Commitment to Action

Scaling Lending Circles

Commitment by

Mission Asset Fund

In 2014, Mission Asset Fund (MAF) committed to scaling their Lending Circles Program. The Lending Circles' approach is based on the age-old tradition of neighbor helping neighbor through a model, whereas for example 10 people might come together and agree to each contribute $100 per month to raise $1,000. Each month a different member of the group would receive a loan until the cycle is complete; women make up close to 65% of Lending Circles participants. In its expansion, MAF will modernize the model by launching a new online platform, which will allow for automated loan processing and seamless participant registration and management, along with credit reporting.

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Overview
Summary

Commitment

Scaling Lending Circles

Launched

2014

Est. Duration

2 years

Estimated Total Value

$4,000,000

Region

Northern America

Countries

United States

Commitment by

Mission Asset Fund

Partner(s) of the Commitment Maker(s)

JPMorgan Chase & Co., Salesforce.org, Center for Financial Services Innovation, The Ford Foundation, Citigroup Inc