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 into the Community Loan Center Coalition of Texas and Indiana.
вЂњThe reason for this grant would be to spend money on an employer-based, small-dollar loan system that may provide an option to payday lending,вЂќ reported Brightpoint President/CEO Steve Hoffman. вЂњThanks into the payday loans no credit check Miamisburg OH nice capital from JPMorgan Chase, Brightpoint should be able to help to keep more bucks when you look at the pouches of families inside our community.вЂќ
In Indiana, payday lenders cost customers over $70 million in costs yearly.
On a typical 14-day loan, payday loan providers charge 365% APR. About 7% of low-income families in northeast Indiana use lenders that are payday. But it is perhaps maybe perhaps not simply low-income households whom are making use of these services. In accordance with the Consumer Financial Protection Bureau, the income that is median of borrowers is $22,476, but one fourth of all of the borrowers make $33,876 or maybe more.
вЂњThe challenges dealing with our communities require solutions tailored for their needs that are specificвЂќ said Jim Cook, division supervisor for ChaseвЂ™s Commercial Bank. вЂњBrightpoint is developing strategies that are innovative the requirements of Fort Wayne area families that may link them to greater financial possibilities and success.вЂќ
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 statewide coordinator for the city Loan Center franchising in Indiana. Continue reading →