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MAF Insights

Our research shines a light on people’s financial journeys and strategies. We use these insights to push for legislation and systemic reform that moves us toward a more equitable financial mainstream.

Beyond Cash

March 26, 2024

Learn more about the power of guaranteed income for immigrant families. In this webinar we discussed the financial hurdles faced by immigrant families and how MAF’s Immigrant Families Recovery Program (IFRP) helps them build resilience with accessible loans, bank accounts, and tailored financial education. Our panel, featuring experts Christopher Dokko, Efrain Segundo, José Quiñonez, and Joanna Cortez Hernández, explored how IFRP’s success can shape future policies and investments for lasting impact on immigrant lives. This webinar highlighted the transformative potential of combining guaranteed income with financial education. Watch the recording to learn how you can be part of the solution.

Research at Scale

December 12, 2023

Intrigued by the intersection of data and social good? Our recent webinar explored the innovative practices of the Immigrant Families Recovery Program (IFRP), the nation’s largest guaranteed income program for immigrants. Gain insights into IFRP’s responsible data collection methods, our commitment to client privacy, and how we leverage data to champion financial equity. Watch the recording and discover the power of data to drive positive change for immigrant communities.

Context is Everything

SEPTEMBER 26, 2023

Immigrant communities face a relentless onslaught of crises – denied essential support during the pandemic, struggling under the weight of rising costs, and targeted by hostile political forces. These challenges make building a stable financial future seem impossible. But how can nonprofits effectively support these families and communities amidst such turmoil? Watch this vital conversation between researchers and practitioners on the impact of these crises on immigrant lives. We’ll explore how nonprofits can adapt their programs to meet these needs and the strategies that keep us resilient in the fight for justice.

Finding Courage in Crisis

July 26, 2023

Don’t miss inspiring client stories! This webinar explored the power of immigrant entrepreneurship during COVID-19.  Despite immense challenges, MAF clients Luisa and Isidora shared their journeys to financial stability through business ownership.

Watch the recording to gain insights from MAF’s research and witness the courage and determination of immigrant entrepreneurs who rebuilt after the pandemic’s devastation.  Learn valuable strategies for navigating financial hardship and be inspired by their stories of resilience.

Getting Research Design Right

May 9, 2023

This kickoff webinar for our webinar series explored the crucial role of research design with Princeton Professors Fred Wherry and Eldar Shafir. Delve into best practices used to design the research for the nation’s largest guaranteed income program for immigrants.

Watch the recording to gain valuable insights from the experts and discover how research can shape the future of guaranteed income programs.

Building Financial Security for Essential — But Invisible— Immigrant Workers


As we recover from COVID-19’s financial devastation, how can we reimagine a more equitable future for the immigrant workers who kept our country moving forward? In this pivotal moment, we need bold policies and investments that meet people where they are with dignity and respect. In The Future of Building Wealth, a compilation of essays from leaders around the country, MAF CEO José A. Quiñonez offers MAF’s vision for showing up and doing better for immigrant families. Our community-centered approach embraces the complexity of immigrant families’ financial lives and develops elegant, timely, and culturally relevant solutions that meet their financial needs.



Who do you say “yes” to when so many people are in need? Overwhelmed with more than 250,000 applications for cash assistance but only enough funding to support 70,000 people, MAF designed a Financial Equity Framework to focus limited resources on people who stood to benefit the most from relief: people facing structural barriers with the fewest income streams and most financial strains. Strikingly, without considering race or ethnicity, MAF’s financial equity approach delivered 93% of emergency grants to people of color.

Insights Series: COVID-19’s Impact on Immigrant Families

APRIL 2021

During the COVID-19 pandemic, MAF stepped up to provide direct cash assistance to immigrant families left out of federal relief. Drawing on our unparalleled survey of 11,677 immigrants left out, we report on the devastating financial impact on families excluded from the safety net.

Insights Series: COVID-19’s Impact on California Public College Students


In 2020, MAF provided direct cash assistance to more than 6,000 of California’s low-income public college students to help weather the COVID-19 pandemic. In groundbreaking new research, we pull back the curtain on the reality and complexities of college students’ financial lives.

Invisible Barriers: Navigating Financial Services with an ITIN


In this report, we reached into our rich client dataset to understand how our clients with ITINs navigate their financial lives. We invite you to develop a deeper understanding of the barriers, implications, and innovative strategies clients have developed on their financial journeys.

Credit Where It’s Due

APRIL 2019

In Credit Where It’s Due, sociologist and public policy experts Frederick Wherry, Kristin Seefeldt, and Anthony Alvarez document MAF’s story as an innovative model of credit-building for low- and moderate-income people of color. To rectify financial inequalities, the authors propose common-sense regulations to protect consumers from abuse alongside new initiatives that provide seed capital for every child, create affordable short-term loans, and ensure that financial institutions treat low- and moderate-income clients with equal respect. By situating the successes of the Mission Asset Fund in the larger history of credit and debt, Credit Where It’s Due shows how to prioritize financial citizenship for all.

