HOPENotes
Author: Mallory
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Announcement of new brand and deepened partnership with Hope Credit Union underscores commitment to increasing economic opportunity among HBCUs and their stakeholders.
TUSCALOOSA, AL — On February 29, the Gulf Coast Athletic Conference (GCAC) announced that it will officially become the “HBCU Athletic Conference,” honoring the unique legacy and importance of Historically Black Colleges and Universities (HBCUs). Beginning July 1, 2024, the conference will also add HBCUs Stillman College, Voorhees University and Wilberforce Universities to its roster of schools.
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Black History is American’s History. And it’s HOPE’s History.
As we reflect on HOPE’s 30 years, particularly so during the month set aside for lifting up the myriad contributions of Black people to the American story, it is hard not to acknowledge the Black History embedded in HOPE’s origins. Some are familiar with our beginnings. HOPE began as Enterprise Corporation of the Delta, with a mission of improving lives in the Delta area of Arkansas, Louisiana, and Mississippi, a region synonymous with America’s struggle with race, poverty, and opportunity.
In 1995, Hope Credit Union was organized by members of Anderson United Methodist Church to combat the proliferation of predatory lenders that undermined the stability of the neighborhood surrounding the church and the economic potential of its residents. Later, Amos Network, One Hundred Concerned Clergy, and the Jackson Ministerial Alliance were among several local faith-based organizations that became sponsors of the credit union. In 2002, the Enterprise Corporation
of the Delta and Hope Credit Union formally joined forces to put in place the structure that has become HOPE.
Less is known about the rich legacy associated with several Black-owned credit unions that HOPE now carries forward. In 1968, Woodrow Keown organized the College Station Community Federal Credit Union to ensure access to basic financial services for residents of this small hamlet, underserved by financial institutions in nearby Little Rock. In 2008, the credit union merged with HOPE. An enduring monument to Mr. Keown’s legacy, a member of the Co-operative Hall of Fame, is the College Station facility that bears his name, where HOPE continues to serve area residents.
Subjected to unscrupulous financing for equipment and inventory, in the late 1970s, a group of timber workers, supported by the United Woodcutters Association, organized the East Central Federal Credit Union. Today, HOPE’s Louisville branch still serves the families and neighbors of those timber workers, continuing a long history of fighting for fair treatment of Black and white workers in the Pine Belt.
In 2017, HOPE entered Alabama through a merger with Tri-County Credit Union, successor to Montgomery Teachers Credit Union, formed in 1950 to serve Black educators in the state’s capital city.
In January this year, HOPE merged with New Pilgrim Credit Union, organized by church members in 1963 to provide access to financial services for residents facing racial discrimination and violence in Birmingham.
Building on the combined centuries of trials and triumphs represented in these partnerships, today, HOPE has the privilege, and responsibility of continuing the work of those who paved the way for our ongoing efforts to balance the scales of economic and social justice throughout the Deep South.
The need for a financial institution dedicated to improving the financial health and wealth of under-resourced people and communities in the Deep South, and treating them with dignity, is greater than ever.
Thankfully, these people and places have friends like you to help HOPE advance the collective interest
of all of us – an economy that works for all. Thank you for your support of HOPE. Thank you for being
a part of history.
In solidarity,
Bill Bynum, CEO, HOPE
Rooted in Avondale, Louisiana
Located on the west bank of the Mississippi River and the outskirts of Greater New Orleans, Avondale, Louisiana, is a small city with a lot to offer. Avondale has been home to Don Francois for nearly 60 years; it’s where his family settled and where he continues to call home. “I’ve lived in our family house since I was five years old. It holds so many memories,” said Francois. When he wanted to refinance his family home, his brother told him about Hope Credit Union after connecting with a HOPE associate at an open house event. Francois knew this was the right move, choosing Hope Credit Union for his loan. He received $80,000 from HOPE through the Affordable Housing Program. “I’m thankful for the people at HOPE who helped me during this process,” said Francois. He enjoys hosting gatherings and barbecues with friends and family. “I want our family to continue to thrive in the house for generations to come,” said Francois.
Financing Flavor
In the heart of the historic Tremé neighborhood, Baby’s Snack Box stands as a testament to resilience and flavor. Since 2011, the business has been serving up a delightful mix of snowballs, ice cream, nachos, and burgers, earning the title of a one-stop shop with the tagline, “Baby’s Snack Box – It’s what’s for lunch.”
