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$2,500,000+ FUND TO HELP DREAMERS
RENEW DACA BY OCTOBER 5

San Francisco, CA – September 22, 2017 – Mission Asset Fund (MAF) today announced it has surpassed its original fundraising goal and will now be able to provide $2,500,000 in scholarships to 5,000+ Dreamers to pay for DACA renewals by the October 5 deadline.

Early this month, the Trump administration announced that the Deferred Action for Childhood Arrivals (DACA) Program is ending. DACA has provided security, safety, and a livelihood for 800,000 young people commonly known as “Dreamers.” Of the 154,000 Dreamers eligible to renew their DACA permits before the program ends in six months, most will be able to cover the application costs themselves. For those Dreamers who are eligible for renewal but can’t afford the $495 application fee, MAF is stepping in with a solution now available nationwide: scholarships to help Dreamers renew their DACA status (LC4DACA.org).

Between now and the October 5 deadline, MAF will provide 5,000+ Dreamers with scholarships of $495 to renew their DACA permit. 3,000+ scholarships across the United States have already been issued to DACA recipients through this fund. Dreamers are urged to not delay – sending in their applications before the October 5 deadline is crucial – get a scholarship in 48 hours at LC4DACA.org. Capital to finance these scholarships come from the DACA Renewal Fund, launched earlier this month with growing support from the philanthropic community.

“We were shocked and horrified to learn that President Trump ended DACA,” says José Quiñonez, MAF’s CEO and 2016 MacArthur “Genius” Fellow. He added, “We sprang into action once we saw a small window of opportunity to help thousands of Dreamers to renew their protective status. The time to help these young people is now.”

DACA recipients with a permit expiring between now and March 5 across the nation are eligible to receive the scholarships. As time is of the essence, this online scholarship will be processed within a day, with same-day checks available in San Francisco and by overnight mail in other parts of the country.

MAF has a long history of working with Dreamers and has helped hundreds to pay for DACA application fees using a 0% interest loan. This initiative—offering scholarships within 24-48 hours to Dreamers—builds on this track record of success. DACA recipients with expiring permits are encouraged to visit LC4DACA.org and apply immediately.

Philanthropic supporters of this fund include: the Weingart Foundation, The California Endowment, The James Irvine Foundation, The Marin Community Foundation, The Klarman Family Foundation, The Crankstart Foundation, The Chavez Family Foundation, The San Francisco Foundation, The Department of OCEIA in SF, and from the generosity of individual donors across the country.

About MAF

Mission Asset Fund (MAF) is a 501c3 nonprofit on a mission to build a fair financial marketplace for all. Over 7,000 people across the country have used MAF’s award-winning financial services programs to increase credit scores, pay down debt, and save for important goals like becoming a homeowner, a student, or a U.S. citizen. MAF currently manages a national network of over 50 Lending Circles providers in 17 states and Washington, D.C.

FOR IMMEDIATE RELEASE
Media Contact:
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$1,000,000 FUND ANNOUNCED TO HELP DREAMERS
RENEW DACA BY OCTOBER 5

San Francisco, CA – September 13, 2017 – Mission Asset Fund (MAF) today announced it will provide $1,000,000 in scholarships to 2,000+ Dreamers to pay for DACA renewals by the October 5 deadline.

Last week, the Trump administration announced that the Deferred Action for Childhood Arrivals (DACA) Program is ending. DACA has provided security, safety, and a livelihood for 800,000 young people commonly known as “Dreamers.” Of the 154,000 Dreamers eligible to renew their DACA permits before the program ends in six months, most will be able to cover the application costs themselves. For those Dreamers who are eligible for renewal but can’t afford the $495 application fee, MAF is stepping in with a solution now available nationwide: scholarships to help Dreamers renew their DACA status (LC4DACA.org).

Between now and the October 5 deadline, MAF will provide 2,000 Dreamers with scholarships of $495 to renew their DACA permit. Capital to finance these scholarships come from the DACA Renewal Fund, launched this week with growing support from the philanthropic community.

