2018 Second Quarter Report
Dear Friends,
No one better understands the challenges that affect the lives of individuals and families across the Deep South than the people who live here. A deep connection to families, neighbors and communities anchor their vision of what is needed to improve conditions and foster opportunity for future generations. At HOPE, we increasingly rely on these local leaders to align our development finance activities with local priorities.
In this quarter’s report, you’ll see how together we are unlocking access to federal funding to construct a first-of-its-kind camp in Mississippi to serve youth with special needs and providing a grandmother financial access to homeownership. We share stories of two young people – one preparing to go to college by starting a savings fund with HOPE and another working on a plan to return there by finding a more stable financial path. This work coincides with our efforts to deepen our impact in the Deep South with the opening of a new branch in Memphis, Tenn., a city with one of the nation’s highest rates of predatory lending. When Memphis residents expressed the need for more affordable financial services for the city’s underserved residents, we listened.
This work is only possible because of your support. Thank you for being a Friend of HOPE.
Sincerely,
Bill Bynum, CEO, HOPE
Planting Seeds at A New Home Greenville, MS
Catherine Gardner had conducted transactions with other lending institutions, but didn’t always like the experience. “It had been difficult in the past to get a loan when I really needed one. That can get discouraging,” she says. So when Catherine came across the brick home she had envisioned in a dream, she immediately went to HOPE, where she was welcomed by a mortgage team who guided her through the loan process. She had been praying for a house after years of living in an apartment, where she was confined to growing garden produce in small boxes. In her new home, Catherine has a yard, where her grandchildren play and she has planted a thriving garden.
A Fresh Financial Path Memphis, TN
Without reliable transportation to work, Stewart Fawcus was at risk of losing his job. Fawcus could not get an auto loan because his credit score was too low. He says another financial institution “wanted me to put down $500 to take out a $500 loan, which I was never able to do.” HOPE’s financial navigators found a solution to place him on a solid financial path. HOPE’s team approved Fawcus for an affordable, low-interest credit building loan, allowing him to pay for repairs to his motorcycle and to save for the future, which he says includes returning to college to attain a degree.
Saving for College Little Rock, AR
Though still in high school, Desiree has opened a Child Savings Account with HOPE to build her college fund. She considers herself a typical teen with good study habits, but a tendency to overspend. “My parents wanted me to open the account to be more responsible with money,” says Desiree. She and her mother, Ida McIntyre, learned about Child Savings Accounts during a community rally. Ida confides she wasn’t educated about the importance of saving and maintaining good credit before she left for college. “I started swiping my credit cards and it eventually caught up with me,” said Ida. She says her daughter will not make the same financial missteps.
Pursuing A Business Dream Montgomery, AL
Gregory Scott’s dream is to own a food truck business, and he’s trusting HOPE to help him achieve it. Gregory says HOPE’s recent expansion into Alabama ensured his community had access to affordable financial services. A loan allowed him to purchase a reverse flow barbecue smoker to keep pace with his growing catering requests for parties, church anniversaries and other events. “I’m working on a long-term plan for a small business loan to grow this enterprise,” he says. “Along with securing a mobile kitchen, I’d like to produce my Holy Smokes Spice Rub in mass quantity. I haven’t met a person who doesn’t like it.”
2nd Quarter News
Unique Federal Program Supports Camp for Special Needs Children
Congressman Bennie Thompson and Mississippi First Lady Deborah Bryant were among those joining HOPE to break ground for Camp Kamassa, a camp designed exclusively for youth with special needs. Financing for the camp was possible thanks to HOPE’s Community Facilities Re-Lending Program. This program, which made $400 million in USDA funding available for high poverty areas, was spearheaded by HOPE, a coalition of rural CDFIs, and Bank of America. Camp Kamassa is using HOPE’s financing to secure materials for the project that will include several buildings, a sports field, pool, amphitheater and nature trails.
Crosstown Concourse Branch Expands Access to HOPE in Memphis
The ribbon-cutting for HOPE’s sixth branch in the Greater Memphis area drew community partners, credit union members, HOPE board members and other supporters. The new branch is located at Crosstown Concourse, a redeveloped 1.5 million square foot former Sears distribution center that is now home to a purposeful collective of commercial, residential, and retail partners, including health clinics, an XQ School, and a contemporary art center. The branch expands access to development financial services in an area with the nation’s highest bankruptcy rate. Tonja Sesley-Baymon, president and CEO of the Memphis Urban League, attended the ceremony. She was impressed with HOPE’s work to address predatory lending. “When you look at areas of poverty, you often find that individuals in those areas are the ones who are targeted,” Sesley-Baymon said. “Because HOPE is in our community, we can eliminate a lot of the high-interest rates and a lot of the predatory practices.”
