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

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

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 grow its customer loan system. Brightpoint received this honor included in a $5.1 million grant towards the grouped Community Loan Center Coalition of Texas and Indiana.

“The reason for this grant would be 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 towards the good financing from JPMorgan Chase, Brightpoint should be able to help to keep more dollars within the pouches of families inside our community.”

In Indiana, payday lenders cost customers over $70 million in costs 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 lenders that are payday. However it is perhaps perhaps perhaps not simply low-income households whom are making use of these services. Based on the customer Financial Protection Bureau, the median earnings of payday borrowers is $22,476, but 25 % of all of the borrowers make $33,876 or higher.

“The challenges dealing with our communities need solutions tailored with their needs that are specific” said Jim Cook, unit supervisor for Chase’s Commercial Bank. “Brightpoint is developing revolutionary techniques for the requirements of Fort Wayne area families that may link them to greater economic possibilities and prosperity.”

Town 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 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 permitting companies a chance to give you an employee benefit that is valuable.

Companies spend no direct expense to deliver this advantage with their workers and it will 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 workers to conquer their monetary emergencies. Another good thing about this program is that activity in the loan are going to be reported to credit bureaus (something lenders that are payday do) assisting to build the credit history associated with debtor.

Several times pay day loans are employed for things like medical emergencies, vehicle repairs, or even get caught 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 helps relieve monetary anxiety to get more families and produce a brighter future for our community,” concluded Mr. Hoffman. The Consumer Loan Center at Brightpoint is planned to begin with making loans in January 2016.

About Roseville same day payday loan Brightpoint Brightpoint is a private, 501()( that is c) nonprofit organization serving more than 35,000 people across northeast Indiana. By way of a wide array of programs, Brightpoint helps communities, families, and folks get rid of the factors and conditions of poverty. All Brightpoint solutions are given without respect to race, age, color, faith, sex, intimate orientation, impairment, national beginning, ancestry, or status being a veteran.