MAOF to Bring Social Loan Program to Latino Families

LC-Credit-HeaderMexican American Opportunity Foundation has joined a network of national nonprofit providers to offer the award-winning social loan program, Lending Circles, managed by the San Francisco based nonprofit, Mission Asset Fund (MAF). The program helps build credit scores and savings for a diverse group of low-income individuals, including entrepreneurs and small business owners, immigrants, aspiring citizens, undocumented youth applying for DACA, students, and families. Participants in the program will be able to access zero-interest, zero-fee loans, financial education and improved credit scores.

The Lending Circles program is currently offered in six states with more than 20 nonprofit organizations and has been in Los Angeles since 2012. The new partnership with MAOF is funded by Citi Foundation and JP Morgan Chase and was coordinated by the Center for Asset Building Opportunities and CFED.

“We are thrilled to join Mission Asset Fund’s roster of partner nonprofit organizations,” says Martin Castro, President and CEO of the Mexican American Opportunity Foundation.  “As a trusted source of financial literacy and asset-building resources in Los Angeles, MAOF is eager to introduce Mission Asset Fund’s Lending Circles program to our community and expand our menu of services.”

“MAF is excited to partner with Mexican American Opportunity Foundation to further expand Lending Circles in Los Angeles and support the economic empowerment of the Latino community,” says Jose Quiñonez, CEO of MAF. “The success of our program is based on the time-honored practice of communities coming together to help one another lend and borrow money, a tradition that is familiar to Latino families, and then building on that to help the millions of people who are living in the financial shadows achieve increase financial capability.”

Click here for more information on the Lending Circles program.

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