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 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 which will provide an option to payday lending,” reported Brightpoint President/CEO Steve Hoffman. “Thanks to your substantial money from JPMorgan Chase, Brightpoint should be able to help to keep more bucks within the pockets of families within our community.”

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

On the average loan that is 14-day payday loan providers charge 365% APR. About 7% of low-income families in northeast Indiana use lenders that are payday. But it is perhaps perhaps not simply low-income households whom are making use of these solutions. Based on the Consumer Financial Protection Bureau, the median earnings of payday borrowers is $22,476, but 25 % of most borrowers make $33,876 or maybe more.

“The challenges dealing with our communities need solutions tailored with their needs that are specific” said Jim Cook, unit manager for Chase’s Commercial Bank. “Brightpoint is developing revolutionary techniques 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 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 chance to provide an employee benefit that is valuable.

Employers spend no direct expense to give this advantage for their workers and it can increase productivity by reducing employee economic anxiety and workplace morale that is increasing.

Town Loan Center at Brightpoint will offer you a loan that is low-cost with a reasonable payback plan that is payroll deducted enabling employees to conquer their economic emergencies. Another advantageous asset of this program is that activity in the loan is likely to be reported to credit bureaus (something payday lenders don’t do) assisting to build the credit rating associated with borrower.

Often times payday advances are useful for things like medical emergencies, vehicle repairs, or even get through to bills. The agency provides such as help enrolling in health insurance, assistance with utility and child care costs, and connecting them with other resources in the community while providing low-cost payday advance Pembroke NC consumer loans for these needs, Brightpoint will also connect borrowers to the other services.

“We are excited to begin with providing this brand new solution that may help relieve monetary 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 loans that are making January 2016.

About Brightpoint Brightpoint is just a private, 501()( that is c) nonprofit organization serving a lot more than 35,000 individuals across northeast Indiana. By way of a range that is wide of, Brightpoint helps communities, families, and people take away the factors and conditions of poverty. All Brightpoint solutions are offered without reference to competition, age, color, faith, intercourse, sexual orientation, impairment, nationwide beginning, ancestry, or status as a veteran.