Virtual Interview: Lending Circles - Prosperity Now
Transcript of Virtual Interview: Lending Circles - Prosperity Now
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Housekeeping
Today’s Speakers
Mohan KanungoDirector of Programs and Engagement Mission Asset Fund
Tori MayernickPrograms Engagement FellowMission Asset Fund
Attendee Background
95%
5%
Are you currently operating a Lending Circle?
No Yes
48%47%
5%
Rate you understanding of the Lending Circles model.
Brand New Somewhat Familiar Expert
We are a nonprofit organization on a mission to create a fair financial marketplace for
hardworking families.
RESPECT BUILDMEET
STUCK STRAPPEDINVISIBLE
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
TRANSFORM SCALERECOGNIZE
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
WANT TO APPLY FOR DEFERRED ACTION BUT DON’T HAVE $465?
WANT A SAFE AFFORDABLE WAY TO BUILD YOUR CREDIT?
WANT TO APPLY FOR CITIZENSHIP BUT DON’T HAVE $680?
Lending Circle Programs
As of 5/1/15
INDIVIDUAL IMPACT
168Averagescore increase
$1,051Less high-cost debt
100%Banked and building credit
$4 million Zero-interest
loans
99.42% Repayment
rate
$1.1 millionSaved in fees and interest
$3.3 million Less high-cost debt
NATIONAL IMPACT
Set-up, training and technical assistanceLicense to Lending Circles CommunitiesTools and resources Loan servicing and credit reportingFinancial education providerReal-time reportingOngoing partner support
Outreach and recruitment
Screening and enrollment
Group formation sessions
Loan origination
Participant data management
Ongoing participant support
PROVIDERS
Comunidades Latinas Unidas en Servicio (CLUES) is a nonprofit in Minnesota founded in 1981. 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.
• Monthly webinars & on going staff training
• Online forums to exchange knowledge and best practices
• Dedicated Partner Success Manager
• Easy-to-access knowledge 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
• Flexible Social Loan Platform capable of tailoring programs to the communities needs
• Relatively low-resource programs offer high-impact client outcomes.
• Check outLendingCircle.org
• Share this info with your team
• Attend a “Becoming a Partner” webinar
• You’ll receive a follow-up email with next steps
• Submit application
• Speak with your Partner Success Manager
• Sign a non-disclosure 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!
• 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
Immediate Next Steps
KEEP IN TOUCH
MOHAN KANUNGO,
Director of Programs & Engagement
TORI MAYERNICK,
Programs Engagement Fellow
Email: [email protected]
Twitter: @MAFpajarito
Facebook: Facebook.com/MissionAssetFund
Web: LendingCircles.org
Office: 3269 Mission St.San Francisco, CA 94110
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!