October 3, 2011 LEVERAGING CULTURAL ASSETS TO INCREASE FINANCIAL CAPABILITY SOCIETY FOR FINANCIAL EDUCATION AND PROFESSIONAL DEVELOPMENT CONFERENCE.

Slides:

Advertisements

Similar presentations

Re-Inventing Pakistan by Exploiting its potential – Can Pakistan compete? Nadeem Hussain Founding President & CEO Tameer Microfinance Bank September 28,

Advertisements

COOK INLET TRIBAL COUNCIL, INC. EMPLOYMENT & TRAINING SERVICES DEPARTMENT INDIVIDUAL DEVELOPMENT ACCOUNTS Assets for Independence Demonstration Program.

Tax Time is the Time to Save New America Foundation Capitol Hill Event Washington, DC April 21, 2009 Tax Time is the Time to Save David Marzahl Executive.

1 Lessons from the Community Advantage Program Research Funded by the Ford Foundation.

The University of Texas at El Paso Building a National Reputation By Successfully Serving its Region The University of Texas at El Paso Building a National.

U.S. Civilian Research & Development Foundation Peace and prosperity through science collaboration 1 Cathleen Campbell U.S. Civilian Research & Development.

Credit Unions Prioritising Social Gain (an approach to Micro Credit) Presentation to Open Days 2007 on Micro Credit 10 th October 2007 Liam ODwyer, CEO.

Maria Nowak, Co-founder and President of Adie (France) and of

The DHS Individual Development Account Strategy – Home Ownership Family or Individual ApplicationApproval 6-18 Month Savings Online Financial Education.

Midwest Retention Toolkit 2012 Indiana, Minnesota, Wisconsin 600 East Superior Street, Suite 404 I Duluth, MN I Ph or

How to Apply for an Interlibrary Cooperation Grant from the Alaska State Library March 23, 2013 Alaska Library Association Conference Valdez.

KENTUCKY ASSET DEVELOPMENT SUMMIT October 10, 2012 Louisville, KY.

Invest in pre-k Win valuable prizes Patte Barth National School Boards Association March 15, 2013.

A-1. Employer-Based and Location-Based Financial Services Through Credit Unions Serving your members outside the credit union walls Aziza Gary, MECU of.

Credit Card Understanding Your Credit Card Credit Cards 101 Trivia.

Exploring Innovation in Community Development Closing the wealth divide… New Ways to Help Underserved Communities Build Credit and Assets April 17, 2008.

1 BankOn Referral Network Asset Building Panel Engaging Families for Success Conference October 28, 2013.

ROTARYS NEW GRANT MODEL April ROTARYS NEW GRANT MODEL | 2 FUTURE VISION PLAN GOALS Simplify programs and processes Focus Rotarian service efforts.

Future Vision Plan Update Future Vision Plan Update October 2012 Dubai 8 Dec 2012 PDG Doros Jeropoulos.

Business Unit or Product Name © 2007 IBM Corporation Almaden Research Center IBM Service Science Research Services-- The Next Major Frontier for Research.

Your singing chance is back!! Click LIKE on this Facebook fanpage ; MFU, SALLC Singing Contest 2011 for more info. 1.Male or female students who never.

The Road to Community Impact: New Answers to Old Questions.

Money health check Take the first steps towards a better financial life.

1 MICHIGAN MUNICIPAL SERVICES AUTHORITY COLLABORATE INNOVATE SERVE Michigan Local Government Benchmarking Consortium Conference: Benchmarking for Success.

Building a Strategic Management System Office for Student Affairs, Twin Cities Campus Ground Level Work Metrics Initiatives Managing Change Change Management.

United Way of Volusia-Flagler Counties Campaign Presentation.

Oldham’s co-operative story An approach for our times Councillor Jim McMahon, Leader of the Council.

Make Your Path (MY Path™) June 7, 2013 Federation Annual Meeting Delivered By: Margaret Libby, Executive Director Mission SF Community Financial Center.

Early College, Early Success January 2014 Copyright © 2014 American Institutes for Research. All rights reserved. Results From the Early College High School.

