East Oakland SuSu Lending Circle Program
Addressing lending barriers with the East Oakland SuSu Lending Circle Program.
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The East Oakland SuSu Lending Circle Program is a self-help tool connecting East Oakland residents of color, particularly Black low and middle income individuals who fall between 30-80% of the area medium income (AMI) and small business owners to collectively pool monetary resources for personal and group economic advancement.
What is SuSu?
Su - Su /‘soōsoō/ - is an informal means of collecting and saving money through a savings club or partnership. This means of saving money is a cultural tradition that is widely used in the Caribbean, West and East African territories, to name a few.
How It Works
The program offers individuals a 0% interest savings loan combined with free monthly financial empowerment workshops and resources to expand participant financial awareness in personal budgeting, debt management, first time home ownership, and small business incubation. Typical monthly payments range between $50-$200 over 6-12 months. We encourage participants to save within our three savings tracks: business development, debt management, and a better quality of life. Using culturally relevant and traditional practices, the SuSu program is also designed to establish a culturally safe and fun way to build trust in group economics.
What is SuSu?
Su - Su /‘soōsoō/ - is an informal means of collecting and saving money through a savings club or partnership. This means of saving money is a cultural tradition that is widely used in the Caribbean, West and East African territories, to name a few.
How It Works
The program offers individuals a 0% interest savings loan combined with free monthly financial empowerment workshops and resources to expand participant financial awareness in personal budgeting, debt management, first time home ownership, and small business incubation. Typical monthly payments range between $50-$200 over 6-12 months. We encourage participants to save within our three savings tracks: business development, debt management, and a better quality of life. Using culturally relevant and traditional practices, the SuSu program is also designed to establish a culturally safe and fun way to build trust in group economics.
Join the 2021 program cohort and lending circles!
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Criteria (target audiences)
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Next Steps and Deadlines
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Missed the informational? View the presentation to learn more about the program and lending circles.
Thank you to our 2020 program sponsors!
Capitol One
Coalition of Black Excellence Impact Nonprofit Program
Cohn Charitable Fund / San Francisco Foundation
Coalition of Black Excellence Impact Nonprofit Program
Cohn Charitable Fund / San Francisco Foundation
Road to Financial FreedomKeta Price of EOC talks with UC Berkeley School of Journalism's North Gate Radio about addressing decades of unfair lending practices against Black communities in Deep East Oakland and the East Oakland SuSu Lending Circle Program, our innovative lending circle helping the community grow.
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