Stay Informed!

By Sean Luechtefeld on 07/07/2010 @ 03:11 PM

Tags: Innovation, Innovators, Economic Inclusion

Building on what we started last week, I’m happy to provide you our next Innovation Update, this time from José Quiñonez. José will be presenting at the 2010 Assets Learning Conference, and will also have an Innovation Station at the Innovation Marketplace.

Building on the success of the innovative Cestas Populares Program which formalizes peer lending circles common in immigrant communities as a way to help them build and/or improve their credit scores, Mission Asset Fund (MAF) launched two new financial products to provide cesta members more opportunities to build savings and access loans.

“Cestas Con Bono” provides a 25% savings match to members who plan to use their cesta loan money to acquire IDA-like, asset-building purchases. Members opt-in to this new program at the beginning of a cesta by signing a program agreement indicating that they will use their cesta loan money to invest in their business or in their education. MAF agrees to hold participants’ money until the end of the cesta, at which point MAF then releases their money along with a 25% match.

“Cestas Con Fondo” provides cesta members with the option of a zero-interest match loan of up to 100% of the cesta loan. Cesta members have the option to opt-in to this match loan program only after they have successfully participated in a prior cesta. For those members who opt-in to this program, they agree to sign a separate promissory note, pay an upfront 3% management fee and repay the match loan along with their peer loan within the same timeframe.

Be sure to connect with José at the Assets Learning Conference and visit his brand new profile page beforehand to get in touch with him!

Comments

Leave a Comment

Email*

First Name*

Last Name

Title

Comment*

Formatting Help

You Type	You See
*italics*	italics
**bold**	bold
[ask google](http://google.com)	ask google
+ item 1 + item 2 + item 3	item 1 item 2 item 3
> a really cool quote from a nice person	a really cool quote from a nice person

Comment

* Required information

Preview