Virtual Interview: Lending Circles. June 23, pm ET, 12pm-1pm CT, 11am-12pm MT, 10am-11am PT

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1 Virtual Interview: Lending Circles June 23, pm ET, 12pm-1pm CT, 11am-12pm MT, 10am-11am PT

2 Welcome Fran Rosebush Senior Manager, Field Engagement CFED

3 Housekeeping This webinar is being recorded and will be available online within one week. All webinar attendees are muted to ensure sound quality. Ask a question any time by typing the question into the text box of the GoToWebinar Control Panel. If you experience any technical issues, gotomeeting@cfed.org. Trouble dialing in? Just listen through your computer with speakers or headphones!

4 Today s Speakers Mohan Kanungo Director of Programs and Engagement Mission Asset Fund Tori Mayernick Programs Engagement Fellow Mission Asset Fund

5 Attendee Background Are you currently operating a Lending Circle? Rate you understanding of the Lending Circles model. 5% 5% 47% 48% 95% No Yes Brand New Somewhat Familiar Expert

6 About Mission Asset Fund

7 We are a nonprofit organization on a mission to create a fair financial marketplace for hardworking families. RESPECT MEET BUILD

8 INVISIBLE STUCK STRAPPED 26 million people are credit invisible 17 million adults are unbanked Wages are flat and cost of living is up 19 million do not have enough credit history to generate a score Average interest rates at payday lenders rage from 391% to 521% 9.5% income spent on financial services

9 RECOGNIZE TRANSFORM SCALE Participants are financially savvy, innovative Informal financial strategies are bona fide activities Create programs to transform financial pain points Build savings and credit opportunities Use technology to increase capacity and impact Expand the nationwide network of Lending Circle providers

10 What is a Lending Circle?

11

12 Where did the model come from?

13 kutu It s a global practice mabati People come together To lend and borrow money to each other

14 Lending Circle Programs WANT A SAFE AFFORDABLE WAY TO BUILD YOUR CREDIT? WANT TO APPLY FOR DEFERRED ACTION BUT DON T HAVE $465? WANT TO APPLY FOR CITIZENSHIP BUT DON T HAVE $680?

15 What are the benefits to consumers in a lending circle?

16 INDIVIDUAL IMPACT 168 Average score increase $1, % Less highcost debt Banked and building credit As of 5/1/15

17 $4 million Zero-interest loans NATIONAL IMPACT 99.42% Repayment rate $3.3 million Less highcost debt $1.1 million Saved in fees and interest

18 What are the responsibilities of Partner Providers? Are there risks involved?

19 PROVIDERS Set-up, training and technical assistance License to Lending Circles Communities Tools and resources Loan servicing and credit reporting Financial education provider Real-time reporting Ongoing partner support Outreach and recruitment Screening and enrollment Group formation sessions Loan origination Participant data management Ongoing participant support

20 How do Partners implement the program?

21 Comunidades Latinas Unidas en Servicio (CLUES) is a nonprofit in Minnesota founded in CLUES has an outstanding reputation in serving urban communities. They deliver physical & emotional health, education, family, economic advancement and cultural services. Lending Circles has been part of their program since 2012.

22 Does MAF provide resources to Partner Providers?

23 Monthly webinars & on going staff training Flexible Social Loan Online forums to exchange Platform capable of knowledge and best practices tailoring programs to Dedicated Partner Success the communities needs Manager Relatively low-resource Easy-to-access knowledge programs offer highimpact client outcomes. articles and FAQs Listing on LendingCircles.org Easy-to-implement programs with customizable support Automated loan Processing Easy online interface for enrolling new clients Multi-lingual outreach materials & trainings Metrics and evaluation dashboards Cloud-based programs

24 What is the process to becoming a Lending Circles Provider?

25 Check out LendingCircle.or g Share this info with your team Attend a Becoming a Partner webinar You ll receive a follow-up with next steps Submit application Speak with your Partner Success Manager Sign a nondisclosure agreement Conversation between ED/CEOs Agree on terms and cost Sign agreement Set-up and training Access to Lending Circles Communities Ready to enroll participants!

26 Immediate Next Steps Visit LendingCircles.org and review these slides with your colleagues Register for our next Becoming a Partner Webinar at BIT.LY/mafreg Review and fill out a proposal for partnership at BIT.LY/mafprp

27 MOHAN KANUNGO, Director of Programs & Engagement KEEP IN TOUCH TORI MAYERNICK, Programs Engagement Fellow Facebook: Web: Office: Facebook.com/MissionAssetFund LendingCircles.org 3269 Mission St. San Francisco, CA 94110

28 Q & A What questions do you have for Mohan and Tori? Send them via chat!

29 Next Steps Complete the survey Let us know your suggestions for future learning events If you are not already a member, join the Assets & Opportunity Network to stay informed and engaged!

30 Thank You!

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