Brightpoint Receives Funding From JPMorgan Chase & Co. To Grow Consumer Loan Program

Brightpoint Receives Funding From JPMorgan Chase & Co. To Grow Consumer Loan Program

Brightpoint (previously Community Action of Northeast Indiana or CANI) announced that is has received nearly $1 million in funding from JPMorgan Chase & Co. to expand its consumer loan program today. Brightpoint received this prize included in a $5.1 million grant towards the Community Loan Center Coalition of Texas and Indiana.

“The reason for this grant is always to spend money payday loans FL on an employer-based, small-dollar loan system which will offer an option to payday lending,” reported Brightpoint President/CEO Steve Hoffman. “Thanks towards the funding that is generous JPMorgan Chase, Brightpoint should be able to help to keep more bucks within the pouches of families within our community.”

In Indiana, payday lenders cost customers over $70 million in costs yearly. On a typical loan that is 14-day payday loan providers charge 365% APR. About 7% of low-income families in northeast Indiana use lenders that are payday. However it is maybe perhaps not simply low-income households whom are utilizing these solutions. In line with the customer Financial Protection Bureau, the median earnings of payday borrowers is $22,476, but 25 % of all of the borrowers make $33,876 or maybe more.

“The challenges dealing with our communities need solutions tailored for their needs that are specific” said Jim Cook, unit manager for Chase’s Commercial Bank. “Brightpoint is developing innovative techniques for the requirements of Fort Wayne area families which will link them to greater financial possibilities and success.”

The city Loan Center was created in Texas and it is now expanding into Indiana. The Indiana Association for Community Economic Development (IACED) will work as the coordinator that is statewide the city Loan Center franchising in Indiana. Brightpoint will provide northeast Indiana while HomesteadCS will serve the Lafayette market.

Community Loan Centers provide affordable loans to customers while enabling employers a chance to provide an employee benefit that is valuable. Companies spend no direct price to deliver this advantage for their workers and it will increase efficiency by reducing worker monetary anxiety and increasing workplace morale.

Town Loan Center at Brightpoint will offer you a loan that is low-cost with a reasonable payback plan that is payroll deducted enabling workers to conquer their economic emergencies. Another advantage of this program is that activity in the loan will likely be reported to credit bureaus (something lenders that are payday do) assisting to build the credit history of this debtor.

Several times loans that are payday employed for things like medical emergencies, vehicle repairs, or even get through to bills. While supplying low-cost customer loans for those requirements, Brightpoint may also link borrowers to another solutions the agency provides such as for example assistance searching for medical insurance, advice about energy and kid care expenses, and linking all of them with other resources in the neighborhood.

“We are excited to start providing this service that is new can help relieve monetary anxiety for lots more families and produce a brighter future for the community,” concluded Mr. Hoffman. The Consumer Loan Center at Brightpoint is planned to begin loans that are making January 2016.

About Brightpoint Brightpoint is just a private, 501(c)(3) nonprofit organization serving a lot more than 35,000 individuals across northeast Indiana. Via a range that is wide of, Brightpoint helps communities, families, and folks take away the factors and conditions of poverty. All Brightpoint services are supplied without respect to battle, age, color, faith, intercourse, intimate orientation, impairment, nationwide beginning, ancestry, or status as being a veteran.

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