Financial Services Innovation (CFSI)
  • Citi Community Development
  • Levi Strauss Foundation

Innovators

  • Capital One
  • Experian
  • Ford Foundation
  • Google
  • The James Irvine Foundation
  • Northwest Area Foundation
  • Tipping Point Community
  • Rosenberg Foundation

Supporters

  • Ameriprise Financial
  • Ashoka
  • Bank of the West
  • Benevity Inc.
  • Evelyn and Walter Haas Jr. Fund
  • Friedman Family Foundation
  • Goldhirsh Foundation
  • Heising-Simons Foundation
  • Marcled Foundation
  • National Council of La Raza (NCLR)
  • O2 Initiatives
  • Roy & Patricia Disney Family Foundation
  • Russell Sage Foundation
  • San Francisco Mayor’s Office of Housing
  • San Francisco Office of Economic & Workforce Development
  • Silicon Valley Community Foundation
  • Silicon Valley Social Venture Fund (SV2)
  • The San Francisco Foundation
  • Walter and Elise Haas Fund
  • Y&H Soda Foundation

Donors & Volunteers

Individual Donors

  • Anonymous
  • Diane Andronica
  • Jorge Pacheco Avila
  • Christine Comella
  • Michelle Durgy
  • Mary Anne Fairley
  • Chris Ferrer
  • Bonnie Freeman
  • Tadao Peter Gee
  • Brigitte Gosselink
  • Elise K. Haas
  • Mary Hassler
  • John Hayes
  • Michael Karson
  • David Krimm
  • Dan Massey
  • Steven Nakai
  • Jennifer Phillips
  • Brian Komar

Individual Donors

  • Kelsea McDonough
  • Sean McDonough
  • Aditi Mohapatra
  • Sandra Murphy
  • Cynthia Olazabal
  • Beverly Patterson
  • Tara Robinson
  • Susana Rodriguez
  • Manuel J Santamaria
  • Lisa Sardegna
  • Andrew Schweig
  • John Templeton
  • Jon Voss
  • Stephan Waldstrom
  • Sabrina Wilensky

Board Of Directors

  • Vicki Joseph, President
  • Mona Masri, Vice President
  • Ian McLeod, Treasurer
  • Manuel Santamaria, Secretary
  • Haydee Moreno
  • Aquilina Soriano
  • David Krimm
  • Salvador Torres
  • Stephan Waldstrom

Special Thanks To

  • Bjorn Commers
  • Debevoise & Plimpton LLP
  • Nikhil Goel
  • Dan Massey
  • Billy Roh
  • Sudarshan Upadhya
  • Kathryn Weinmann