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 grouped Community Loan Center Coalition of Texas and Indiana.
вЂњThe reason for this grant is always to purchase an employer-based, small-dollar loan system that may offer an option to payday lending,вЂќ reported Brightpoint President/CEO Steve Hoffman. вЂњThanks into the nice financing from JPMorgan Chase, Brightpoint should be able to help to keep more bucks into the pouches of families inside our community.вЂќ
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 payday lenders regularly. However it is perhaps maybe 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 facing our communities need solutions tailored with their needs that are specificвЂќ said Jim Cook, unit supervisor for ChaseвЂ™s Commercial Bank. вЂњBrightpoint is developing strategies that are innovative the requirements of Fort Wayne area families which will link them to greater financial opportunities and success.вЂќ
The city Loan Center was created in Texas and it is now expanding into Indiana. Continue reading “Brightpoint Receives Funding From JPMorgan Chase & Co. To Enhance Consumer Loan Program”