Annual Report 2022
2022 was the year we
reimagined a bigger, better future.
We’re creating a world where we realize our collective power. We’re bringing power back to the community by doubling down on programs that work to meet the challenges clients are facing today.
MAF was a gamble from day one.
We started our work 15 years ago in a small office on the second floor of a local cafe in San Francisco's Mission District. Our vision then – as it is today – was to help improve the financial lives of people pushed aside and left behind without access to the most basic of financial tools like checking accounts or credit scores.
Since then, MAF has put the best of technology and finance to serve our clients, allowing us to scale our work nationally. We have delivered more than 92,000 grants and loans to immigrants, people of color, and low-income families to improve their financial lives with higher credit scores, bigger savings, and smaller debts.
Helping Families
Recover Faster
Pairing monthly cash assistance with culturally relevant financial services, the Immigrant Families Recovery Program is charting a better way forward. We’re building insights using the gold standards of research to measure improvements in people’s financial lives from guaranteed income.
"I honestly believe that this program would be a light to my dark tunnel... like a big opportunity to get back up and start working for a better future for my children and me."
—Maria, MAF IFRP participant
joined the nation’s largest guaranteed income program designed specifically for immigrant families.
5,000 people
In 2022, nearly
$12,114,000
Immigrant families received so far over
to build back from the pandemic.
Supporting Entrepreneurial Dreams
In 2022, we celebrated the first full year of our expanded small business microloan program. Many immigrants turn to entrepreneurial pursuits to supplement their income, and we’re excited to help people realize their small business dreams!
I’ve been a dog walking business owner for the past ten years… It’s a scary journey, but when you find an organization like [MAF], it’s an amazing, rewarding experience."
—Diana, MAF client
517 entrepreneurs
In 2022, MAF supported
resulting in
63% of businesses expanded
(either opened or hired additional staff)
through small business loans & business technical assistance,
Building Credit and Power
Clients continue to use MAF’s signature program, Lending Circles, to bring their dreams to life. With 25 active Lending Circles partners, communities across the country are able to leverage the power of Lending Circles to meet their goals.
"I saw the changes in my credit score. It was a dream come true."
—Eva, Lending Circles participant
1,335 Lending Circles loans
In 2022, MAF managed
$1,281,337
totaling
in social lending.
Calling for a Pathway to Citizenship
Since DACA was first announced by the Obama administration back in 2012, MAF has provided fee assistance to more than 11,000 DACA applicants and expanded our programs to help finance DACA Advance Parole. But that’s not all — last year, MAF clients and DACA recipients shared how the program has impacted their lives, and brought their voices together to call for a pathway to citizenship.
In 2022, MAF provided
helping
1,609
immigration
loans
991
DACA
grants
22
immigration-related webinars
5,078 immigrants
apply for citizenship, green card, DACA, etc. In addition, to getting the immigration resources needed.
Voice is power. And clients are raising their voices to lead the way.
Cultivating
Self-Advocacy
New MAF programs like Talleres (workshops) and Community Conversations give the mic to clients, bringing self-advocacy skills to the forefront of our financial services. From disputing errors on a credit report to preparing finances for the immigration process, clients are asserting their power with confidence.
In 2022, MAF held
impacting over
620
1:1 financial coaching sessions, including business technical assistance
group financial education, including charlas, and community conversations
173
individuals that felt more confident on their financial journey
19,227
In 2022,
75% accessed financial education
7,641
MyMAF users
59% tracked their program participation
21% pulled their credit score
We’re speaking up about
what’s possible.
MAF continues to speak up for better solutions for immigrant communities, especially in the face of a changing economy. We’re pushing the narrative with proof of what’s possible when we trust people as the experts of their own lives, and showing up for people on a national stage.
Amplifying our voices.
MAF CEO José Quiñonez had the honor of becoming an inaugural member of the U.S. Treasury’s Advisory Committee on Racial Equity (TACRE). This position allows leaders in the field to provide recommendations to Secretary Janet Yellen on efforts to advance racial equity in the economy.
Joined by the Urban Institute and the National Community Reinvestment Coalition, MAF participated in the Federal Reserve Bank of New York’s Economic Inequality Policy Series to share how inflation would disproportionately impact immigrants and people of color.
In 2022, we drew from MAF’s Immigrant Families Fund survey of 11,677 immigrants left out of federal relief, and shed light on another story of recovery: how immigrant families survived the pandemic and how
to help them rebuild their financial lives with dignity.
To spread the word about the transformational impact of Lending Circles, we teamed up with the Refugee Women's Network to share how social loans can help people in their economic recovery at the 2022 Prosperity Summit.
MAF is grateful for the incredible partnerships with community leaders, nonprofit organizations, funders, and supporters who make this work possible. The challenges are enormous — but not insurmountable when we come together.
When we come together,
we can be transformational.
Government Partnerships
"The County is committed to seeing all of its residents recover equitably from the pandemic and this program is an important step to help the families and children of our community."
— Supervisor Don Horsley, former president San Mateo County Board of Supervisors
Ignite Partners Convening
To share learnings among our national Lending Circles Communities network, we brought partners together for the first time in nearly two years for Ignite: Connect, Reflect, Innovate. From Minneapolis to Forth Worth, partners across the country brought Lending Circles’ flexibility and power to their communities. And, we unveiled a new offering for partners: the MyMAF mobile app.
“We believe that together, we can co-design an inclusive system and create a world where everyone has a seat at the table, and everyone benefits when our economy flourishes."
— Jennifer Gennaro Oxley,
Executive Director, Motley Fool Foundation
Foundation Partnerships
To create a world where financial freedom is truly possible for everyone, the Motley Fool Foundation is partnering with MAF to challenge the status quo and remove systemic barriers. In 2022, the foundation named MAF CEO José Quiñonez as one of its first Financial Freedom Fellows.
In 2022
in
30 Lending Circles & MyMAF App Partners
21
states
Delivering on 15 years of impact.
Financials
2022 Income
2022 Expenses
Grants
(IFRP)
Immigration
Programs
Business
Programs
R&D
Tech
Core
Mission
Support
Earned Income + Individuals
2%
$7.7M
Raised
in 2022
Private Foundation
29%
Government
33%
Corporate Foundation
36%
$10M
$7.5M
$5M
$2.5M
$0
Because our power is in each other.
It always has been.
"To know that others have not forgotten about our immigrant communities fills me with hope. I am happy to know that our communities can and will help each other through this very difficult time."
—Cuauhtémoc, MAF IFRP Participant
In 2023, let’s remember:
our power is always in each other.
The road ahead is long. The pandemic’s lasting impact will determine people’s financial journeys for generations — unless we all step up.
We can show a better path forward. From MAF’s small business microloans to our community-centered Lending Circles to UBI+ for immigrant families, we’re building real solutions rooted in the lives of marginalized people.
Each year reminds us to celebrate these victories with joy and in community.
