"Having access to a bank account also brings basic things, like the ability to earn interest and write checks. Joining a bank or taking out a credit card can also means avoiding payday loans, which many poor immigrants currently do. These loans can charge exorbitant interest rates above 100 percent, or more."
"What Itzel found lying inside her mailbox just days before Christmas was a work authorization card from the U.S. Department of Homeland Security."
"The program’s success is attracting attention outside the Bay Area. The Mission Asset Fund has developed an innovative franchise approach, which is helping 15 nonprofits in six states run credit-building lending circles for their clients."
"Millions of Americans are locked out of low-cost credit markets simply because they don’t have credit scores. That’s millions of consumers who can’t qualify for a loan even when they have the ability to repay it."
"The Mission Asset Fund is like a financial version of a potluck dinner: Everyone contributes something of their own, but each individual also benefits from what everyone else brings to the table."
"Loans are used for projects such as making down payments on apartments, starting small businesses, or saving for college tuition."
"José Quiñonez entered the U.S. from Mexico when he was a child, arriving as an undocumented immigrant with members of his family. The 41-year-old is now trying to assist a new generation of Bay Area residents who also came illegally as minors and want to become legal residents."
"One gay San Francisco couple this holiday season is dreaming of a path to employment and eventual U.S. citizenship. Edgar Cruz, 28, and Gustavo Cerritos, 22, both came to the U.S. illegally as children, brought by parents seeking a better life for their families."
"A group in San Francisco has found a way to report informal lending circles popular among some immigrant groups to credit bureaus -- as a way to boost the credit scores of participants."
(In Spanish) "The same day that USCIS announced it would begin accepting applications from young immigrants for deferred action, Mission Asset Fund unveiled a new loan program designed to help dreamers to pay the cost of the request for $465."
"Daniel Lau, regional manager of the Mission Asset Fund, explained that those looking for help from MAF will only pay two-thirds of the required amount for USCIS. So instead of $465 they will only owe $310, and they can complete the payment in monthly installments of
$30-$60; the remaining $155 will be a gift from MAF."
(In Spanish) Interviews with three DREAMers who are eligible for Deferred Action and will use Mission Asset Fund's new program, Lending Circles for Dreamers, to help pay for the hefty $465 application fee.
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