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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 included in a $5.1 million grant to your Community Loan Center Coalition of Texas and Indiana.

“The function of this grant would be to spend money on an employer-based, small-dollar loan system that may provide an substitute for payday lending,” reported Brightpoint President/CEO Steve Hoffman. “Thanks to your funding that is generous JPMorgan Chase, Brightpoint should be able to help to keep more bucks within 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 lenders charge 365% APR. About 7% of low-income families in northeast Indiana utilize payday lenders regularly. However it is perhaps not just low-income households whom are utilizing these solutions. In line with the customer Financial Protection Bureau, the income that is median of borrowers is $22,476, but 25 % of most borrowers make $33,876 or even more.

“The challenges dealing with our communities need solutions tailored with their particular 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 which will link them to greater financial possibilities and success.”

Town Loan Center was created in Texas and it is now expanding into Indiana. The Indiana Association for Community Economic Development (IACED) will behave 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 provide an employee benefit that is valuable.

Companies pay no direct expense to supply this advantage with their workers and it may increase efficiency by reducing employee economic anxiety and increasing workplace morale.

Town Loan Center at Brightpoint will offer you a loan that is low-cost with an inexpensive payback plan that is payroll deducted allowing workers to conquer their monetary emergencies. Another benefit quick Lamar payday loans of this program is that activity in the loan should be reported to credit bureaus (something payday lenders don’t do) assisting to build the credit rating associated with the debtor.

Several times pay day loans are employed for things like medical emergencies, automobile repairs, or even get through to bills. While supplying low-cost customer loans of these needs, Brightpoint may also link borrowers to another solutions the agency provides such as for example help signing up for medical health insurance, advice about utility and kid care expenses, and linking all of them with other resources in the neighborhood.

“We are excited to begin with offering this service that is new may help relieve economic anxiety for lots more families and produce a brighter future for the community,” concluded Mr. Hoffman. The Consumer Loan Center at Brightpoint is planned to begin with loans that are making 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 range that is wide of, Brightpoint helps communities, families, and people remove the factors and conditions of poverty. All Brightpoint solutions are given without respect to battle, age, color, religion, intercourse, intimate orientation, impairment, nationwide beginning, ancestry, or status as a veteran.