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

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 honor as an element of a $5.1 million grant towards the grouped Community Loan Center Coalition of Texas and Indiana www.badcreditloanshelp.net/payday-loans-tx/copperas-cove/.

“The reason for this grant is to spend money on an employer-based, small-dollar loan system which will offer an substitute for payday lending,” reported Brightpoint President/CEO Steve Hoffman. “Thanks to your large capital from JPMorgan Chase, Brightpoint should be able to help to keep more bucks into the pouches of families inside our community.”

In Indiana, payday lenders cost customers over $70 million in costs yearly.

On a typical loan that is 14-day payday loan providers charge 365% APR. About 7% of low-income families in northeast Indiana utilize lenders that are payday. However it is maybe perhaps not simply low-income households whom are making use of these solutions. Based on 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 maybe more.

“The challenges dealing with our communities need solutions tailored for their needs that are specific” 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 opportunities and success.”

The city Loan Center originated in Texas and it is now expanding into Indiana. (更多…)