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

Brightpoint (formerly Community Action of Northeast Indiana or CANI) announced today this is certainly has gotten nearly $1 million in capital from JPMorgan Chase & Co. to grow its consumer loan system. Brightpoint received this honor included in a $5.1 million grant to your grouped 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 an option to payday lending,” reported Brightpoint President/CEO Steve Hoffman. “Thanks towards the funding that is generous JPMorgan Chase, Brightpoint should be able to help keep more bucks when you look at the pouches of families inside our community.”

In Indiana, payday lenders cost customers over $70 million in charges yearly. On the average 14-day loan, payday loan providers charge 365% APR. About 7% of low-income families in northeast Indiana use lenders that are payday. However it is maybe maybe not simply low-income households whom are making use of these services. Based on the customer Financial Protection Bureau, the income that is median of borrowers is $22,476, but 25 % of all borrowers make $33,876 or higher.

“The challenges dealing with our communities need solutions tailored with their certain 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 economic 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 work 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 permitting companies a way to give you an employee benefit that is valuable. Companies spend no direct expense to offer this advantage for 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 loan that is low-cost with an inexpensive payback plan that is payroll deducted enabling employees to conquer their monetary emergencies. Another good thing about this program is that activity in the loan would be reported to credit bureaus (something payday lenders don’t do) assisting to build the credit rating regarding the debtor.

Often times pay day loans are utilized for specific things like medical emergencies, automobile repairs, or even to get up on bills. While supplying low-cost customer loans of these requirements, Brightpoint will even link borrowers to another solutions the agency provides such as for example assistance searching for medical health insurance, advice about utility and youngster care expenses, and linking these with other resources in the neighborhood.

“We are excited to begin with providing this service that is new may help relieve monetary stress to get more families and produce a brighter future for the community,” concluded Mr. Hoffman. The Consumer Loan Center at Brightpoint is planned to start making loans in January 2016.

About Brightpoint Brightpoint is just a private, 501()( that is c) nonprofit organization serving significantly more than 35,000 individuals across northeast Indiana. By way of a wide variety of programs, Brightpoint helps communities, families, and people eliminate the factors and conditions of poverty. All Brightpoint services are given without respect to competition, age, color, faith, intercourse, sexual orientation, impairment, national beginning, ancestry, or status as a veteran.

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