“We were shocked and horrified to learn that President Trump ended DACA,” says José Quiñonez, MAF’s CEO and 2016 MacArthur “Genius” Fellow. He added, “We sprang into action once we saw a small window of opportunity to help thousands of Dreamers to renew their protective status. The time to help these young people is now.”

DACA recipients with a permit expiring between now and March 5 across the nation are eligible to receive the scholarships. $500,000 of the fund is being specifically targeted to California students attending community colleges, at California State Universities, and the University of California. As time is of the essence, this online scholarship will be processed within a day, with same-day checks available in San Francisco and by overnight mail in other parts of the country.

MAF has a long history of working with Dreamers and has helped hundreds to pay for DACA application fees using a 0% interest loan. This initiative—offering scholarships within 24-48 hours to Dreamers—builds on this track record of success. DACA recipients with expiring permits are encouraged to visit LC4DACA.org and apply immediately.

Philanthropic supporters of this fund include: the Weingart Foundation, The James Irvine Foundation, The Chavez Family Foundation, and San Francisco Foundation.

About MAF

Mission Asset Fund (MAF) is a 501c3 nonprofit on a mission to build a fair financial marketplace for all. Over 7,000 people across the country have used MAF’s award-winning financial services programs to increase credit scores, pay down debt, and save for important goals like becoming a homeowner, a student, or a U.S. citizen. MAF currently manages a national network of over 50 Lending Circles providers in 17 states and Washington, D.C.

Meet the Adelante Advisory Council

At the end of 2016, an exciting group formed at MAF: the Adelante Advisory Council (AAC) is MAF’s first-ever committee devoted exclusively to leveraging the best of fundraising and marketing resources to garner support for MAF’s programs and, more importantly, to raise awareness about the issues facing people living in the financial shadows.

The seven members of the AAC are passionate Bay Area professionals, each of whom brings a unique set of skills and expertise. They are united by their shared belief that everyone deserves a fair shot at financial freedom. AAC members collaborate with the MAF team to support fundraising initiatives, provide strategic advice, and serve as ambassadors for MAF’s work and mission.

Please join us in welcoming the Adelante Advisory Council to the MAF family! If you’re interested in becoming a member of the AAC, please reach out to [email protected]. We’d love to hear from you.

Read on to get to know a few of these new MAF ambassadors and learn why they joined the AAC.

Sally Rothman

Director of Operations at Wanelo

Why I joined AAC: “I joined MAF because I believe that everyone deserves equal financial opportunity. Certain communities, particularly low-income and immigrant families, are currently excluded from the financial marketplace. The work that MAF does is crucial to building opportunity and an even playing field for all.”

Jessica Leggett

Founder and CEO of Seven + Gold LLC, MAF Board Member

Why I joined the AAC: “I’m hoping to help spread the news about the incredible work MAF is doing and grow our supporters so we can expand and deepen our impact.”

Cyana Chilton

Equity Investment Analyst at Capital Group

Why I joined the AAC: “I joined because I am inspired by MAF’s work and I’d like to participate in making our financial system more inclusive.”

Peter Meredith

Marketing, Design, and Fundraising Consultant
Why I joined AAC: “I believe that innovation is essential in creating a more just world. I look forward to helping MAF build its base of support so it can expand its pioneering work.”

Dave Krimm

President of Noe Valley Advisors, President of the Board of Directors at MAF

Why I joined AAC: “I joined MAF because I’m passionate about the positive impact that microloans can make for low- and middle-income families and individuals, particularly in immigrant communities. I joined the AAC to help broaden and strengthen MAF’s outreach to individual donors, and shape our communications at a time when low-income and immigrant communities are under extraordinary pressure. Now more than ever, MAF’s financial services can be a critical resource.”

 

Many thanks to all of our Adelante Advisory Council members:

Cyana Chilton, Capital Group
David Krimm, Consultant
Jessica Leggett, Seven + Gold LLC
Peter Meredith, Independent Consultant
Sally Rothman, Wanelo
Jesus Sandoval, Shoreline Investment Management Co.

Special thanks to Sally Rothman for contributing content to this article.

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Follow our Champion Spotlight series, where we introduce you to our great Social Investors and honor their actions to support financial empowerment through credit-building.

