Partners for the Common Good is now accepting listings for the relaunch of its CapNexus networking platform. CapNexus enables loan originators, interested buyers and financing partners to post community development lending opportunities and build partnerships. CapNexus 2.0 will expand on that core functionality with improved search tools and groundbreaking networking features for sharing news, promoting services and more. Listings on CapNexus reach an audience of more than 2,000 community development professionals. Now is the ideal time to submit listings in order to have them displayed prominently at the launch of the updated platform. Creating a CapNexus listing is free using this form.
In a new report, Southern Bancorp Community Partners investigates the impact of the 2009 Arkansas interest rate cap that effectively ended the storefront payday lending business in the state. In a survey of former payday borrowers, 59% of respondents felt their lives had improved since payday lending was banned. Without access to payday loans, respondents adapted with a variety of alternatives including working longer hours, getting loans from friends or banks and using credit cards to meet their financial needs. The survey also revealed an interesting rift between financial decisions borrowers believe are advisable and those they actually use. For instance, while only three survey respondents said they would recommend using a pawn shop, 19 had done so.
Groupe Nduom, a business group composed of Ghanian and American investors, has acquired Illinois-Service Federal Savings Bank. The acquisition started last year, when the ISF Board of Directors approved a recapitalization transaction that allowed it to come back from its post-recession troubles. "Our investment will enable the Bank to build upon its legacy by providing a suite of innovative financial services and products to address its customers' needs,” said Dr. Papa Kwesi Nduom, Chairman of the Groupe Nduom. “This investment helps ensure that minority focused banks continue to play a vital role in community economic development."