Owners Ron and Antoinette Davalos began operating in 2011 and purchased a building in 2020. The century-old building, with its unique historical facade, has become a Mardi Gras haven, perfect for catching the Zulu parade.
“Hope Credit Union played a pivotal role in our journey, understanding our needs and crafting a commercial loan package that suited us,” said Ron Davalos.
The funds from the HOPE loan were instrumental in purchasing the building, marking a significant milestone for Baby’s Snack Box. In fact, the success was such that the owner expanded, acquiring a second business managing rental property through HOPE’s commercial lending services.
Beyond financial support, Davalos states, “It’s a great relief knowing there’s a financial institution of this caliber making a conscious effort to serve the underserved.”
Delivering Exceptional Hospitality
Vivek Patel owns Stay Inn & Suites hotel, a family-owned and run business in Montgomery, Alabama. With over twenty-five years of experience in the hotel and hospitality industry, he aims to deliver high-quality service and comfort to his guests. “I’ve been doing this for a long time, and I know how important it is to provide excellent service…it keeps us in business,” says Patel. Along with his wife, Asha, Patel oversees the hotel’s daily operations. Patel went to his local bank for financing when he wanted to expand and upgrade the hotel to ensure it exceeded guests’ standards. His loan application, however, was turned down. A family member recommended he try a credit union to apply for a loan. “I was drawn to the institution’s name, HOPE… since it translated to Asha, my wife’s name, and decided to give HOPE a try,” says Patel. HOPE provided $2.4 million in financing for improvements. “Hope Credit Union has been a blessing for me and my family,” says Patel. Since receiving funding from HOPE, Patel has made improvements to the hotel and is looking forward to a prosperous future.
In Time for the Holidays
Akia’s struggles deepened as her old truck spiraled into a series of breakdowns, depleting her finances and leaving her without reliable transportation in December of 2023. Faced with limited options, Akia turned to Google in search of pre-approved cars, discovering Dependable Auto Sales and embarking on a path to a new beginning.
A reassuring call from a salesperson affirmed that they had various loan options, even if her current bank didn’t work out. Unfortunately, her loan applications were not approved as the lenders cited her holding multiple jobs. HOPE looked beyond the issue raised by other lenders and focused on her history of paying bills. “I’ve been with four kids and no car for a week, and it’s about to be Christmas,” Akia expressed, emphasizing the urgency of her situation.
Just in time for the holiday, the call came—Akia was approved for an auto loan from HOPE. She seized the opportunity to purchase a used truck for her family, expressing gratitude to HOPE for going the extra mile
to understand her unique situation.
Healthcare Reimagined and Revived
Quitman County Medical Center in Marks, Mississippi is vital for many residents. Facing financial constraints in a majority Black county that grapples with high poverty rates and outmigration, the hospital closed in the fall of 2016. Local leaders, however, saw an opportunity and organized around a strategy to reopen the hospital. Central to the approach included attaining the Critical Access Hospital (CAH) designation. The designation was a game-changer, guaranteeing Medicare and Medicaid payments at a rate of 101%, crucial for sustaining healthcare services in Quitman County. HOPE provided $2.4 million in financing to support the acquisition and renovation of the hospital. The hospital’s reopening restored essential healthcare services and provided employment opportunities. Beyond the renovation of the facility, the loan proceeds were used to purchase state-of-the-art medical equipment, underscoring a commitment to delivering top-notch care to patients in Quitman County and the broader region.
Community Breaks Ground on Northside Square Redevelopment
In December, HOPE joined leaders from across the city of Memphis in a groundbreaking ceremony for Northside Square. Led by the development team of CompCap Partners and the Works, the project will breathe new life into a high school building, shuttered since 2016. Once completed, the $78 million project will repurpose the building with 42 affordable housing units, a gymnasium, a performing arts center, a workforce training center and a coffee house. HOPE invested $7 million into the project with its New Markets Tax Credit allocation. At the press conference, HOPE Senior Vice President & Commercial Credit Officer Danielle Ware shared, “It is important that we take this moment to recognize that NMTC investments should be directed towards projects that make the most difference in people’s lives. This is what HOPE has always done with its NMTC allocations and that is certainly the case with Northside Square.”