Meet Gaby Zamudio, a bilingual developer specializing in UI and an all-around positive, people person who’s always looking for opportunities to use her tech skills to support local nonprofits. Gaby is the Co-Founder of Meraki Creative, a community for women entrepreneurs and a former developer at Thoughtworks. Since 2016, she’s been a member of MAF’s Technology Advisory Council (TAC), a group of professionals from leading Bay Area tech companies who provide leadership, advice, and counsel to help MAF use technology to best meet the financial needs of low-income consumers.

We had the opportunity to sit down with Gaby and learn more about what drives her to support MAF.

MAF: Tell us about yourself. Hobbies, interests, passions?

GZ: I’m trained as a UI developer and designer, and I love finding creative ways to display data and information. I recently had the opportunity to serve as an instructional assistant in a front-end development course at General Assembly here in San Francisco.

A fun fact that most people don’t know about me is that I played table tennis (a.k.a. ping pong) growing up, and had the chance to represent my region at competitions. Usually I was the only woman participating, which prepared me for the tech industry, where I often have a similar experience.

MAF: What issues spur you to action?

GZ: First, social justice has always been important to me. I was raised during a period of internal conflict in Peru when there were two powerful terrorist parties, so it was a dangerous time. Many people disappeared. My mom worked for a human rights organization and my dad was a sociologist and activist. My mom put so much into her work. As a child, I remember wishing I could see her more, and then opening my heart to realize that maybe other people needed my mom more than me. I felt conflicted because unlike many others, I had food and a safe place to sleep. But I so easily could have been in their position. This experience shaped my commitment to creating a more socially and economically just world.

Second, I care deeply about immigrant rights.

I moved to the U.S. from Peru by myself at age 19, so I can relate to the experience of immigrants in this country.

Finally, I’m passionate about the environment. Growing up in a mining town, I’ve seen how these industries contaminate our communities. If we don’t protect our environment, we won’t be able to make progress on other issues like social justice and education.

MAF: What made you want to get involved with MAF?

GZ: I first heard about MAF through a friend who had participated in a Lending Circle, and I immediately recognized the practice. In Peru, many people participate in panderos to save money for big purchases while being accountable to a group. I love how MAF connects the practice of saving in a group with credit-building and financial education.

When I moved to the U.S. by myself, the financial system here was completely new to me. I didn’t know what credit was.

When I started college, it was confusing to navigate the student loan process. I could have easily taken out more loans than I needed and gotten myself into a hole I couldn’t get out of. Thankfully, that didn’t happen. But my experience taught me that everyone – not just immigrants – can benefit from more information and tools to navigate the financial system.

A few years after first learning of MAF, a friend suggested I look into MAF’s new Technology Advisory Council (TAC). Nonprofits don’t usually have the same resources for tech that for-profit companies do, and I’m honored to use my technical expertise to add to MAF’s tech capacity and help create a bigger impact.

MAF: Why do you invest your time and skills in the work we do together?

GZ: For me, it’s about empowering people. At the first TAC meeting, I had the chance to meet Luis, who now owns D’maize, a Salvadoran restaurant in San Francisco. A loan from MAF enabled him and his wife to build credit scores and then access bigger loans to grow their business. They eventually hired staff from their community, and now they give back by donating catering for their son’s events.

I hope to be a granito de arena (grain of sand) supporting this amazing ripple effect.

MAF: What are you looking forward to in your work with MAF in the next few months?

GZ: I’m looking forward to supporting the development of the Lending Circles App and seeing the final version once it’s ready. I feel proud to have helped shaped the design of this one-of-a-kind app. I hope the MAF team feels just as proud! I’m also excited to reflect on what we’ve learned from this process as we move forward with more tech products.

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Hierarchy-of-Financial-Needs-Mission-Asset-Fund

Financial Emergency Action Plan for Immigrants

Detention and deportation can have a huge impact on a family’s finances. What happens to a car, apartment, or money in a checking account?