1 Mitacs Globalink and International Research Rob Annan Interim CEO and Scientific Director October 2014.

National Cooperative Highway Research Program Andrew C. Lemer, SPO 1 NCHRP Project 20-68A/B/C U.S. Domestic Scan Program Report to the AASHTO Highway Subcommittee.

Asset Development Strategies for Persons with Disabilities

6th European University-Business Forum PARTNERSHIPS FOR JOBS AND GROWTH Social Innovation and Social Entrepreneurship Ellen Shipley, Partnership &

Mission Asset Fund: A comprehensive approach to asset building in an immigrant community NALCAB National Conference, San Francisco, California September.

Money School: Financial Stability Initiative Creating a Straight “A” Future for those we serve.

ENTER Passion Passion Is your Passion saving lives by providing a countermeasure for alcohol-impaired driving? Or, is your Passion building a business?

Esther Wong Executive Director Chinese American Service League

L ow I nterest L oans for the L ow I ncome The Society of St. Vincent de Paul Belleville, Illinois Council Pat Hogrebe, R.N., M.A. Executive Director.

Seattle Financial Empowerment Center City of Seattle.

Orange County Small Business Development Center Serving small business owners and entrepreneurs for over 19 years! Business Consulting BUSINESS PLANNING,

LOCO DAY 1. Loan Officer Job Description Application process (1-2 weeks) -analyze application -check reference and do background checks -compile list.

Grant Writing For your Youth Development Center. What is a Grant anyway?  A grant is a Contract or an agreement. It is a partnership. The grantor provides.

Welcome! AFI Program Overview AFI Resource Center.

Updates and Opportunities for Collaboration Office of Economic Opportunity EAP Fall Training 2015 Jessica Rochester, MPH August 13, 2015.

Our mission keeps us on a steady course!. A New Leaf Helping Families, Changing Lives Behavioral Health Agency since 1971 – Primary focus areas Homeless.

Strategic Partnerships that Pay Community Dividends June 7, 2013 Presented by Paul Woodruff.

Measuring the Impact of Microfinance Meritxell Martinez- CGAP European Microfinance Week 29 Nov – 1 Dec.

The Future of Financial Inclusion in the U.S. A Supply/Demand linked approach June 2, 2010 Brandee McHale Chief Operating Officer Citi Foundation.

Opening Capital to Small Business Communities & Financial Services for Low Income Communities National Association for Latino Community Asset Builders.

Personal Finance The economy in our state is affected not only by national and global markets, but is also affected by actions and decisions we make about.

Asset Building Strategies Mayors and Working Families: City Human Service Officials May 2, 2005.

NEIGHBORHOOD FUNDERS GROUP CONFERENCE Diverse Voices, Values, and Traditions: Philanthropy in the 21st Century Building Diverse Pathways to the American.

MATCHING PEOPLE TO RESOURCES HAWAI'I ALLIANCE FOR COMMUNITY- BASED ECONOMIC DEVELOPMENT October 12-14, 2011.

SLIDE 1 League for Innovation Conference March 2012.

Savings Strategies and Techniques for Low-to-Moderate Income Households Andrea Levere Seventh Annual Financial Literacy Leadership Conference,

©2011, Levi Strauss & Co. THE LEVI STRAUSS FOUNDATION International Asset Building Portfolio.

What is EARN?  Helping low-wage families save to invest in homes, education, small business  Providing money management training and coaching to help.

Washington State Microenterprise Association Strengthening Rural Families RuFES Session, SeaTac, WA.

EQUAL Community Initiative Programme for Malta Conference co-financed by the EU: European Social Fund (ESF) Co-financing Rate: 75% EU Funds;

The Saving Circle Story. Why IDAs? Alternative Financial Services Coalition SEED Winnipeg Inc. Assiniboine Credit Union Northend Stella Community Ministry.

11/7/02Michigan IDA Partnership1 Presentation to the 2002 State IDA Policy Conference St. Louis, MO November 7, 2002 Michigan IDA Partnership Eric Muschler.

