Business
RLJ companies announces that the AAMA passed resolution endorsing viable loan alternative for workers in need of short-term solutions
Robert L. Johnson, Founder and Chairman of The RLJ Companies
The RLJ Companies has announced that the African American Mayors Association (AAMA) passed a unanimous resolution during their annual board meeting in Washington, DC, in support of an innovative financial product that provides workers with an open-ended employee line of credit offered directly through the payroll system at no cost to the employer.
With limited credit options available for Americans today, the AAMA endorsed the goal of developing innovative and viable loan alternatives for workers in need of credit solutions, particularly minority and working class Americans.
“I am pleased that the AAMA has passed a resolution that will bring the important issue of finding innovative ways to end the cycle of debt brought on by costly traditional and alternative credit products,” said Robert L. Johnson, founder and chairman of The RLJ Companies.
“Borrowers, many of whom are minorities, may not have access to mainstream borrowing and are often forced to use costly bank products like overdraft or, even worse, take out abusive payday loans and pay exorbitant fees,” he added.
Sacramento Mayor Kevin Johnson, founding president of the AAMA stated,” As Mayors, we focus on many issues that directly affect our communities and the economic and financial health of our residents is critical to keeping our cities competitive and strong. The African American Mayors Association will engage in a national dialogue urging an end to the cycle of debt that disproportionately impacts African Americans, and will call on Congress, financial regulators, and the Administration to find common ground and support new, viable, and low cost alternatives that work to meet the needs of our communities.”
About The RLJ Companies: The RLJ Companies, founded by Robert L. Johnson, is an innovative business network that provides strategic investments in a diverse portfolio of companies. Within The RLJ Companies portfolio, Johnson owns or holds interests in businesses operating in a publicly traded hotel real estate investment trust; private equity; financial services; asset management; automobile dealerships; sports and entertainment; and video lottery terminal (VLT) gaming.
The RLJ Companies is headquartered in Bethesda, MD, with affiliate operations in Charlotte, NC; Little Rock, AR; Los Angeles, CA; San Juan, PR; and Monrovia, Liberia. Prior to founding The RLJ Companies, Johnson was founder and chairman of Black Entertainment Television (BET). For more information visit: www.RLJcompanies.com.
About the African American Mayors Association (AAMA): The newly launched African American Mayors Association (AAMA) is the only organization exclusively representing African American mayors in the United States. African American Mayors Association exists to empower local leaders for the benefit of their citizens. The role of the African American Mayors Association includes taking positions on public policies that impact the vitality and sustainability of cities; providing mayors with leadership and management tools; and creating a forum for member mayors to share best practices related to municipal management.
Source: The RLJ Companies