Supplier Diversity Pilot Concludes a Success
Twenty entrepreneurs recently graduated from HOPE’s Supplier Diversity Pilot Program based in Jackson, MS and New Orleans, LA. The Pilot Program provided technical assistance and training to position the businesses to successfully compete for contracting opportunities. Simultaneously, the pilot also brought three Historically Black Colleges and Universities and the local governments together to learn about, develop, and implement more inclusive procurement policies and practices. With the pilot completed, attention will now turn to the development and dissemination of a strategy guide for both small business owners and institutions to amplify the lessons learned from the endeavor.
Louisiana graduates are also on tap to participate in follow-up workshops to deepen their bonding capacity and access to capital to secure contracts associated with federal transportation funding in the state.
Affordable Housing Breakthrough Challenge
In Mississippi and Alabama, over 5,000 households that rent, 75% of which are Black, are at risk of eviction due to the sunsetting of federal affordable housing requirements associated with the Low Income Housing Tax Credit Program. In response, HOPE envisioned a program to transition the renters to homeownership through the creative use of down payment assistance, 100% financing, and loan loss reserves. The innovation caught the attention of Enterprise Community Partners, which selected HOPE as one of six organizations nationwide for the Housing Affordability Breakthrough Challenge. With the selection, HOPE joins a cohort of organizations that receive both grant funding and technical support to launch the project. Partners in the project will include HBCU students from Mississippi Valley State University and Delta Design Build to retrofit the homes with energy-efficient upgrades.
Download 2023 4th Quarter Report.
JACKSON, MS – Today, the U.S. Treasury released updates to the Community Development Financial Institution (CDFI) Fund Certification Process. Upon release of the new standards, HOPE CEO, Bill Bynum released the following statement:
“The updated CDFI Certification standards strike an important balance by prioritizing true mission lenders, while allowing for the flexibility required to meet the unique challenges that face people in under resourced communities. As the new process is implemented, Treasury officials must emphasize accountability by ensuring that CDFI resources benefit those who have historically, and disproportionately lacked access to affordable, responsible financial services.”
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Dear Friends,
Earlier this month, we hosted our latest HOPE Economic Mobility Forum, Defending Financial Democracy, in the Evers-Winter Conference Room at our Jackson, Mississippi headquarters. The room is named after racial justice warriors, and central figures in HOPE’s evolution, Civil Rights Activist Myrlie Evers Williams, and former Mississippi Governor William Winter. Their relationship and life’s work inspired the creation of a place where diverse leaders could gather to forge solutions to the systemic challenges that limit Deep South residents from reaching their potential. You can read more about the forum, or link to its proceedings below.
For nearly three decades, lowering opportunity barriers has been at the core of HOPE’s work. For Phillip Rollins, the owner of Offbeat, Mississippi’s only Black-owned record and comic book store, this came in the form of a Power of HOPE loan, that enabled him to weather a series of emergencies that threatened the existence of his business.
For promising rural entrepreneurs, this means increased access to business training and capital, through the expansion of HOPE’s partnership with Goldman Sachs 10,000 Small Businesses, in collaboration with a network of Deep South CDFIs.
For Historically Black Colleges and Universities, this means leveraging the substantial financial and technological capabilities of Visa to increase investment and strengthen the financial capacity of their students, staff, alumni and surrounding neighborhoods.
For families and children in low-resource communities, this means home loans, business financing, and relief from predatory lenders.
This work is possible because of our partners, our donors, and our Transformational Depositors. These resources equip HOPE to fulfill our mission of strengthening the financial health and wealth of families in the Deep South.
Thank you for your continued support. Wishing you a safe, sound and happy holiday season.
In Solidarity,
Bill Bynum, CEO, HOPE
Third Time’s the Charm
Shuwanda Boyd lived in an apartment for over ten years. With her rent steadily increasing and her children having limited space to play, Boyd decided it was time to find a place for her and her family to call home. “When I started looking for my first home to purchase, my main goal was to have a yard for my children,” says Boyd. She found her dream home but was denied financing by two different mortgage lenders. Determined not to give up, Boyd turned to HOPE upon the recommendation of her realtor. In addition to having a product to meet her needs, HOPE also awarded a flexible Down Payment Assistance grant to defray the expense of closing costs. “Homeownership means having something I can leave behind for my children, a place where they can thrive…and HOPE gave me that,” says Boyd. Now member owners, Boyd and her family enjoy spending time in the spacious backyard of their new home.