MAF’s new Financial Emergency Action Plan for Immigrants is an action-oriented tool that offers concrete tips to help families plan ahead and keep their money and belongings safe in the case of an immigration emergency. Topics include:

  • Protect your money: Simple steps to keep your money safe and accessible – from setting up online accounts to automatic bill pay
  • Protect your belongings: How to take stock of your belongings, why to consider getting insurance, and how to make a plan for all your belongings
  • Prepare for an emergency: Tips to help you set a savings goal, protect your credit card or set up a crowdfunding campaign
  • Create an action plan: Each section includes checklists and templates so you’ll know exactly what to do to prepare

Upcoming events

Join us for one of our upcoming information sessions via webinar or in-person. These are great opportunities for nonprofit, foundation, or government staff to access to the guide, get trained on how to implement the content, and start sharing it with the community.

Want to request a speaker?

In the media

Thanks to our collaborators

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MAF is thrilled to welcome four new members to our Board of Directors! They bring rich experience in law, financial tech, consumer advocacy, and business. Read on to learn more about these inspiring leaders and what motivates the work they do.

Meet Alexandra

Before joining her current law firm as a Financial Services Partner and lead of the FinTech team, Alexandra worked as Senior Counsel in the CFPB’s Office of Law and Policy.

Alexandra learned about the power of informal lending practices at an early age while growing up in Monterrey, Mexico.

Her grandmother, a landlord, used to organize tandas to help tenants afford rent and other expenses.

Alexandra remembers witnessing firsthand how the capital from tandas helped people cover medical bills, car repairs, and other unexpected expenses. She’s eager to bring her legal training, experience in consumer protection, and deep personal connection to fair lending to her role with MAF.

Meet Cara

As a corporate attorney for Dropbox, Cara brings valuable experience in the legal, finance, and tech spheres to her role as a Board Member. Before Dropbox, she held the role of Vice President & Counsel at BlackRock, where she specialized in alternative investment vehicles and provided advice on legal, regulatory, and general corporate matters.

Cara has an inspiring track record of leveraging her skills and expertise in the interest of justice.

Since becoming an attorney, she has provided pro bono immigration legal services to many of the same communities that are part of MAF’s Lending Circles network.

When asked what drew her to MAF, she shared, “What I see in MAF excites me deeply: an organization that has already found a sustainable, elegant, and effective way to foster financial inclusion of communities most in need.”

Meet Lissa

With 12 rich years of experience as a management consultant at McKinsey, Lissa is passionate about all things teams: cultivating and retaining talent, adapting to change, and building a purposeful culture. As Co-leader of McKinsey’s OrgSolutions, which provides clients with innovative design technology and advanced analytics to help them make the best decisions for their organizations.

Lissa shares that she’s long been dedicated to tackling income and asset inequality at its roots.

Over the past year, she’s found herself growing ever more passionate about defending the idea of an inclusive America.

She sees great potential in MAF’s Lending Circles model, which she describes as “both powerful and powerfully simple.”

Meet Sagar

A seasoned tech and finance professional with a passion for social justice, Sagar currently directs Strategy and Operations at Salesforce. In addition to his tech savvy, he brings valuable experience as a former member of the Big Brothers Big Sisters leadership board in Chicago.

His passion for financial inclusion stems from his family’s immigration story.

When his parents came to the U.S. from India, they had little savings and no credit history, and they struggled to make ends meet.

It was the generous help of family friends that helped them get on their feet and begin to build a future for themselves. Sagar knows that a strong social network can make or break someone’s ability to thrive, and he sees his role with MAF as an opportunity to build that network for others.


We’re delighted to welcome Alexandra, Cara, Lissa, and Sagar to MAF’s board!

We’re grateful to them for lending their skills and talents to help us take our work to the next level. ¡Adelante!

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At MAF, we’re always looking for an excuse to share stories. In celebration of Mama’s Day 2017, a few MAF staff members and Lending Circles clients told us about their moms, grandmas, and chosen mothers—and just what makes them so special.

She’s an inspiring example of resilience for me.

Charu, aka “mom” (Chicago, IL)

Well, aside from the fact that she’s simply the most radiant woman I know, she’s hilarious—especially when she’s feeling #nofilter. She has the best commentary when we’re watching Bollywood movies together.

