CRESTVIEW HILLS, KENTUCKY, The Bank of Kentucky Financial Corporation (NASDAQ: BKYF), strengthens its partnership with Brighton Center community support organization by offering Credit $mart, a small-dollar loan program. This program is designed to demonstrate how The Bank of Kentucky can profitably offer community members in need, affordable small-dollar loans as an alternative to high-cost credit options such as payday loans and overdraft programs. Credit counseling, referral of applicants and assisting with the loan process will be achieved through the partnership between The Bank of Kentucky and the Brighton Center. This program will allow individuals to borrow up to $1,500 while improving their credit history and gaining valuable knowledge on how to properly manage their finances. “This wonderful partnership between The Bank of Kentucky and Brighton Center is meeting a great unmet need in our community” says Stephanie Stein, Financial Services Director at the Brighton Center.
The goal of a small-dollar loan program is to enable insured institutions to better serve an underservedand potentially profitable market while helping consumers avoid, or transition away from, reliance onhigh-cost debt. To accomplish this goal, the FDIC encourages banks to offer products with reasonable interest rates, no or low fees, and payments that reduce the principal balance of the loan. www.fdic.gov
The Brighton Center Provides opportunities for individuals and families to reach self-sufficiency through family support services, education and leadership. www.brightoncenter.com
About The Bank of Kentucky Financial Corporation (BKFC)
BKFC, a bank holding company with assets of approximately $1.75 billion, offers banking and related financial services to both individuals and business customers. BKFC operates 33 branch locations and 56 ATMs.
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