Bill Titus Named New Board Chair of BetterFi
BetterFi is excited to announce that Bill Titus will be taking over the duties of Board Chair.
We would like to take this opportunity to extend our deepest appreciation and gratitude to Dede Clements, who has served as the Board Chair since BetterFi’s inception and has been instrumental in establishing BetterFi. Dede plans to remain involved in BetterFi’s day-to-day operations, accepting the role of Vice Chair.
BetterFi is a newly certified Community Development Financial Institution (CDFI) and a 501(c)(3) non-profit Tennessee Industrial Loan and Thrift (TILT) that primarily focuses on providing affordable installment loans as an alternative to and means of escaping from predatory payday, title, and flex loans. Whereas payday loans in Tennessee can carry an effective APR of 460%, BetterFi caps the effective APR of our financing at 24% per year.
As we near the end of a pilot phase that began with 10 loans in 2018, we know that Bill’s expertise will be invaluable in shifting focus toward expanding and marketing our services as a CDFI. With Bill's help and experience we are embarking on an initial stage of strategic planning before executing a plan to grow both our bank and referral partner network beyond our initial geographic footprint, increasing our outreach and ability to provide new means by which Tennesseans can build credit and escape the payday, title, and flex loan cycle.