I also admire her creativity and her drive to keep learning and trying new things. In addition to being my mother, she sells her handmade jewelry at trunk shows and craft fairs around Chicago, and she teaches, performs, and delights her family with her Indian classical music singing!

$$ LESSONS: She taught me the importance of financial independence. As a result, I’ve made an effort to spend wisely, save consistently, and manage my debts responsibly.

– SAMHITA, Partner Success Manager

I lost my mother 10 years ago, and Reyna stepped up to the plate.

Reyna, aka “mama” (San Francisco, CA)

Reyna is my best friend’s mother, but I felt a very motherly love from her from the moment I met her. She is hilarious, hardworking, and she has a drive at the age of 52 that can barely keep up with! She told me, “no matter what you need, I am here.” She has done that—and more.

$$ LESSONS: Never give up. Reyna struggled as an immigrant coming to this country 25 years ago. I went through similar immigration battles, but thanks to her guidance early on and her unconditional love and support, I was able to persevere. She even told me about a traditional lending circle (long before I discovered MAF!) she had been part of, and she encouraged me to join. That helped me save money for all the costs that came along with my immigration process.

– SHWETA, Lending Circles Client, Member Advisory Council

She’s the most selfless person I know.

Irene, aka “mom” or “Reeny” (Long Island, NY)

She is a deeply and naturally generous person. I always joke that she never sits down at dinner because she is making sure everyone else has what they need. She’s taught me to find the humor and a silver lining when things don’t go as planned. This was especially relevant while we were planning my wedding!

$$ LESSONS: Her own mother passed away when she was 19, so my mom had to learn by necessity how to save for the future, spend wisely, and stretch a dollar. She instilled in me from an early age the value of being intentional about spending. Sometimes it’s worth paying a little extra for something if you anticipate keeping it for a long time. Don’t be tempted by things that are inexpensive in the short term—that’s often a waste of money.

ALYSSA, Partner Success Manager

She’s always been hardworking and trustworthy. Now she has the credit score to prove it.

Celia (San Francisco, CA)

Oh, my mother is so special! She is my inspiration, my role model. She is joyful and courageous. No matter what life obstacles she faces, she is fearless with a smile on her face.

$$ LESSONS: She’s a natural leader, and people flock to her for advice. People would come to her with their money problems. She created many lending circles in her community to help people pool resources and build savings. Although my mother has always been a dedicated saver, she didn’t have the opportunity to establish a credit history. I was thrilled to introduce her to MAF. After participating in a few of MAF’s Lending Circles, she’s built a beautiful credit score for herself!

PATRICIA, Lending Circles Client, Member Advisory Council

She’s a fighter.

Ana, aka “mami” (San Francisco, CA)

My mom? She raised three girls on her own. She overcame enormous obstacles to put food on the table and a roof over our heads.

$$ LESSONS: When I was about ten years old, before we moved to the U.S. from El Salvador, my mom helped my sister and me get a little business going that we ran out of our house. We offered two distinct services: photocopying (we’d invested in a printer) and chocolate-covered bananas (official name: chocobananas). We didn’t even have to advertise—people just knew to come to us for their printing and chocobanana needs. And we learned some very valuable lessons from this entrepreneurial venture, most importantly: 1) work hard; 2) try not to eat all the chocobananas in your inventory. Those lessons continue to guide me to this day.

KARLA, Client Success Manager

She was one of the first women from her home state of Orissa, India, to attend medical school.

Sarat, aka “Mama” (Odisha, India)

There’s so much I admire about my grandmother: her ambition, intellect, passion, and humor, just to name a few. And she’s given me so many gifts throughout my life. My grandmother has been my yogi. It’s thanks to her that I developed my own yoga practice and have even taught yoga a different points in my life. Another gift that I cherish: her stories. Her letters, previously handwritten and in more recent years delivered by email, are simply the best.

$$ LESSONS: My grandmother taught me the importance of savings and frugality. She would know. It was her rupee-pinching and homemaking that ensured opportunities for her children and grandchildren. She instilled in me an appreciation of the importance of being able to stand financially on my own two feet.

MOHAN, Director of Programs and Engagement

My 엄마 / umma is my #1 bae.

