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

Brightpoint (previously Community Action of Northeast Indiana or CANI) announced today that is has received almost $1 million in capital from JPMorgan Chase & Co. to enhance its customer loan system. Brightpoint received this honor as an element of a $5.1 million grant into the Community Loan Center Coalition of Texas and Indiana.

“The reason for this grant would be to purchase an employer-based, small-dollar loan program that may 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 within our community.”

In Indiana, payday lenders cost customers over $70 million in charges yearly. On a typical 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 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 one fourth of most borrowers make $33,876 or even more.

“The challenges dealing with our communities need solutions tailored for 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 financial possibilities and success.”

The city 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 serve northeast Indiana while HomesteadCS will provide the Lafayette market.

Community Loan Centers provide affordable loans to customers while enabling companies a way to give you an employee benefit that is valuable. Employers spend no direct price to give this advantage with their workers and it will increase efficiency by reducing worker economic anxiety and increasing workplace morale.

Town Loan Center at Brightpoint will offer you a low-cost loan item with a reasonable payback plan that is payroll deducted permitting workers to overcome their economic emergencies. Another advantageous asset of this program is that activity in the loan is going to be reported to credit bureaus (something payday lenders don’t do) assisting to build the credit history for the debtor.

Several times pay day loans are utilized for things like medical emergencies, vehicle repairs, or even to get through to bills. While supplying low-cost customer loans for those requirements, Brightpoint may also link borrowers to another services the agency provides such as for example assistance searching for medical health insurance, help with energy and youngster care expenses, and linking all of them with other resources in the neighborhood.

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

About Brightpoint Brightpoint is really a private, 501()( that is c) nonprofit organization serving a lot more than 35,000 individuals across northeast Indiana. Via a wide variety of programs, Brightpoint helps communities, families, and people take away the reasons and conditions of poverty. All Brightpoint solutions are supplied without reference to competition, age, color, faith, intercourse, intimate orientation, impairment, nationwide beginning, ancestry, or status as being a veteran.

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