About
Mission Asset Fund (MAF) is a San Francisco-based 501(c)(3) nonprofit on a mission to help people become visible, active, and successful in their financial lives. Founded in 2007 with funding from the Levi Strauss Foundation — using proceeds from the sale of the last Levi Strauss denim factory in San Francisco — and shaped by a dynamic group of community leaders, MAF works from the city's Mission District to build a fair financial marketplace for the millions of Americans left out of the mainstream financial system.
Mission
MAF envisions a society where everyone is treated with dignity and works to create a fair marketplace for everyone. The organization highlights that 45 million Americans are living in the financial shadows without access to affordable credit, and its own early survey research found that 44 percent of households in San Francisco's Mission District had no credit scores at all.
What they do
MAF pairs technology with community-based lending programs delivered directly and through a network of trusted nonprofit partners across the country:
- Lending Circles, MAF's signature social loan program launched in 2008, formalizes the tradition of community lending: groups of 6 to 12 people make monthly payments (typically 50 to 200 dollars) and take turns receiving a loan of 300 to 2,400 dollars
- Immigration loans that help clients cover immigration application costs
- Business loans for small business owners
- Financial services and financial education
- MyMAF, a financial coaching app, and MIJA, an app supporting immigration journeys
- An Immigrant Families Recovery Program (IFRP) providing guaranteed income
Lending Circles loans carry zero interest, and every monthly payment is reported to all three major credit bureaus so participants can build or repair credit. Clients use the money to pay off high-interest debt, build savings, or cover small business expenses.
Scale and impact
MAF reports that Lending Circles participants increased their credit scores by an average of 168 points. Since its founding in 2007, the organization says it has helped thousands of low-income people overcome financial barriers, and its programs now operate nationwide through nonprofit partners.
Financials
According to filings summarized by ProPublica Nonprofit Explorer (EIN 20-8993652), Mission Asset Fund reported total revenue of about 8.9 million dollars and total expenses of about 20.2 million dollars for fiscal year 2023, with year-end assets of about 31.4 million dollars. In fiscal year 2021, a year of major pandemic-relief activity, revenue was about 57.8 million dollars.