Young Ki, aka 엄마 (Queens, NY)

She’s her own type of “tiger mom.” She never pressured my brother and me to get straight A’s but instead to find and pursue our passions. She’s a fierce dreamer who came to NYC with no idea what was going to happen to her. I’ve definitely inherited that idealism and rebellious spirit. I also inherited her love for food. Growing up, we weren’t always able to communicate in Korean or English too well. I learned that a pungent bite of kimchi could literally mean “I love you.”

$$ LESSONS: My mom taught me the importance of taking risks. She never saw money as an end goal but always as a means to something more. She was the one who pushed my dad in owning our grocery business, purchasing our first home, and investing in my brother’s and my college educations. Her financial philosophy guides and inspires me.

JAY, People, Fun & Culture Coordinator

She exudes joy, warmth, and love.

Nilsa, aka “mama” (Mission District, SF)

My mom is the most powerful woman I know. I look up to her, and everything I do is to make her proud. I feel very fortunate and honored that she is the woman that raised me into who I am today. She’s given me so many gifts over the years: excellent hugs, wise and compassionate advice, and a love for music and salsa dancing.

$$ LESSONS: My mom has taught me so many important financial lessons that have saved me money and heartache, and I’ve been sure to pass them down to my own children. And those lessons have been about more than just money. They’re about life: save consistently and manage your money wisely, no matter how much you have or earn. Focus on paying your bills and rent on time; worry about the wants later.

DORIS, Client Success Manager

She is one of my “five stars,” the five most influential women in my life.

Sulochana, aka hajurmuma (Kathmandu, Nepal)

Hajurmuma is the official term for grandmother in Nepali – hajur means “with respect” and muma means “mom.” And my grandmother is worthy of every ounce of respect. I so deeply admire her strength, grace, and beauty. She’s taught me so many important lessons that have made me the person I am today. Her best piece of advice? That no matter what happens in life, you must always remember to dance. It keeps your spirit alive.

$$ LESSONS: My grandmother’s life is an example of the lessons she’s taught me: the importance of working hard, getting a good education, and achieving financial independence. As a young widow, my grandmother managed to successfully run a business in her community in Nepal. In those days, it was unheard of for a woman to do that. I am so inspired by her bravery and independence! She also bought me my first piggy bank and taught me my first lesson in finances: “save, save, save.” That’s a lesson I have practiced to this day, and finance has become my life’s work.

SUSHMINA, Accounting Specialist

No one can make spare ribs and asparagus like she does…

Chau Phung, aka “mom” (San Francisco, CA)

There are many things I love about my mom… But one of the first things that comes to mind is her cooking! She is a very talented cook and baker. And she has shared those skills and her passion with me!

$$ LESSONS: Well, considering I’m the Financial Services Associate at MAF, you can probably guess that finance is pretty important to me. And that’s all thanks to my mother. From the time I was very young, my mom always made a point to teach me important financial skills so I would be independent and prepared for the future. She taught me how to make a budget, stick to it, and save for a rainy day. She’s a dedicated saver—no matter what challenges came up, she always had savings to count on. She’s diligent about living within her means and not overspending. I’m grateful to have learned those skills from her.

JENNIFER, Financial Services Associate

My mother is superwoman incarnate.

Sonia, aka “mami” (Key Biscayne, Florida)

Take for example: her daily routine when we were kids. She would get us all fed and out the door, go to work managing senior home care services, squeeze in a quick 30-mile bike ride, and finish the day off cooking a delicious dinner while singing along to her iPod. Her energy and upbeat attitude radiate from her. Through the ups and downs of life, she keeps us all in good spirits.

$$ LESSONS: Starting when I was little kid, my mom would “encourage” (um, force) me to put my birthday money straight into savings. She even gave me a credit card on my 18th birthday to teach me about credit and how to build it slowly! It was painful back then, but I’m forever grateful for those lessons.

CARLOS, Partner Success Manager

Thank you, Mom.

With love,

The MAFistas

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Follow our Champion Spotlight series, where we introduce you to our great Social Investors and honor their actions to support financial empowerment through credit-building.