Jammin’ to a New Beat
Phillip Rollins owns and operates OffBeat, Mississippi’s only Black-owned record and comic book store. Based in Jackson, OffBeat offers comics, alternative art, vinyl records, and apparel. “I want to create a space that will have a lasting effect on the state of Mississippi, where local Black artists can showcase and sell their work,” says Rollins. Post-Covid, Rollins’ business was suffering due to the economy’s instability and decreased foot traffic in his store, resulting in a decline in sales. A mentor suggested he reach out to Hope Credit Union. Rollins met with a HOPE small business lender and was ultimately approved for a Power of HOPE Small Business Loan, a special program designed for businesses with less than $500,000 in annual revenue that were financially affected by the pandemic. Rollins was able to purchase new inventory and make upgrades to his store. “HOPE understands the needs of small businesses, and to have HOPE backing them, it keeps communities flourishing,” says Rollins.
Education with a Global Impact
School is now in session at Instant Impact Global Prep (IIGP) in Natchez, Mississippi. Opened in August 2023, IIGP will ensure students from Pre-K through 8th grade develop skills to prepare them for the ever-evolving workforce. Dr. JoAnn Rucker is Instant Impact Global Prep’s Executive Director and School Principal. With an extensive background in education, her mission is to impact young people living in low-wealth communities. “Here at IIGP, we believe that all students deserve access to a high-quality education that meets the full range of their needs,” says Dr. Rucker. HOPE provided a $150,000 loan to the school to purchase equipment and furniture for classrooms and the cafeteria. The loan was secured by a deposit from Mississippi First, a non-profit education advocacy and support organization.
One-Stop Shop for Financial Success
As an eighteen-year member of HOPE, Sharon Holloway always looked to the Credit Union for advice and service to meet her financial needs. “I would always take advantage of HOPE’s Holiday Loans to buy gifts for my family,” says Holloway. She even came to HOPE when she purchased her first home years ago. “HOPE is always my first choice for managing my money.” It’s an approach that still works today. Holloway recently attended a membership drive and connected with one of HOPE’s Financial Inclusion Officers (FIO). HOPE FIOs work in the community to build partnerships with nonprofit organizations, businesses, churches and schools to identify solutions to the financial challenges being faced by key constituents. During her conversation with the FIO, Holloway inquired about the best way to refinance high-cost credit card debt and to acquire funds to make improvements to her home. After speaking with Holloway, HOPE’s FIO determined that a Home Equity Loan would be the best fit. She applied for the loan and HOPE approved her $89,000. “I know whenever I need financial support, I don’t have to look no further than HOPE.”
Rural Hospital Given New Life
Lauderdale Community Hospital in Ripley, Tennessee received a new lease on life with an infusion of capital to construct an updated, state-of-the-art facility. The project replaced an aging facility and will provide enhanced care for patients and a modernized layout for staff. Leveraging the New Markets Tax Credit program, HOPE and its partners invested $22 million into the facility which is now able to offer Emergency Cardiac and Pulmonary Rehabilitation, Surgery Services, Radiology, Physical Rehabilitation, Acute Care, and Respiratory Therapy. Through the provision of new services, twenty-five additional jobs will be created, half of which will be accessible to residents of the local community. All of the new jobs will pay over $25 an hour and provide employees with a comprehensive benefit package that includes health and dental insurance, matching retirement and tuition reimbursement. Over 50,000 patients will be served – the vast majority of whom cover health costs through Medicaid, Medicare or are uninsured.
Defending Financial Democracy – HOPE Economic Mobility Forum Recap
HOPE hosted the latest Economic Mobility Forum: Defending Financial Democracy on November 1, 2023. The forum brought together a group of national and regional experts to underscore the importance of institutions like Community Development Financial Institutions (CDFIs) and the Consumer Financial Protection Bureau (CFPB). Attendees also discussed strategies for building and protecting wealth – particularly among people living in under resourced communities.
Read a Recap and Watch a recording of the Forum here.
Rural Communities Initiative Launched
Goldman Sachs 10,000 Small Businesses recently announced a $100 million investment through the Rural Communities Initiative. Through the Initiative, the bank and its foundation will deploy $100 million to support small businesses and economic development across the South. The initiative will leverage its 10,0000 Small Businesses platform by combining entrepreneurial education with loan capital to support business start-ups and expansions. HOPE will play a central role in the management of the capital access components of the Initiative in partnership with regionally based Community Development Financial Institutions (CDFIs).
