Brightpoint (previously Community Action of Northeast Indiana or CANI) announced today that is has gotten almost $1 million in capital from JPMorgan Chase & Co. to expand its customer loan system. Brightpoint received this honor as an element of a $5.1 million grant to your Community Loan Center Coalition of Texas and Indiana.
вЂњThe function of this grant is always to purchase an employer-based, small-dollar loan system which will offer an substitute for payday lending,вЂќ reported Brightpoint President/CEO Steve Hoffman. вЂњThanks into the large financing 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 consumers over $70 million in charges yearly.
On the average 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 maybe perhaps perhaps not simply low-income households whom are making use of these services. In line with the customer Financial Protection Bureau, the median earnings of payday borrowers is $22,476, but 25 % of most borrowers make $33,876 or even more.
вЂњThe challenges dealing with our communities need solutions tailored with their certain requirements,вЂќ said Jim Cook, unit supervisor for ChaseвЂ™s Commercial Bank. вЂњBrightpoint is developing revolutionary techniques for 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 behave as the coordinator that is statewide the city Loan Center franchising in Indiana. Continue reading “Brightpoint Receives Funding From JPMorgan Chase & Co. To Enhance Consumer Loan Program”