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

2. 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

3. 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

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

5. 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

6. Program Outputs – Participants 6 © MAF 2011

7. Program Outputs – Loan Volume 7 © MAF 2011

8. 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

9. 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

10. 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

11. Replication is under way 11 © MAF 2011

12. 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

13. 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

14. Contact Information José Quiñonez, Executive Director jose@missionassetfund.org Mission Asset Fund | Fondo Popular de la Misión 2301 Mission St., Suite 303 San Francisco, CA 94110 www.missionassetfund.org twitter.com/MAFpajarito facebook.com/missionassetfund.org © MAF 2011