Visa Filene HBCU Incubator Convenes to Develop Payment Solution
Across the Deep South, Black households are less likely to be fully banked than white households exposing Black households to high-cost financial services. In an effort to develop a culturally competent response, Visa and the Filene Research Institute have partnered to convene the HBCU incubator. Over the last seven months, leaders from HBCUs and Black led financial service institutions have gathered to develop a payment solution that meets the needs of the larger HBCU serving community. HOPE senior leaders were tapped to join the incubator to serve as subject matter experts during the development phase.
Download 2023 3rd Quarter Report.
HOPE Joins Goldman Sachs as Lead Partner to Expand Investment in Rural Communities Initiative
Little Rock, Ark., Oct. 27, 2023 – Goldman Sachs 10,000 Small Businesses today announced it has expanded its $100 million Investment in Rural Communities initiative to Arkansas and is making a $20 million commitment to community development financial institution (CFDI) Hope Enterprise Corporation to foster job creation and help catalyze economic growth across the region.
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JACKSON, MS – William J. (Bill) Bynum, Chief Executive Officer of HOPE (Hope Credit Union, Hope Enterprise Corporation and Hope Policy Institute) has been inducted into the American Academy of Arts and Sciences. The organization honors individuals demonstrating excellence and innovation in the arts, democracy, industry, education, global affairs, and science. Selected for his business leadership, Bynum joins a 2023 class of members that includes businesswoman Sheila Crump Johnson, director and producer Lin-Manuel Miranda, and biochemist and geneticist Emmanuelle Charpentier.
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Dear Friends,
At HOPE, we frequently draw on the transformative power of ownership in our work. For example, we know that each additional year of homeownership increases a household’s net worth by more than $13,000. We also know that the wealth gap between Black and white business owners is 25% the size of the wealth gap between Black and white households. People who are banked are more likely to own assets than people who do not benefit from a reliable relationship with an insured depository institution. Perhaps most important is the fact that people who own homes, businesses, accounts and other assets have higher levels of civic engagement. They are more likely to go to PTA meetings, to town board meetings, to vote and determine who represents them in public office – shaping the policies, practices and systems that help determine one’s ability to climb the economic ladder.
This report underscores why this is so important. Story after story, before joining HOPE, our member-owners encountered barriers when seeking support from traditional financial institutions. A Mississippi Delta homeowner had his mortgage application turned down multiple times. An Alabama entrepreneur with decades of Heating, Ventilation, and Air Conditioning (HVAC) experience was denied financing. An experienced New Orleans nonprofit housing developer could not attain the resources needed to build homes for the unhoused. HOPE provided each with the capital needed to pursue their goals, and strengthen their communities.
Without you, HOPE’s ability to advance ownership across the Deep South would not be possible. While financial institutions located in affluent neighborhoods rely on local deposits to fund loans, the under-resourced communities served by HOPE lack this capacity. In response, HOPE and our members rely on Transformational Deposits from mission-aligned individuals, organizations and companies from across the country to fill the void, importing life-changing capital into places where it is needed most.
Thank you for your ongoing support. Because of you, there are more owners in the Deep South than ever before, with even more to come.
In solidarity,
Bill Bynum, CEO, HOPE
Going Where the Grass is Greener
James Green, a HOPE member-owner since 2019, grew tired of renting and sought the stability of home ownership to raise his family. While seemingly in good standing with a local bank, Green’s multiple attempts to apply for a mortgage loan were not met with success. He decided to move his money to HOPE, where he learned of HOPE’s specialized mortgage products. Mr. Green found HOPE’s first-time homebuyer program to be perfect for him and applied for a mortgage. HOPE’s associates walked him through the loan process and answered all of his questions. Green closed on his home in June 2023. “We are happy to finally be in our own home,” said Green. With a large yard, Green looks forward to hosting gatherings of friends and neighbors at his new home. “HOPE made our dreams come true.”
Flaming Success
In October 2021, Krazy Konkoktions was born, offering a range of captivating and calming candles. With a steady stream of business, the owner and founder, Kimberly Streeter of Lexington, Mississippi, was ready to expand. Unfortunately, she encountered numerous obstacles when seeking financing to build up her inventory. An opportunity arose, however, when she connected with HOPE following an event organized by the Small Business Administration for entrepreneurs in the Mississippi Delta. She qualified for a $25,000 Power of HOPE Delta Loan, a product designed to bridge capital gaps for very small businesses located in the region and with less than $500,000 in annual sales. With the additional resources, Streeter expanded her product line. She looks forward to growing her business, deepening her relationship with HOPE and providing a better life for her daughters.
