Borrow Smart Mississippi has awarded a mini grant to Delta State University’s Bologna Performing Arts Center to help with funding for the Janice Wyatt Mississippi Summer Arts Institute. Much like the format for the micro-loans made by Borrow Smart member organizations, these grants are for $500 or less, have a simple application process, and be able to be approved within 30 days. The grant for Delta State is for $300.
Borrow Smart Mississippi President Luke Montgomery said, “The Give Smart program allows our organization to give back to the communities in which our members do business, and to support projects and causes that are important to our consumers. While most of our members already participate in many ways to help out in their communities, this project allows Borrow Smart to supplement what is already being done.”
Borrow Smart Mississippi was established in November of 2008 by a group of Mississippi-based cash advance and title loan lenders who recognized a need for accountability within the industry as well as a need to better educate Mississippi residents and members of the media about the important services short term lenders provide to their customers.
All members of Borrow Smart Mississippi have agreed to a Code of Fair Lending to which stores must adhere. This code promises fairness, honesty and integrity in all business practices, specifically noting that members will:
• Promote the responsible use of credit and strive to educate the
consumer on financial choices that are available to them.
• Exercise compassion when warranted by customer situations to arrange repayment options.
• Be especially careful in assisting customers that are on fixed incomes by offering reasonably affordable loans.