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 as an element of a $5.1 million grant towards the Community Loan Center Coalition of Texas and Indiana.
вЂњThe function of this grant is always to spend money on an employer-based, small-dollar loan system which will provide an substitute for payday lending,вЂќ reported Brightpoint President/CEO Steve Hoffman. вЂњThanks into 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.вЂќ
In Indiana, payday lenders cost customers over $70 million in charges yearly.
On the average loan that is 14-day payday loan providers charge 365% APR. About 7% of low-income families in northeast Indiana use payday lenders regularly. However it is maybe perhaps not simply low-income households whom are making use of these services. In line with the customer 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 higher.
вЂњThe challenges dealing with our communities need solutions tailored for their needs that are specificвЂќ said Jim Cook, unit supervisor for ChaseвЂ™s Commercial Bank. вЂњBrightpoint is developing revolutionary approaches 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 become the statewide coordinator for the city Loan Center franchising in Indiana. Continue reading