Keeping It Cool
With over 25 years in the heating, ventilation and air conditioning (HVAC) industry, Kevin Billups tapped his vast knowledge of the technical side of the business to start his own company. Billups Heating & Cooling in Montgomery, Alabama specializes in HVAC installation and performs consultations with clients. “It is vital that people have access to heating and air conditioning, and it’s our mission to provide an honest service with affordable prices,” said Billups. With a growing business, he needed financing to pay for maintenance costs on his fleet vehicles and repairs on his shop. Despite having an excellent credit score, Billups was denied a small business loan from his bank. After learning about Hope Credit Union from a friend, he applied for a loan and received $10,000. Today, Billups employs over 20 skilled HVAC technicians. “HOPE really made a difference for me and my business. I look forward to working with them on future projects.”
No More Ubers
Dustin Gunn, a first-year college student at the University of Arkansas at Little Rock, realized he needed his own vehicle to maintain a busy schedule with school and work. Working as a lifeguard at the Jess Odom Community Center in a neighboring suburb, he spent his first year “hitching rides from friends and family and getting Ubers.” He came to HOPE in search of a solution. HOPE’s associates welcomed Gunn and provided financial advice tailored to meet his personal needs by helping him navigate the auto loan application. “[HOPE] really made sure that the process went smoothly my first time purchasing a car,” said Gunn. Gunn’s loan application was quickly approved and he purchased a formerly owned Toyota 4 Runner. Now with the freedom to travel on his time table, Gunn remarked, “HOPE has opened doors for me and gave the proper guidance for a young kid like myself.”
Doubling Impact in the 9th Ward
Louvis Services, Inc. is a nonprofit organization that focuses on building permanent supportive housing for the City of New Orleans homeless population. Founder Lou Anne White, who serves as the Executive Director for Louvis Services, has had years of involvement in permanent supportive housing, an evidence-based model that combines affordable housing with flexible services. “We really want to focus on moving people off the streets,” said White. Partnering with local architectural companies and volunteers, Louvis constructed the first duplex house in the Lower 9th Ward. When it came time to finance the project, White went to local banks but was turned down. She then came to HOPE. “With us being a fairly new organization, no one wanted to take a chance with us… but HOPE did,” said White. HOPE provided a $150,000 loan which was used to pay off a construction loan financed by another New Orleans-based Community Development Financial Institution. Along with the housing duplex, Louvis also offers the Edible Landscape program, where tenants can learn about gardening and grow their own fruits and vegetables. Since the completion of the first duplex, Louvis has been awarded four additional duplex properties in the Lower 9th Ward through the New Orleans Redevelopment Authority. White plans to use this housing model to create more housing for individuals who are homeless living in New Orleans’ under-resourced communities.
HOPE Member-Owner Featured on ABC News
In July, ABC News released the piece “Black-owned banks and credit unions work to close the racial wealth gap.” The news segment highlighted structural challenges Black-owned businesses and households face in securing the financing needed to grow or purchase a home. It also spotlighted the role of Black-owned financial institutions providing capital when other institutions will not. HOPE member-owner, Debbie Jones, shared her journey to becoming a homeowner and the ways in which Hope Credit Union accompanied her along the way. Click here to watch the segment.
Innovative Financing Breathes Life into Rural Hospital
Facing the daunting prospect of having to close down, a group of community leaders came together to develop a financing strategy to build a new state-of-the-art hospital in rural Ripley, TN. HOPE joined two other community development organizations to pull together $23 million in New Markets Tax Credits to leverage a $15.9 million investment by the United States Department of Agriculture. The new hospital will replace an outdated facility and expand services. For the collective work that went into saving the hospital, the transaction was recognized for its innovation by Novogradac, one the leading New Markets Tax Credit advisors in the country.
Faith & Money Network Visits the Deep South
For over 40 years, the Faith and Money Network has been hosting pilgrimages and conversations with people of faith to provide a space for people to examine their relationship with money. Their mission is to create investment opportunities to advance equity throughout the world. This year, HOPE hosted one of the Network’s “Trips of Perspective.” During their visit to Memphis, Jackson, Birmingham and the Mississippi Delta, members of the Faith and Money Network experienced first hand the ways in which HOPE works to close the racial wealth gap among residents and communities in the Deep South. Following the trip, several attendees offered reflections on why they invest in HOPE and on their time in the region.
