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

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

Brightpoint (previously Community Action of Northeast Indiana or CANI) announced today that is has gotten almost $1 million in financing from JPMorgan Chase & Co. to grow its customer loan system. Brightpoint received this honor included in a $5.1 million grant into the 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 a substitute for 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 within the pouches of families inside our community.”

In Indiana, payday lenders cost customers over $70 million in charges yearly. On a typical 14-day loan, payday lenders charge 365% APR. About 7% of low-income families in northeast Indiana use lenders that are payday. However it is maybe not simply low-income households whom are utilizing these solutions. 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 even more.

“The challenges dealing with our communities need solutions tailored with their particular requirements,” 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 statewide coordinator for 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 allowing companies a chance to provide an employee benefit that is valuable. Companies spend no direct expense to give 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 low-cost loan item with an inexpensive payback plan that is payroll deducted permitting employees to conquer their monetary emergencies. Another good thing about the program is that activity in the loan is going to be reported to credit bureaus (something lenders that are payday do) assisting to build the credit rating associated with borrower.

Several times pay day loans are utilized for things like medical emergencies, automobile repairs, or even to get caught up on bills. While supplying low-cost customer loans of these requirements, Brightpoint may also link borrowers to another solutions the agency provides such as for example assistance signing up for medical insurance, advice about energy and son or daughter care costs, and linking these with other resources in the neighborhood.

“We are excited to begin with providing this brand new solution that helps 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 scheduled to begin with making loans in January 2016.

About Brightpoint Brightpoint is really a private, 501(c)(3) nonprofit organization serving significantly more than 35,000 individuals across northeast Indiana. Via a range that is wide of, Brightpoint http://loansolution.com/installment-loans-id/ helps communities, families, and folks take away the reasons and conditions of poverty. All Brightpoint services are offered without respect to battle, age, color, faith, intercourse, intimate orientation, impairment, nationwide beginning, ancestry, or status as a veteran.

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