Eastmont Community Center (ECC) is excited to announce the launch of the Lending Circles program in partnership with Mission Asset Fund (MAF). This innovative program aims to help adults (18+) build credit in an engaging and supportive way.
How Lending Circles Works:
Join a Group: Participants form groups of 6-12 people.
Contribute: Each member contributes a set amount of money into a collective "pot."
Receive Funds: The pooled money is allocated to one individual each month, rotating until everyone has received their loan.
Not only does this program help you save, but it also builds your credit! We report payments to all three major credit bureaus, and on average, participants see their credit scores increase by 168 points. This process not only facilitates saving but also helps participants build their credit simultaneously.
It’s a unique opportunity to improve financial health while fostering community and support among participants.
"Some folks in our community have never been able to build their credit or have had issues with it in the past," said Emma Cordova, Assistant Director at Eastmont Community Center. "The Lending Circles program makes it accessible and even enjoyable.”
First Group Enrollment
Our Economic Development team plans to form its first Lending Circle group in August or September 2024, depending on the enrollment numbers. Interested individuals can learn more about the program by calling us at 323-726-7998.
Staff Participation
In addition to launching this program for the community, ECC is also starting an internal Lending Circle for its staff. This initiative will not only benefit employees by helping them build credit but also serve as a testament to the program's impact. We plan to share updates and success stories on social media and through blog posts, highlighting the positive changes experienced by our team.
"Our staff is part of the community," added Emma. "By starting a Lending Circle within our staff, we aim to demonstrate the program's effectiveness and encourage more community members to participate."
For more information about how the Lending Circles program works, please visit Mission Asset Fund's webpage here. We also plan to provide similar detailed information on our website soon.
Eastmont Community Center is dedicated to empowering the community through various programs and initiatives that promote economic development and financial empowerment. The Lending Circles program is a significant addition to our efforts to support residents in building a secure financial future.
