HOPE Becomes 1st Credit Union in Tennessee to Receive National Designation for Financial Inclusion Commitment to Hispanic Community

MEMPHIS, TN – On Thursday, May 2, Hope Credit Union (HOPE) celebrated becoming the first credit union in Tennessee to receive the national Juntos Avanzamos designation for its commitment to financial inclusion for the Hispanic community.

Inclusiv, a national association with a mission to help low- and moderate-income people and communities achieve financial independence through credit unions, recognized HOPE’s initiative to close financial service gaps within the Hispanic community through the financial institution’s hiring of bilingual staff, strategic outreach, development of special financial products and bilingual marketing materials. 

Representatives from Inclusiv, credit union members, local leaders and other community partners joined HOPE for the ceremony that included the installation of the Juntos Avanzamos flag as a symbol of HOPE’s ongoing commitment to financial inclusion of minority populations.

“”We congratulate Hope FCU for bringing their groundbreaking financial inclusion work to the Hispanic community in Memphis. This development recognizes that low income and financially underserved populations, African Americans, immigrants, and Latinos, face similar challenges and have the same need to access responsible, equitable products and services to foster asset building and achieve financial security,” said Pablo DeFilippi, SVP of Membership and Network Engagement for Inclusiv.

“Inclusiv is excited about these efforts to bring the HOPE community development and financial inclusion model to Latinos in Tennessee. We look forward to working more closely with HOPE to expand access to economic opportunity for all,” said DeFilippi.

“For 25 years, HOPE has expanded financial access to low-wealth and distressed communities in the Deep South. In doing this work, we recognized the needs that exist within the region’s growing Hispanic and immigrant population and sought culturally-relevant solutions to address those opportunity gaps,” said HOPE CEO Bill Bynum. “We’re honored to receive the Juntos Avanzamos designation from Inclusiv, and we know it will support efforts to broaden outreach in the Memphis community.”

The Hispanic population in the United States is underserved in regard to access to financial education and financial products and services. The Juntos Avanzamos, meaning Together We Advance, designation is awarded by Inclusiv to financial institutions that seek to empower the Hispanic community and help them to navigate the U.S. financial system. According to Latino Memphis, there are 80,000 Latinos living in the Memphis area.

“Expanding access to financial services is one way to help ensure that Latinos become an integral part of our city’s rich and colorful character,” said Mauricio Calvo, executive director of Latino Memphis, a nonprofit organization that raises awareness about the issues impacting the Latino community. Latino Memphis is a partner of HOPE.

HOPE, which has five locations in the Greater Memphis area, has partnered with numerous organizations, including Latino Memphis, Freedom Preparatory Academy and Belle Forrest Community School, to offer free financial literacy workshops. HOPE also developed a mortgage product for consumers who have an Individual Taxpayer Identification Number (ITIN) instead of a social security number.

Alejandra Ramirez, a HOPE member, said she wants to help raise awareness in her community about the ITIN products.

“This organization has created a trust between the client and the helper. We had a financial clinic recently and 50 people were there,” said Ramirez. “Their eyes were filled with brightness because they had found a safe place that was willing to care for their money.”

About HOPE   

HOPE (Hope Enterprise Corporation, Hope Credit Union and Hope Policy Institute) provides affordable financial services; leverages private, public and philanthropic resources; and engages in policy analysis to fulfill its mission of strengthening communities, building assets, and improving lives in economically distressed parts of Alabama, Arkansas, Louisiana, Mississippi and Tennessee.   Since 1994, HOPE has generated billions of dollars in financing that has benefitted more than one million individuals living in one of the nation’s most impoverished regions.

About Juntos Avanzamos

Juntos Avanzamos, Together We Advance, is a designation for credit unions committed to serving and empowering Hispanic and immigrant consumers – helping them navigate the U.S. financial system and providing safe, affordable and relevant financial services. Juntos Avanzamos credit unions employ bilingual, culturally-competent staff and leadership, accept alternative forms of ID and treat all of their members with respect, regardless of immigration status. Juntos Avanzamos is a program of Inclusiv. For more information, visit: https://www.inclusiv.org/initiatives/juntos-avanzamos-together-we-advance/.