Download 2023 2nd Quarter Report.
Dear Friends,
“We all have an interest in promoting a vibrant economy as well as resilient families and communities. In such an economy, people would have access to credit on fair and equal terms to build a secure financial foundation. Yet, despite widespread acceptance of this vision, we have a way to go in making it a reality, particularly for Black households.”
These words were shared by Federal Reserve Board Governor Michael Barr, the nation’s top bank regulator, during his keynote address at the HOPE Economic Mobility Forum: Banking on Financial Inclusion. Just one month later, the nation would teeter on the edge of financial uncertainty as Silicon Valley Bank, the country’s 16th largest, bank collapsed seemingly overnight.
In response to this and ensuing bank failures, many depositors and investors moved their funds to Global Systemically Important Banks, or GSIBs, those mega institutions whose existence is deemed to be so vital that their failure would threaten the global economy. This rush to perceived safety, and the resulting tightening of access to credit by traditional financial institutions, comes at a time when people and places served by HOPE, particularly communities of color, already find themselves disproportionately harmed by inflation, natural disasters, environmental degradation and lingering consequences of the pandemic.
We’ve seen this story during previous times of crisis, and just as in the past, we responded.
During the first three months of this year, HOPE experienced one of our most productive quarters ever supporting vital businesses and service providers, making 776 loans that generated $48 million in financing to stabilize jobs and communities. While other lenders closed their credit boxes, HOPE opened doors for grocery stores, first-time homebuyers, a senior living center and an HBCU.
The opportunity for positive change in the Deep South is greater than ever. HOPE is fortunate that our supporters understand the importance of financial inclusion, improving environmental outcomes and channeling historic commitments of public and private capital into under-resourced communities. Not only have 99% of HOPE’s 600+ Transformational Depositors stayed the course, some, like Nike, renewed their deposit and are working to deepen our partnership. Deep South communities are making progress today because, when times get tough, you stand firm, knowing that this work must be done consistently, not just when it’s convenient.
HOPE’s board and staff take seriously our responsibility to be good stewards of your support, particularly during these challenging times. In addition to the fact that HOPE’s business model is significantly different than the banks that failed, our capital position is strong, 2.5 times better than our peers.
Working together, we will continue to make progress toward the inclusive prosperity
we all seek.
In solidarity,
Bill Bynum, CEO, HOPE
A Light for All
Ella Ford, 73, of Jackson, MS, has always been a light for others. She works as a cook for her church and caters gatherings for her friends and family. Unfortunately, when she lost her husband of 53 years back in 2019, she felt as though her light had gone dim. After his passing, managing the bills became a challenge. In particular, their mortgage loan interest rate was nearly 14%, and she struggled to pay it along with her other debt and household expenses. A good friend of Ford’s, Chadwick Russell, contacted HOPE on Ford’s behalf. HOPE’s mortgage team worked closely with Ford to structure a mortgage that would pay off all of her debt and lower her monthly payment. She qualified for HOPE’s Affordable Housing Product, which put her on a much more solid financial foundation. In her new mortgage, her interest rate decreased from 13.99% to 7% and her term was reduced by ten years. Additionally, she consolidated all of her debt which saved her approximately $500 a month. “HOPE really did a good job for me and I really thank the staff for all that they do,” said Ford.
Doing What Makes Sense
In March 2020, Buchanan Redmond of, Clinton Mississippi walked into a HOPE branch to discuss opening an account. Redmond wanted to set an example for his son by setting goals and accomplishing them. He rapidly found multiple ways to take advantage of all that HOPE had to offer. First, he consolidated outstanding medical debt with a share secured loan. Then, he tapped a Borrow and Save loan to pay off his vehicle. With each step, he deepened his relationship with HOPE and ultimately qualified for a $315,000 mortgage. With assistance from HOPE, Redmond became a first-time homebuyer. “I just did what made sense, and HOPE made sense financially,” said Redmond. Since becoming a HOPE member-owner, he has referred several family members to the credit union and is coaching his brother through the same steps.
