Jason Wurtz | 415-315-9936
Mission Asset Fund pioneered the Lending Circles concept to help individuals in underserved communities support each other by lending and borrowing money together. These social loans help participants in the program improve their credit scores, reduce debt and increase savings. Scaling of the program will focus on the development and pilot of a new social loans servicing platform, with a focus on five key states that have large immigrant and Latino populations, including California, Texas, Illinois, New York and Florida.
“The generous support of JPMorgan Chase helps put our organization in a position to significantly expand the Lending Circle program in 2014. This will increase access to credit among communities in need, and also help more people become financially secure,” said José Quiñonez, Executive Director, Mission Asset Fund.
“Mission Asset Fund’s unique program is a model for bridging the gap between formal and informal sources of credit and brings individuals into the financial mainstream. If it were not for their peer lending circles, many community members would be forced to resort to high cost credit. We are proud to offer our support to replicate this innovative program in communities across the country,” said Janis Bowdler, Managing Director, Financial Capability and Affordable Housing, JPMorgan Chase Foundation.
The grant will also fund the development of new online financial education programs to be created over the next two years to further support participants. The programs will include financial education videos and two-way texting campaigns, and will be available both in English and Spanish.
About Mission Asset Fund
Mission Asset Fund is a San Francisco-based nonprofit that is dedicated to helping financially excluded communities – particularly low-income and immigrant families – become visible, active and successful participants in the U.S. financial mainstream through financial education, community research and zero-interest, zero-fee credit building loans. Information about Mission Asset Fund is available at www.missionassetfund.org.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.