Hinds County Small Business COVID-19 Recovery and Resiliency Program Launched

Jackson based Hope Credit Union to Manage Program

JACKSON, MS – Today, the Hinds County Board of Supervisors, in partnership with Hope Credit Union, announced the launch of the Hinds County Small Business COVID-19 Recovery and Resiliency Program. The program will increase access to small business financing and technical assistance designed to mitigate financial hardship resulting from the pandemic in Hinds County.  Hope Credit Union (HOPE) will manage the program which will begin on October 1, 2022.

“Over the last few years, small businesses, particularly those owned by people of color and women have been disproportionately affected by the effects of COVID-19” said HOPE CEO Bill Bynum. “We look forward to our partnership with Hinds County to reinvest in locally owned small businesses – an innovative approach to pandemic recovery that will serve as a model for the rest of the country.”

“As I like to say, we are working toward Hinds County becoming the ‘Mecca of the South.’ And this program will be instrumental in that effort. It will step in the gap for some of our small businesses and help them thrive. When our small businesses thrive, our county thrives. I am proud to be a member of such a visionary board who understands this.”
– Supervisor Credell Calhoun, District 3, President of the Board

“We know that small businesses are the lifeblood of Hinds County’s economy. Accordingly, we decided to use American Rescue Plan Act funds to assist small businesses with eligible projects, such as providing capital for operating costs. Black-owned startups, for example, face larger challenges in raising capital, including securing business loans. The American Rescue Plan Act specifically acknowledges that such challenges are faced by small businesses and especially minority-owned small businesses. And, in turn, this Board recognizes the potential contribution small businesses can make, with a little assistance, in restoring the financial health of Hinds County. We expect this prudent use of once-in-a-lifetime ARPA funds to pay dividends into the county’s future. This program is only one example of the efforts of this Board in making Hinds County THE place to live, work, and play.”
– Supervisor Vern Gavin, District 4, Vice President of the Board

“Anybody who knows me knows I believe in hard work, and I believe in supporting the hard working people of Hinds County. As a small business owner myself, I understand how hard small business owners and their staff work. I also understand how important small businesses are to our community. They create jobs. They provide important services. This partnership with HOPE is just one way this board has shown that it values and wants to help the hard working people of Hinds County.”
– Supervisor Bobby (Bobcat) McGowan, District 5

Funded through the American Rescue Plan Act State and Local Fiscal Recovery Fund, Hinds County will invest $3 million into the program. The funding will leverage $7.5 million in private capital from HOPE to support 45 small businesses. Over the last five years, HOPE has provided $32 million in financing in Hinds County to over 350 businesses creating or retaining 1,000 jobs. Notably, 95% of the businesses financed by HOPE were owned or led by people of color and over 40% by women.

To learn more about the program, interested parties should visit https://hopecu.org/hcrrp.

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About HOPE

HOPE (Hope Enterprise Corporation, Hope Credit Union, and Hope Policy Institute) provides financial services; aggregates resources; and engages in advocacy to mitigate the extent to which factors such as race, gender, birthplace, and wealth limit one’s ability to prosper. HOPE has generated or leveraged more than $3.6 billion in financing that has benefitted over 2 million people in Alabama, Arkansas, Louisiana, Mississippi, and Tennessee. Learn more at www.hopecu.org.