NFL LEGEND TEAMS UP WITH NONPROFIT
"Interest rates for these products are often 300 to 400 percent, which is horrifically high.
LOS ANGELES, Feb. 22, 2022 /PRNewswire/ -- When former Philadelphia Eagle Ray Ellis and entrepreneur Frank Crump met, they discovered a mutual objective: invest deeply in our community, one individual and small business at a time—with the goal of exponential growth.
Fast forward a decade, when Crump learned that his sister had taken on four payday loans, which involves money lent at an exceptionally high rate of interest that is repaid when the borrower receives their next paycheck. For Crump's sister, the debt from interest actually exceeded her paycheck. "Interest rates for these products are often 300 to 400 percent, which is horrifically high. I saw the need for a compassionate approach to lending, especially within the Black community, and looked into equipping my educational nonprofit, United Progress International (UPI), with a lending capability."
Recent ACLU data indicates that predatory lending continues to disproportionately affect communities of color, and Crump was determined to find a way to provide short-term loans with low or no interest. His mission aligned with that of Ellis, who is committed to philanthropy with a purpose. To this end, Ellis and Crump decided to present the UPI Loan Fund program at an NFL Alumni Networking event during Super Bowl LVI weekend in Los Angeles.
"I strongly believe that it's the responsibility of pro athletes to give back to their communities," said Ellis. "I'm committed to helping my hometown of Canton, Ohio, and as a brand ambassador and fundraiser for UPI Loan Fund, I'm able to do that."
The UPI Loan Fund is modeled on the Jewish Free Loan Program (JFL), which began in Phoenix during the 1940s. "Everything in my 30 years in financial services told me that UPI's approach should fail," said Kerwin Brown, Executive Director for UPILF. "But the success of JFL's business model proved otherwise. And in the context of the Black community, a virtuous cycle of lending provides the solution to an ongoing challenge: access to capital."
Access to capital translates, for example, into the sum of $100K that Ellis was able to raise and contribute specifically for Canton residents who need and qualify for a low- or no-interest loan. And true to its educational roots, UPI aims to build healthy financial habits for its loan recipients by providing financial behavior training and money insights from DreamSmart Academy in San Diego, Calif.
"Equity begins where inequality ends," said Crump. "Through education and with the support of role models like Ray Ellis, UPI is striving to close the equity gap and ultimately, enable our community to build generational wealth."
To get involved with UPILF, please visit https://upiloanfund.us/. For press inquiries and more information, please contact Heather Taylor of Mad Hat Mavens: [email protected] or 323-839-4488.
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SOURCE UPI Loan Fund
