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date: 31 October 2020

Mutual Financial Aid and Saving Associations (MFASAs) among Asian Americanslocked

  • Intae YoonIntae YoonCollege of Human Ecology, School of Social Work, East Carolina University

Summary

Private money clubs or mutual financial aid and saving associations (MFASAs) are commonly identified as one of the contributing factors to high small business ownership rates among Chinese, Japanese, and Korean immigrants in the United States. This article discusses MFASAs among the immigrant groups in the United States. Included are MFASAs’ historical roots, trends, operational procedures, and their role in building financial assets among these groups. As MFASAs have roles other than that of being private financial vehicles for immigrants, other functions are also discussed. The potential for MFASAs to be considered a development model beyond the Asian American community is presented.

Subjects

  • Social Work Practice Settings
  • Poverty
  • Race and Ethnicity

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