As a community development credit union, HOPE works to bring economic opportunities to the people and places we serve. We monitor the impact our efforts have on the Mid South and we’re pleased to share the results we create.
In 2014, HOPE closed over 1,674 consumer loans to support members with the purchase of automobiles, the building of credit and alternatives to payday lending. Over 80% of the consumer loans were high- impact loans, defined as credit builder loans, loans made to low-income individuals, or loans made to individuals and families who live in low-income areas.
In 2014, HOPE closed nearly $16 million in mortgages – largely to low-income, minority and first time homebuyers. Ninety-seven percent of mortgages were to low-income families, minority homebuyers or first-time homebuyers. Seventy-three percent of homebuyers that received a HOPE mortgage in 2014 were low-income, 73% were minorities and 90% were first-time homebuyers.
In 2014, seven out of ten loans closed were made to minority- and women-owned businesses. HOPE places an emphasis on financing community facilities, affordable housing and nonprofits that provide supportive services to low-income residents and provides loans to historically underserved people and places at a much higher rate than other financial institutions. HOPE closed $19 million in commercial loans in 2014.
LITTLE ROCK, AR – Hope Enterprise Corporation and Hope Credit Union (HOPE) celebrated the grand opening of its newest location at 8411 Interstate 30 in Southwest Little Rock on Thursday, June 2. The new full service location expands on HOPE’s existing presence, a program office housing a commercial lender since 2006 and a branch in College Station since 2008, and offers area residents access to checking and savings accounts, auto loans and credit cards, mortgages and small business loans. Anyone who supports the mission of HOPE, to improve the quality of life for low-income and low-wealth individuals in the Mid South, may join the credit union to take advantage of the benefits of membership. “We are excited to open our newest branch in Southwest Little Rock, a diverse and growing community filled with opportunity,” said HOPE CEO Bill Bynum. “We are grateful to our long time partners the Winthrop Rockefeller Foundation, NeighborWorks® America and Regions Bank for their ongoing generosity and support to make this day possible.” Since 2008, HOPE has expanded from 7 to 27 locations – many of which are located in communities where few affordable banking options exist. HOPE serves 30,000 members, one out of three of whom were unbanked when they joined. Through July 31, 2016, HOPE will feature special offers to help make it more affordable for people to become members. The credit union will waive the monthly fee on all checking accounts for six months and the application fee on personal loans. HOPE offers checking and savings accounts, consumer and mortgage loans and commercial lending services. The Little Rock branch is open Monday – Thursday 9am – 4pm and Friday 9am – 6pm. For more information about HOPE or a complete list of services and locations, visit www.hopecu.org. About HOPE HOPE (Hope Enterprise Corporation and Hope Credit Union) is a community development financial institution, community development intermediary and policy center that provides affordable financial services; leverages private, public and philanthropic resources; and engages in policy analysis in order to fulfill its mission of strengthening communities, building assets, and improving lives in economically distressed parts of the Mid South.