Meet Jessica Leggett, a skilled and experienced investor and entrepreneur. Originally from Texas, Jessica spent 15 years investing in commercial real estate in New York City while supporting several youth-oriented education organizations in her spare time. When she and her family relocated to the Bay Area two years ago, she combined her passion for service with her career aspirations, founding Seven + Gold LLC, a mission-based investment platform that provides capital and strategic advisory services to early stage companies.

A dedicated donor, Jessica joined the MAF Board of Directors in the summer of 2016. She also serves as the Co-Chair of MAF’s Adelante Advisory Council, a group of Bay Area innovators helping to raise financial support and awareness for MAF.

We had the chance to sit down with Jessica to chat with her about her professional journey and what motivates her to do the work she does.

MAF: Tell us about yourself. Hobbies, interests, passions?

JL: Supporting social impact is a cornerstone for my family, whether it’s volunteering in my son’s preschool class to serving meals to those in need or investing in mission-driven companies. By focusing on social innovation, my goal is to leave a positive legacy for my children and future generations. I also take great satisfaction in the creative arts and design in any form – whether it’s personal endeavors like pottery, home design, or even enjoying beautiful spaces like my local coffee shop! I also love being outside and especially being near water, so I enjoy going on hikes, fly fishing, and boating. The energy and pace of the city have really helped me appreciate the contrast and importance of getting outdoors.

MAF: What issues spur you to action?

JL: For me, it all boils down to creating opportunity for all. I want to help solve systemic issues that create disadvantages for certain communities. Within that construct, I’ve focused on a few major issues. First, economic inclusion: making sure that everyone has access to opportunities to live a good life and a safety net for the inevitable bumps in the road. Second, education: making sure every child has access to age-appropriate curricula and appropriately resourced learning environments. Many areas within our communities are severely resource-constrained, putting children at a disadvantage. Third, the environment: minimizing our impact on natural resources and identifying ways we can take responsibility and be accountable for improving our world.

MAF: What made you want to get involved with MAF?

JL: Shortly after my family moved to San Francisco, I spoke with MAF’s executive team at a Tipping Point Community board match event. A goal of mine was to join the board of a small but impactful organization, with potential to grow and serve clients across the country. I was really drawn to the organization’s focus on creating system-wide change with broad scalability. I was attracted to MAF’s national reach and scalable approach, and appreciated the professionalism of MAF’s staff and the data-driven approach to creating social impact. Joining the board was a perfect fit!

MAF: What are you looking forward to in your work with MAF in the next few months?

JL: I am excited to see how MAF continues to address the ever-changing needs of its constituents, like developing innovative products to address the current crisis facing the immigrant community.

I can’t wait to see MAF continue to challenge the status quo and create broader and deeper impact. I am really proud to be part of this terrific organization.

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This post first appeared on the Aspen Institute’s blog. It was written by MAF’s CEO José A. Quiñonez in preparation for a panel on the Racial Wealth Gap at the Aspen Institute’s 2017 Summit on Inequality and Opportunity

Here’s what we know about wealth inequality in America today: It’s real, it’s huge, and it’s growing. Barring substantial policy change, it would take 228 years for black households to catch up to white households’ wealth, and 84 years for Latinxs to do the same. This matters because wealth is a safety net. Without that cushion, too many families live just one job loss, illness, or divorce away from financial ruin.

Here’s another thing we know: Contrary to popular opinion, wealth inequality between racial groups did not come about because one group of people didn’t work hard enough, or save enough, or make savvy enough investment decisions than the other.

How did it come about, then? The short answer: history. Centuries of slavery and the bitter decades of legal segregation laid the groundwork. Discriminatory laws and policies against people of color made things worse. The G.I. Bill of 1944, for example, helped white families buy homes, attend college, and accumulate wealth. People of color were largely excluded from these asset-building opportunities.

Today’s racial wealth divide is the financial legacy of our country’s long history of institutionalized racism.

The factor of time is, in some ways, foundational to these findings. Sociologistseconomists, and journalists alike all underscore how the racial wealth gap was created and exacerbated over time. But when it comes to the question of new Americans—the millions of us who have joined this nation in recent decades—time often gets glossed over in racial wealth gap conversations.

