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 honor included in a $5.1 million grant to your Community Loan Center Coalition of Texas and Indiana.

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

In Indiana, payday lenders cost customers over $70 million in charges 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 cash1 loans login. However it is perhaps maybe perhaps not simply low-income households whom are making use of these solutions. based on the customer Financial Protection Bureau, the income that is median of borrowers is $22,476, but one fourth of all 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 supervisor for Chase’s Commercial Bank. “Brightpoint is developing strategies that are innovative the requirements of Fort Wayne area families that may link them to greater financial possibilities and success.”

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

Community Loan Centers provide affordable loans to customers while enabling companies a chance to provide an employee benefit that is valuable. Companies pay no direct expense to give you this advantage for their workers and it may increase efficiency by reducing worker monetary anxiety and workplace morale that is increasing.

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 monetary emergencies. Another good thing about this program is that activity in the loan should be reported to credit bureaus (something payday lenders don’t do) assisting to build the credit history associated with debtor.

Several times payday advances are employed for specific things like medical emergencies, vehicle repairs, or even to get through to bills.

The agency provides such as help enrolling in health insurance, assistance with utility and child care costs, and connecting them with other resources in the community while providing low-cost consumer loans for these needs, Brightpoint will also connect borrowers to the other services.

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

About Brightpoint Brightpoint is a private, 501(c)(3) nonprofit organization serving a lot more than 35,000 individuals across northeast Indiana. Through a wide variety of programs, Brightpoint helps communities, families, and people eliminate the reasons and conditions of poverty. All Brightpoint solutions are supplied without reference to battle, age, color, faith, sex, intimate orientation, impairment, nationwide beginning, ancestry, or status being a veteran.

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