The Raise Florida Network in collaboration with Community Enterprise Investments, Inc. (CEII), Zion Hope Primitive Baptist Church, and the Friendship Primitive Baptist Church will hold a Town-Hall Meeting on the impact of Payday Lending in Pensacola. A recent report conducted by the Florida International University’s Research Institute on Social and Economic Policy, cited the Pensacola area as leading the state in payday loan transactions.
According to the study, Pensacola lead the state with 39.9% percent of all Florida payday loan transactions , while Miami a city with a significantly greater population accounted for 17% ($43,527,846) of all loans within the state. The study indicates that over $97 million was paid out in transaction fees from the Pensacola area. With an average interest rate of 280% for a two-week loan, this non-traditional option for accessing financing is having a negative impact upon many people in our community, trapping them in a vicious debt cycle.
The Raise Florida Network is a statewide network of grassroots, community and faith-based organizations, public and private institutions, legislators and coalition leaders working together across the State of Florida to develop support and expand equitable asset building opportunities. The Raise Florida Network seeks to build the case for inclusive policies and practices that support a progressive asset building policy agenda by weaving together research dissemination and a policy communication infrastructure that educates legislators, key stakeholders and coalition members that addresses the needs of low income families, individuals and communities of color. Building and preserving assets in low wealth communities of color is the model for The Raise Florida Network, supported by the Building Economic Security over a Lifetime Initiative, a project of the Ford Foundation.
CEII along with the Raise Florida Network, Zion Hope Primitive Baptist Church, and the Friendship Primitive Baptist Church will be hosting a Town Hall meeting on Payday Lending on August 28, 2014 at 6 p.m. at the Zion Hope Church. The purpose of the meeting is to call attention to the devastating impact of payday loans and to inform the community of solutions and alternatives.
WHAT: Payday Lending Town-Hall Meeting
WHEN: 6 p.m. Thursday, Aug. 28
WHERE: Zion Hope Primitive Baptist Church, 201 W. Leonard Street.