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

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Brightpoint (previously Community Action of Northeast Indiana or CANI) announced today that is has gotten almost $1 million in financing from JPMorgan Chase & Co. to grow its customer loan program. Brightpoint received this honor included in a $5.1 million grant towards the grouped Community Loan Center Coalition of Texas and Indiana.

“The function of this grant is always to purchase an employer-based, small-dollar loan system that may offer an option to payday lending,” reported Brightpoint President/CEO Steve Hoffman. “Thanks into the 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 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 not simply low-income households whom are making use of these services. In accordance with the Consumer 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 even more.

“The challenges dealing with our communities require solutions tailored for their certain requirements,” said Jim Cook, unit supervisor for Chase’s Commercial Bank. “Brightpoint is developing revolutionary approaches for the requirements of Fort Wayne area families which will 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 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 invaluable worker advantage. Companies spend no direct price to produce this benefit for their workers and it will increase productivity by reducing worker economic 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 workers to overcome their economic emergencies. Another advantageous asset of this program is that activity in the loan should be reported to credit bureaus (something lenders that are payday do) assisting to build the credit score associated with the borrower.

Often times loans that are payday utilized for things like medical emergencies, vehicle repairs, or even to get through to bills. While supplying low-cost customer loans of these requirements, Brightpoint may also link borrowers to another solutions the agency provides such as for example assistance signing up for medical insurance, advice about energy and son or daughter care costs, and linking all of them with other resources in the neighborhood.

“We are excited to start providing this service that is new helps alleviate 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 a private, 501(c)(3) 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 get rid of the factors and conditions of poverty. All Brightpoint solutions are supplied without respect to battle, age, color, faith, intercourse, intimate orientation, impairment, nationwide beginning, ancestry, or status as being a veteran.

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