Transcript Slide 1

Mission Asset Fund:
A comprehensive approach to asset
building in an immigrant community
NALCAB National Conference, San Francisco, California
September 4, 2008
About MAF

The Mission Asset Fund is the first neighborhoodbased, 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
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.
Forging a Community Partnership

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
Community Engagement
MAF Framework
Continuum of Asset-Building Opportunities
Economic
Security
Residents
Access to Financial
Services
Savings
Opportunities
Investment
Opportunities
Asset
Preservation
Key Strategies
Mission District
Community
MAF Board
Mission Asset
Fund
Convener
Connector
Catalyst
MAF will convene diverse
groups of Mission
stakeholders in an ongoing
dialogue about asset-building
gaps and opportunities
MAF will connect residents to
existing and emerging assetbuilding opportunities and
knowledge
MAF will catalyze new and
innovative asset-building
products, services, programs,
policies and resources to
expand asset-building
opportunities.
 Community
Engagement
 Financial Coaching
 IDAs
 Community Investment
 Technical Assistance
 Policy Analysis
 Mission Asset Alliance
 Promotoras
Resource Partnerships
Banks
Bank of the West
Citibank
United Commercial Bank
Washington Mutual
Foundations/Other
F.B. Heron Foundation
Public Sector
Friedman Family Fdn.
Mayor
Gerbode Foundation
County Supervisors
Haas Jr. Fund
City Treasurer
Haas Sr. Fund
Mayor’s Office of Community
Development
Levi Strauss Foundation
San Francisco Foundation
United Way of the Bay Area
Community
Residents
Business Owners
Nonprofits
Mission Asset Alliance
Mission Asset Fund
Governance
July 2007
September 2009
Cross-Organizational Collaboration
Community Control & Accountability
Establish and
grow MAF
membership
Elected by Members
Majority Residents
Appointed Experts
…in video
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

45 percent of all Latinos are under-banked,
meaning they do not have a savings or
checking account – same is true for half of all
Latino adults in the Mission

22 percent of all Latinos don’t have a credit
history – same is true for 44 percent of all
households in the Mission

The number of pawnshops, check-cashers
and payday lenders (22) is almost twice the
number of bank branches (12) in the
neighborhood
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
Creating culturally-relevant financial
products

Cestas Populares

‘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 to help participants create and
build mainstream credit scores

Provide wrap-around financial education services and information
to help cesta members transition to the financial mainstream
Creating culturally-relevant financial
services

Financial Coaching


Promotoras


Help clients understand and access financial products and
services; and to develop long-term financial plans
Train and support peer organizers to connect residents to assetbuilding opportunities
Cooperativas

Provide technical assistance, education and support to workerowned business and housing co-ops
Take Away Messages

Asset-building programs and policies work for Latino,
immigrant communities

MAF is creating culturally-relevant financial products to
help bridge the path into the financial mainstream

MAF’s culturally-relevant products are viable alternatives
to predatory lenders
Contact Information
José Quiñonez, Executive Director
Mission Asset Fund
1500 South Van Ness Ave #200
San Francisco, CA 94110
www.missionassetfund.org
www.fondopopular.org
Merle Lawrence, Senior Manager
Worldwide Community & Corporate Citizenship Dept.
Levi Strauss & Co./Levi Strauss Foundation
1155 Battery Street LS/5
San Francisco, CA 94111
www.levistrauss.com