HOPE joins USDA to announce major investment in the Mid South

HOPE and DRA also announce launch of the Small Towns Partnership

FAYETTE, MS – HOPE (Hope Enterprise Corporation and Hope Credit Union) joined the United States Department of Agriculture Rural Development to announce $40 million in investments through the USDA Community Facilities Re-lending Program. Through the program, HOPE will receive $40 million in low-cost, long-term debt capital to re-lend to hospitals, schools, municipal and nonprofit buildings and other important community facilities. HOPE was one of 26 community development organizations nationwide to receive an award and the only credit union recipient in the country. Notably, the USDA Funds are designated for deployment in rural communities located in persistent and high poverty counties.

“We see the Mid South’s persistent poverty counties as places of opportunity,” said Bill Bynum, CEO of HOPE. “With dedicated resources and partners, like those provided by the USDA Community Facilities Re-lending Program, we can make investments that create jobs, provide vital services and build pathways out of poverty.” Over the last year, HOPE opened 4 new branches in persistent poverty counties with populations of less than 2,500 people. To date, over 1,000 residents have signed up to become HOPE members in the four locations

HOPE and the Delta Regional Authority (DRA) also announced the launch of the Small Towns Partnership. With grants from DRA to support the Partnership, HOPE will provide assistance to small town governments to identify needs, apply for funds and develop community and economic development projects. “Many small towns do not have the staff or the infrastructure to compete for community and economic development resources,” said Bynum. “We look forward to integrating the USDA Community Facilities Re-lending program with the Small Towns Partnership to make deep lasting impact in persistent poverty counties.”

For more information about HOPE’s work through the Community Facilities Re-lending Program or the Small Towns Partnership contact Mary Elizabeth Evans, HOPE Senior Vice President of Community and Economic Development at 504-585-2855.

About HOPE
HOPE is a family of development organizations dedicated to strengthening communities, building assets and improving lives in the Delta and other economically distressed parts of Arkansas, Louisiana, Mississippi and Tennessee. Comprised of a regional credit union (Hope Credit Union), loan fund (Hope Enterprise Corporation) and policy center (Hope Policy Institute), HOPE has provided financial services, leveraged private and public resources, and shaped policies that have benefited more than 650,000 residents in one of the nation’s most persistently poor regions.