josé quiñonez mission asset fund

© 2020 Minnesota Public Radio. Our executive producer Nicole Childers oversaw the project. For more information visit: Mission Asset Fund or … The fund guarantees each loan, but the default rate has been close to zero.

And experts say it’s not only about race. When we tell people they have received their first credit scores, we see a sense of empowerment. With a good credit score, participants are able to rent homes and apartments, access low-cost loans, and avoid predatory lenders.Social loans are built on a culture of trust. Engineering by Brian Allison and Jay Siebold. The following is a transcript of “The Economy Reimagined,” a Marketplace special report.For so many of us, 2020 has been a horrible year. Quiñonez knows what it’s like to live outside the financial mainstream.

They have no bank accounts, credit scores, or any hope of getting conventional loans to buy cars, start businesses, or even rent apartments.José Quiñonez’s nonprofit organization, Mission Asset Fund, provides a way out of the financial shadows by capitalizing on residents’ mostly hidden strengths: their networks of friendships and commitments to helping one another. The Mission Asset Fund has helped organize 190 of these lending circles over the past four years, producing $1.5 million in loans, and saving members an estimated $350,000 in fees. I’m David Brancaccio, host of “Marketplace Morning Report.”Frances Cox and Jasson Perez are divorced and co-parenting their 17-year-old daughter, Nisa, in Chicago.

José Quiñonez from the Mission Asset Fund just won a McArthur “Genius” grant!


Quiñonez hopes to engage California policymakers in applying the consumer agency’s recommendations to California, potentially making the Golden State a national leader in protecting financial consumers.For drawing on traditional social networks to bring low-income people into the financial mainstream, José Quiñonez is a recipient of a 2013 James Irvine Foundation Leadership Award. (The bureau was created by President Obama to regulate the financial industry, following the 2008 crisis.) Alex Schroeder produced the digital elements.

There are 60,000 immigrant families in San Mateo County. This fund they are projected to help 9,000. José Quiñonez of the Mission Asset Fund wanted to help 1,000 Dreamers get loans to pay the $495 fee to apply to extend their temporary legal status.
His spiffy new MacArthur Fellows page says:.

Frances is 46.This year, amid the renewed energy of the social justice movement, some brand-name firms are stepping up to offer some of those loans themselves. Brilliant!

José Quiñonez has spent most of the past decade helping the financially invisible build credit and obtain loans. José Quiñonez Mission Asset Fund (MAF) José Quiñonez is Mission Asset Fund’s (MAF) CEO. At the age of nine, following the death of both of his parents, he arrived in San José, with his siblings, as an undocumented immigrant.

Every month, for ten months, one member of the group gets the loan, without having to pay fees.

For example, he and his colleagues researched the cost of obtaining a conventional $1,000 loan in the Mission District and found that fees varied wildly. Marketplace is a division of MPR's 501 (c)(3). But amid the wreckage, are there opportunities to fix what was already broken, including the system of human relationships we call the economy?This is about race. José Quiñonez founded Mission Asset Fund, which has devised a variety of innovations in the name of financial inclusion. It reports loan repayments to credit bureaus, building credit files that improve participants’ financial standing.

All Rights Reserved. Many members establish credit scores for the first time, while others rebuild damaged scores. One participant started to cry when she received her first credit score: she felt visible, she felt recognized, she felt she could start to realize her dreams," recalls Quiñonez.Through its Lending Circles Program, the Mission Asset Fund formalizes these social loans and provides financial education to participants. He attended the University of California, Davis, and went on to graduate study at Princeton.

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