Immigrants’ creative survival strategies and rich cultural and social resources could help inform better policy interventions.

Reports generally illustrate the racial wealth gap by, understandably, placing the average wealth of different racial groups side by side and observing the gaping chasm that divides them. For example, in 2012, the average white household owned $13 in wealth for every dollar owned by black households, and $10 in wealth for every dollar owned by Latinx households. This story matters. There is no denying that. But what might we learn from investigating wealth inequality with more attention to immigration?

A report by the Pew Research Center divided the population of adults in 2012 into three cohorts: first-generation (foreign-born), second-generation (US-born with at least one immigrant parent), and third-and-higher generation (two US-born parents).

Here’s how the numbers look when broken down by race:

Clearly these racial groups have very different American stories.

The vast majority of Latinxs and Asians are new Americans. Seventy percent of Latinx adults and 93 percent of Asian adults are either first- or second-generation Americans. In contrast, a mere 11 percent of white and 14 percent of black adults are in the same generational cohorts.

By comparison, the latter groups have been in the United States for much longer. And given their relatively comparable tenure in the US, it makes sense to place their data side by side.

But comparing the wealth of Latinxs—half of whom are first-generation Americans—to that of white families, 89 percent of whom have been in the US for many generations, seems to raise more questions than it answers.

Instead, we could add nuance and context to our analysis by measuring the differences in wealth between racial groups within generational cohorts; or by comparing members of different groups who share key demographic characteristics; or even better still, by measuring the financial impact of policy interventions within specific groups.

For example, we could investigate the financial trajectories of young immigrants after they received Deferred Action for Childhood Arrivals (DACA) in 2012. Did they improve their income, build their savings, or even acquire appreciating assets, as compared with their peers?

We could go further back in time and explore what happened to the generation of immigrants who were granted amnesty under the Immigration Reform and Control Act of 1986 (IRCA). What did emergence from the shadows mean for their assets and wealth? How does their wealth compare with those who remained undocumented?

These contextual comparisons can give us space not just to quantify what’s missing from people’s lives, but also to discover what works.

Their creative survival strategies and rich cultural and social resources could help inform better policy interventions and program developments.

Bringing the story of new Americans into our conversations about wealth inequality will deepen our understanding of these disparities and the distinct forms they take for different groups. That’s what we need to develop the bold policies and innovative programs needed to narrow the stark racial wealth divide we face today.

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Citizenship for New Yorkers

Building a wall, the Muslim and refugee ban, sanctuary cities, an uncertain future for DREAMers: under the current administration, immigrants from all walks of life are under attack.

In February, NPR reported that even green card holders are afraid; they’re now applying for citizenship at unprecedented rates.

That’s because citizenship offers protection and security.

America has a long history of welcoming people from all over the world. During the last decade, the U.S. added more than 6.6 million citizens into the fabric of our nation, with 730,000 in 2015 alone. But there are many people eligible for citizenship who don’t apply.

One of the biggest barriers? Cost.

Lending Circles can pave the way to opportunity.

In the 2017 State of the State Book, Governor Cuomo makes a commitment to protect the safety, security, and dignity of immigrants. In just a few months, nonprofits in New York State will be able to offer Lending Circles loans to people who can’t afford to become citizens or lack access to financial products.

Why is this work critical?

  • Because immigrants represent one out of five New Yorkers and contribute significantly to the state’s economy as business owners, workers, consumers, and taxpayers.
  • Nearly one million New Yorkers are eligible to become U.S. citizens, but many are unable to do so because they cannot afford the $725 application fee.
  • While some qualify for fee waivers, this cost barrier stands between 158,000 New Yorkers and citizenship.
  • MAF is proud to join forces with the good people of the State of New York to pave the way to financial security for New Yorkers through 0% interest loans.

Want to help?

  • Get informed. Check out the State of the State book (page 172) and keep an eye out for more updates coming soon.
  • Get invested. Any new expansion or effort requires new support. Help us build our Lending Circles community in New York!
  • Get in touch. We’ll be in New York soon and would love to continue the conversation in person. Email us at [email protected].

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