"Savings for Working Families Act: Policy Implications and Models for States" Woody Widrow, Director Texas IDA Network State IDA and Asset-building Policy.

The Saskatoon Open Door Society exists to welcome and assist refugees and immigrants to become informed and effective participants in Canadian society.

Sister Societies are Proudly Sponsored by The Global Women’s Leadership Network is a World Council Program The Global Women’s Leadership Network is Chaired.

Financial empowerment as a supervitamin for public programs. Megan Kursik, CEDAM.

CultureLink Settlement and Community Services

Financial Empowerment

Board and Staff Roles 2014 Capacity Building Institute

FY19/FY20 Detroit Collective Impact Funding

Session by the Assets Alliance

Presentation transcript:

October 3, 2011 LEVERAGING CULTURAL ASSETS TO INCREASE FINANCIAL CAPABILITY SOCIETY FOR FINANCIAL EDUCATION AND PROFESSIONAL DEVELOPMENT CONFERENCE

About MAF 2 The Mission Asset Fund is an innovative, award winning nonprofit organization, working to expand access to financial services for low- income immigrant families. MAF was established in 2007 with a generous grant from the Levi Strauss Foundation © MAF 2011

Organizational Values 3 Recognize the human potential in everyone Empathize with people in their daily struggles Meet people where they are at, not where we want them to be, nor where we think they should be Build on what they have no matter how small, what shape, or form And… We bring all that we have to bear – our knowledge, insights, and passion – to help those left in the shadows and outside of mainstream society © MAF 2011

Innovative Programs Lending Circles Individual Development Accounts Resources Match Mission Action 4 © MAF 2011

Lending Circles are a Global Practice Egypt jamiyya Ghana susu Kenya mabati South Africa chita Uganda chilemba China lun-hui India kameti Japan ko Philippines paluwagan Singapore kutu Jamaica susu Mexico tanda Peru pandero 5 © MAF 2011

Program Outputs – Participants 6 © MAF 2011

Program Outputs – Loan Volume 7 © MAF 2011

Program Outcomes – Credit Scores 8 46 lending groups – 23 currently active 49 average credit score increase 4 average trade lines increase $1,200 debt decrease 0 default rate – still! © MAF 2011

Program Impact – Jessicas Story 9 Nov 08: No assets; NO CREDIT SCORE; No checking account Jan 09:Opens IDA; Enrolls in Financial Education Mar 09:Joins 1 st Cesta, $800 Jul 09:Applies for a secure credit card from MCU Sept 09: 623 CREDIT SCORE Oct 09: Joins 2 nd Cesta $2,000 Dec 09:$6,000 in IDA savings Jan 10:Gets $2,500 loan from MCU to buy $8,500 car Jul 10:Joins 3 rd Cesta $3,000 Nov 10: 703 CREDIT SCORE © MAF 2011

Lending Circles Partners 10 CEO Women, OaklandLGBT Center, San FranciscoFamily Resource Center, Fremont Community Housing Development Corporation, Richmond Center for Employment Training, San Jose International Institute of the Bay Area, San Mateo Chinese Newcomers Service Center, San Francisco APA Family Support Services, San Francisco © MAF 2011

Replication is under way 11 © MAF 2011

Evaluation 12 With support from the Ford Foundation, we contracted San Francisco State University to conduct a two year evaluation of Lending Circles – Determine the impact of the program to participants credit score through a quasi-experimental design study Determine the impact of financial education to participants through a randomize control study Report is scheduled for release in 2013 © MAF 2011

Take Away Message 13 MAFs Cestas Populares embody true partnership with immigrant families – based on recognition of who they are, and respect of what they do Financial education is most effective at changing consumer behavior when coupled with responsible financial product – people learn how to drive then they are actually behind the steering wheel of a car

Contact Information José Quiñonez, Executive Director Mission Asset Fund | Fondo Popular de la Misión 2301 Mission St., Suite 303 San Francisco, CA twitter.com/MAFpajarito facebook.com/missionassetfund.org © MAF 2011