"Financial Guidance Center (FGC) last week announced that through a partnership with Mission Asset Fund it will implement a lending circles program. FGC is the only non-profit in Nevada offering this social loan model, which was initially piloted in the United States in 2008."
"José Quiñonez *98 is a different kind of loan officer. His clients are primarily low-income immigrants with little or no access to credit from traditional banking institutions. His loans come with no fees or interest payments; clients borrow from each other."
"The Mission Asset Fund has a spot close to our nerdy personal finance heart. Locally based in San Francisco, the MAF takes a unique approach to providing personal finance help to low-income families."
Mission Asset Fund receives $75,000 in Program Related Investments from the Bank of the West Charitable Foundation for a Micro Business Loan Program.
On Lending Circles: "The concept's reliance on trust, community and social capital makes it appealing to the participants, but perhaps even more critical is the technology backbone."
Bankers, community advocates, innovators and regulators converge upon San Francisco for the Seventh Annual Underbanked Financial Services Forum. Travelers are encouraged to take a Bay Area financial services innovation tour and visit some of the many financial services innovators in the area.
We've all probably lent money to a friend or family member. While we hoped to see the money again, we didn't expect our generosity to help our credit scores. But what if it did? A non-profit in San Francisco's Mission District has found a way to report these informal loans to credit bureaus.
The top organizations stepping forward to provide underserved, low-income folks with innovative tools for building credit.
Many families are facing tough choices during the continuing economic recession. From foreclosures to job losses, more than ever it’s necessary to spend wisely and save for that rainy day.
"Pablo Velez, 34, a Colombian immigrant, has been waiting for this moment for five years: In November he will be eligible to apply for citizenship."
"We plan on utilizing lending circles for different segments of people that we service," including entrepreneurs, people who are looking to repair their credit, and potential job seekers, he said. He said they are going to try to have each group represent a different segment, "but we expect them to be intertwined as well."
"The Mission Asset Fund is looking for individuals to participate in a community-based study about the financial wellness of low-income communities in the San Francisco Bay Area."
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