One Decade of Lending Circles


We marked MAF’s 10-year anniversary by sharing 10 insights that have stood out to us from a decade of serving clients. We looked across Lending Circles, immigration and business loans, and other programs to draw key insights. These 10 data points show that clients lead complex financial lives, often leveraging diverse strategies — including Lending Circles — to achieve economic security. What follows is a story of progress, strong ties to the community, and new paths to financial empowerment.

What Wealth Inequality Means for the Newest Americans

MARCH 2017

Here’s what we know about wealth inequality in America today: It’s real, it’s huge, and it’s growing. Read more from MAF CEO José Quiñonez, as featured in the Aspen Institute’s 2017 Summit on Inequality and Opportunity.

Making the Invisible Visible: A Strategy for Inclusion

MARCH 2016

Lending Circles brings to light what’s already good in people’s lives. And within that light, participants are forging a sure path into the financial mainstream, unlocking their true economic potential every step of the way. Read MAF CEO José Quiñonez’s essay on Lending Circles, featured in MIT Press’s journal “Innovations: Technology, Governance, Globalization.”

Latinos in the Financial Shadows

JUNE 2015

In 2015, MAF’s CEO José Quiñonez was invited to contribute MAF’s perspective to a joint publication from the Federal Reserve Bank of San Francisco and the Corporation for Enterprise Development (CFED), with the support of the Citi Foundation. The resulting book titled What It’s Worth: Strengthening the Financial Future of Families, Communities, and the Nation, is a collection of more than 30 essays that document the financial health and stability of Americans across the country. The authors put forth promising strategies for improving economic security and mobility in low-income and underserved populations.

In MAF’s piece, “Latinos in the Financial Shadows” highlights the informal lending practices common among immigrant communities, documenting the important role they play in the lives of people operating outside the financial mainstream. It reviews MAF’s strategy for formalizing these informal financial relationships through our Lending Circles program and attests to the impact of our work.

Building Credit for the Underbanked

JUNE 2013

The first of two reports from independent evaluators at San Francisco State University studying the impact of a Lending Circle among more than 600 participants. The evaluation shows that pairing the Lending Circle program with financial education is a great model for increasing the financial capability of low-income consumers. The evaluators examined the effectiveness of our Lending Circles at building credit for low-income, underbanked individuals. Over the years, we have seen hundreds of people who have been on the margins of the financial mainstream walk through our doors looking for a way to help themselves navigate the world of finance by joining a Lending Circle. While witnessing these lives transformed by a Lending Circle has made us believers, it’s often been difficult to communicate these diverse impacts to the world. Indeed, the evaluators confirmed what we had suspected: pairing the Lending Circle program with financial education is a great model for increasing the financial capability of low-income consumers.

Replicating Lending Circles

JUNE 2013

The second of two reports from independent evaluators at San Francisco State University studying the impact of a Lending Circle among more than 600 participants. In this second report, the researchers found that the Lending Circle program has similar results with a wide range of communities and organizations, including recent Chinese immigrants offered the program though The Chinese Newcomers Service Center and the LGBT community offered the program through The SF LGBT Center, demonstrating its wide appeal. MAF’s Lending Circles program is successfully helping low-income people, particularly immigrant women, gain access to the financial mainstream by providing them with an innovative social lending product coupled with financial education. 

Credit Deserts: The absence of low-cost credit in low-income communities


This report presents MAF’s Financial Facts labels as a model for communicating loan terms in a clear, transparent, and recognizable format. The time is ripe to introduce a new tool for sifting through potential hidden fees, interest rates, and other costs associated with financial products offered by lenders. Modeled on the Nutritional Facts label, the Financial Facts label makes loan features clear: total amount, number and amount of monthly payments and fees, annual percentage rate, late payments, and total cost. Just as the Nutritional Facts label offers a standardized framework for consumers to evaluate food content according to the percentage of daily recommended calorie intake, the Financial Facts label uses a percentage of the monthly debt budget to help consumers assess loan affordability.

Immigrant Financial Integration Initiative

JUNE 2010

MAF’s Immigrant Financial Integration Initiative (IFII) conducted an extensive in-depth survey to analyze the financial attitudes and behaviors of Spanish-speaking Latina/o immigrants who either live or work in San Francisco’s Mission District. This Survey Brief is part of a series that analyzes the results from 250 survey respondents and 7 focus group discussions conducted to look at how low-income immigrants integrate into the financial mainstream. The following are key findings from segmenting the survey data between “recent” and “established” immigrants.

Just the financial facts, please!


This report uncovers the costs and dynamics of borrowing $1,000 in the Mission District, a historic immigrant gateway community in San Francisco. In the summer of 2010, MAF’s research team conducted an analysis of the 57 different financial service providers in the 94110 zip code. Team members visited the majority of those establishments as secret shoppers to survey and gather information about small consumer loan products offered in the neighborhood.