This May, KYCC was selected as a BetterLA Awardee by the Mission Asset Fund to be a Lending Circle provider. The MAF Lending Circles Program turns the common practice of lending and borrowing money between friends and family into powerful credit building. By providing a financial alternative, low-income families and individuals are able to build assets and improve their credit scores at the same time.<\/p>\n
\u201cWe are excited to be providing Koreatown with zero-interest social loans,\u201d says Doris Valenzuela, KYCC Community Economic Development Specialist. \u201cThe Mission Asset Fund Lending Circles program is combining the power of the community with financial stability.\u201d<\/p>\n
MAF\u2019s Lending Circles helps borrowers access affordable loans, build credit history, and establish a financially stable future through helping community members open bank accounts and avoid predatory lending.<\/p>\n
Each participant takes an online financial training, before meeting with 6 to 10 others in person where they decide upon a group loan amount. Each person has their respective need or goal for the loan, and the loan rotates each month to a different recipient. Credit gets established or repaired in the process.<\/p>\n
According to MAF, 54 million people in the U.S. are without access to affordable credit and 17 million don\u2019t have bank accounts. Many are forced to turn to predatory lenders\u2014about 1 in 4 families\u2014with outrageous rates. Payday loans, for example, have an annual interest rate between 391 to 521 percent.<\/p>\n
To date, the San Francisco-based MAF and their partners have serviced over 5,455 zero-interest social loans worth more than $5 million, and saved low-income consumers over $1 million in interest and fees.<\/p>\n","protected":false},"excerpt":{"rendered":"
This May, KYCC was selected as a BetterLA Awardee by the Mission Asset Fund to be a Lending Circle provider. The MAF Lending Circles Program turns the common practice of …<\/p>\n","protected":false},"author":3,"featured_media":77192,"parent":0,"menu_order":0,"template":"","meta":{"_acf_changed":false,"footnotes":""},"categories":[194,226,259,270],"tags":[],"class_list":["post-82531","press-release","type-press-release","status-publish","has-post-thumbnail","hentry","category--es","category-community-economic-development-es","category-koreatown-es","category-news-article-es"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t