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MAF launches innovative Cestas Populares In collaboration with One California Bank, MAF is launching Cestas Populares, an innovative program that will help participants create or improve their credit score by valuing what is happening in and among immigrant communities. Immigrant communities have a rich tradition of participating in small, informal lending circles. Throughout Latin America, such lending circles are known by many different names, including; cestas, tandas, rondas, or sans. No matter what the name, the activity is the same. Individuals in small groups –bonded by trust– pull their resources together by each contributing a set amount of money to a pool that is then lent to one of its members. This happens until everyone in the group gets a turn at receiving the money. Cestas Populares will in effect formalize this activity by capturing and reporting it to credit agencies as bona fide financial activity. In so doing, we will help create or improve participants' credit scores that in turn will open doors to low-cost credit and mainstream financial services.
Low-income, immigrant Mission residents are saving In partnership with EARN, we designed an innovative match-savings program with Mission residents’ needs and concerns in mind. The MAF IDA program expands the traditional asset-building goals of buying a house, starting a business, and paying for education to include paying for citizenship-related expenses and to begin a retirement account. We match $1-to-$1 up to $2,000 saved for Mission residents that earn up to 80% of area medium income. MAF’s IDA program requires savers to participate in a comprehensive financial management training that is both culturally-relevant and in Spanish. Trainings sessions encourage peer learning, hands-on education, and family participation. In addition, we provide MAF savers access to professional financial advisors for ongoing 1-on-1 financial coaching.
Kick off inauguration party a big success! The inaugural party was a culmination of the dedicated work by MAF’s Board of Directors who engaged Mission residents and leaders over two years to gather their thoughts and perspectives on the critical economic development needs of the community. These conversations formed the vision and mission of the Mission Asset Fund. We celebrated the launch of MAF with great food and music. Sabores del Sur, a La Cocina entrepreneur, provided delicious Chilean treats and Illary performed beautiful acoustic music of the Andes. Those who attended the inauguration also saw the premier of a wonderfully crafted video telling our story. |
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MAF’s IDA program is hitting the ground running. The first cohort of savers has completed the required financial education training and is now starting to save towards their asset-building goals. 
Over 160 community leaders, Mission residents, financial industry representatives and public officials attended MAF’s Fiesta Inaugural on June 11 at the Mission Cultural Center. The event was co-hosted by the 