Organizer: Community Loan Centers of America
Many low-income families are unable to obtain conventional credit and rely on payday and auto-title lenders for small loans that come with predatory interest rates. This session will look at the Community Loan Center (CLC), an alternative to predatory small loans. The Community Loan Center is an employer based loan program allowing local mission-driven organizations to serve as the lender for a fairly priced payday loan alternative that is both sustainable and scalable. The CLC program is currently approved in 22 markets in twelve states. To date the Community Loan Center has originated more than 48,000 loans, advancing more than $44 million to borrowers, generated more $4 million to support the costs of running the program for the lenders, and saved borrowers over $32 million compared to payday loans in Texas. This session will provide attendees with information on how to join the Community Loan Center and bring the program to your area.
Community Economies –– Sponsored by Citi Community Development