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 Circles Program is designed to enhance the quality of life of BIPOC East Oakland residents and unite around collective economics. The East Oakland SuSu Lending Circles Program promotes the preservation of cultural financial practices and economic empowerment through collective savings via lending circles, community building and financial literacy. The program includes free financial literacy workshops that promote self-determination and reliance facilitated by BIPOC financial experts.
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 and in many different cultures.
What are lending circles?
A lending circle generally refers to a group of people who pool money on a regular basis and provide rotating loans to circle members to receive a no barrier, zero-fee, zero-interest loan. Typical monthly lending payments range between $50-$200 over 6-12 months. In partnership with Mission Asset Fund, the lending circles are FDIC insured and reported to the three credit bureaus-- providing positive boosts to credit scores.
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 and in many different cultures.
What are lending circles?
A lending circle generally refers to a group of people who pool money on a regular basis and provide rotating loans to circle members to receive a no barrier, zero-fee, zero-interest loan. Typical monthly lending payments range between $50-$200 over 6-12 months. In partnership with Mission Asset Fund, the lending circles are FDIC insured and reported to the three credit bureaus-- providing positive boosts to credit scores.
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 2023 program cohort and lending circles!
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Criteria (target audiences)
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Program Guidelines
Deadlines
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Missed the info session? View the presentation to learn more about the program and lending circles.
Thank you to our 2023 program sponsors!
Capitol One
Target Foundation
Cohn Charitable Fund / San Francisco Foundation
Target Foundation
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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