Financial Service Advocacy - Mission Asset Fund
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Transcript of Financial Service Advocacy - Mission Asset Fund
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ASSET BUILDING AND FINANCIAL SERVICE ADVOCACY FOR IMMIGRANT COMMUNITIES
CFED 2008 Assets Learning Conference, Washington DC
September 12, 2008
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About MAF
The Mission Asset Fund is the first neighborhood-based, community-led, asset-building organization in the country
Our mission is to expand access to financial services, savings and investment opportunities for residents of the Mission District to build a more secure economic future for themselves, their families and their community
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Our History
Levi Strauss & Co. sold their factory on Valencia St.
$1 million commitment to Levi Strauss Foundation for Mission community development project
MAF committee formed – community leaders and LSF senior staff
Committee held community forums to explore how funds could be used to support residents
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Community Engagement
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The Mission District
The Mission is a vibrant working-class community with a long history as a gateway for new immigrants; rich in social networks, active civic engagement, and strong nonprofit leadership.
The 1.5 square mile neighborhood is densely populated with over 60,000 residents, including 50 percent Latino and 11 percent Asian/Pacific Islander households.
Nearly one-half of Mission residents are Spanish speakers and more than one-in-three speak only Spanish.
Forty-five percent of Mission residents are foreign-born.
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…in pictures
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…in pictures
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…in video
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Why don’t we “own” our community?
Nationally, for every $1 dollar in assets held by a white household, a Latino household only has 13.2 cents
About half (50 percent) of Mexican immigrants do not have a savings or checking account – same is true for half of all Latino adults in the Mission
22 percent of Latinos don’t have a credit history – same is true for 44 percent of all households in the Mission
In the Mission, the number (22) of pawnshops, check-cashers and payday lenders is almost twice the number (12) of banks
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Create asset-building programs that fit the realities of Mission residents
Matched Savings Accounts (IDAs) Accessible to individuals in low-income households earning up to
80% of AMI
$1:$2 match towards the following goals: Homeownership Small business Education/training
$1:$1 match to help remove barriers to asset-building, particularly towards the following goals:
Citizenship fees Penalties associated with adjusting immigration status Retirement savings
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Create culturally-relevant financial products
Cestas Populares Built on immigrant tradition of lending circles, Cestas Populares
will help participants create and build mainstream credit ‘Cestas’ or ‘Tandas’ traditionally function as rotating, interest free,
credit associations; they are voluntarily formed by a group of participants who agree to make regular contributions to a fund, which is distributed in whole or in part to each contributor in rotation
Cestas Populares will recognize this informal financial activity and report it to credit agencies
Provide wrap-around financial education services and information to help cesta members transition to the financial mainstream
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Create culturally-relevant financial services
Financial Coaching Help clients understand and access financial products and
services; and to develop long-term financial plans
Promotoras Train and support peer organizers to connect residents to asset-
building opportunities
Cooperativas Provide technical assistance, education and support to worker-
owned business and housing co-ops
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Take Away Messages
Asset-building programs and policies work for Latino, immigrant communities
MAF is creating culturally-relevant financial products that bridge the path into the financial mainstream
MAF’s culturally-relevant products are viable alternatives to predatory lenders
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José Quiñonez, Executive [email protected]
Mission Asset Fund
1500 South Van Ness Ave #200
San Francisco, CA 94110
www.missionassetfund.org
www.fondopopular.org