Living in Luxury in Lafayette
Villas of Lafayette, in Lafayette, Louisiana, are newly developed housing units that will serve senior tenants ages 55 and up with income constraints. The 51-unit housing complex includes amenities such as a community gathering place, a business & computer center, a workout room and paved walking trails. HOPE provided $1.7 million. “We want our tenants to live comfortably and have access to the things they need,” said Sandra Trump, General Property Manager at the Villas of Lafayette. The 51-unit housing complex bridges a critical gap in the housing market in Lafayette for its aging residents.
A Blessing for the Community
Organized in 1991, Jubilee Church of God in Christ (JCGC) is a well-established church in Memphis, Tennessee led by Reverend Gregory Askew, pastor for over 20 years. In 2008, the church purchased its current facility, a 25,500-square-foot building located on 9.74 acres of land. Since then, the church has renovated restrooms, updated the audio / video system and re-carpeted the whole church. HOPE recently strengthened the churches fiscal outlook by refinancing older and more costly debt used to fund the upgrades with a $750,000 loan “HOPE has been a blessing for us and our community,” said Pastor Askew.
From Stocker to Owner
Sinesio Canseco has always been in and around the grocery business. At that age of sixteen, he took a job at Winn Dixie as a stocker and worked his way into management. Learning the industry through hands on training, he ultimately decided to leave and open his own store in 2005. After leasing a space for many years, he made the move to purchase a site in New Orleans. HOPE financed the construction of the new store with a $2 million loan along with investments made by the City of New Orleans and the Louisiana Agricultural Finance Authority (LAFA). At the ribbon cutting, Mayor LaToya Cantrell underscored the importance of the partnership. “We are grateful to Hope Credit Union and Mr. Canseco for supporting and understanding the need for this critical resource for our people.” Canseco highlighted the community impact “Since our founding, we have aimed to create a friendly neighborhood market with products for the needs of each community. Our collaboration with HOPE, the City of New Orleans, and LAFA is making that more possible each day.”
Investing in HBCU’s A Winning Proposition
In January, HOPE made a $7.5 million New Markets Tax Credit investment in Nashville-based Fisk University to support the renovation of the John Hope and Aurelia Franklin Library, the Driscoll House (Race Relations Building), the Boyd House, and new construction for the Roland Parrish Career Center. Our largest investment to date with an HBCU, HOPE places a priority on financing projects that generate deep impact in historically underserved communities. HBCUs are a natural partner for HOPE in this work, because of their oversized role in expanding economic mobility for Black families and communities. In addition to financing development projects, HOPE works with HBCUs in several other ways including: providing financial services for students, staff and alumni; sponsoring student internships and fellowships; and collaborating with procurement offices to increase diversity among HBCU suppliers and contractors. To learn more about how CDFIs and HBCUs can collaborate to increase economic mobility in low-income communities see our HBCU-CDFI Economic Mobility Strategy Guide.
Banking on Financial Inclusion
Over 200 advocates, bankers, nonprofit leaders and students gathered at Jackson State University for the HOPE Economic Mobility Forum: Banking on Financial Inclusion. Governor Michael Barr, Vice Chair of Supervision of the Federal Reserve System, provided keynote remarks and spent additional time in Jackson, Mississippi meeting with HBCU students to discuss career opportunities within the banking and community development fields. During the Forum, attendees engaged in solution-based dialogue with a range of national experts on the topics of fair lending, closing the racial wealth gap, banking the unbanked and expanding access to capital, particularly for people of color. A recording of the conference panel sessions and keynote remarks, along with all presentations, are available for viewing and download on the Forum landing page at www.hopecu.org/emf2023.
Deep South HBCU Students Converge in Jackson for Economic Mobility Career Expo
Following their participation in HOPE’s Banking on Financial Inclusion forum at Jackson State University, more than 100 students from 11 HBCUs engaged with bank regulators and CDFI representatives to explore opportunities to increase diversity in the finance sector. Following a conversation with Federal Reserve Governor Michael Barr, Federal Reserve Bank of Atlanta President Raphael Bostic and HOPE CEO Bill Bynum, moderated by HOPE Chief Human Assets Officer Kimberla Little, the students met with human resource experts from the Federal Reserve System, the African American Alliance of CDFI CEOs and Inclusiv to learn about career opportunities to diversify the finance sector and advance economic mobility.
NIKE Deepens Partnership
NIKE’s largest distribution center in North America is located just over 10 minutes from HOPE’s Harvester Lane Branch in Memphis, Tennessee. In recognition of this proximity and the value both organizations bring to each other, HOPE and NIKE took steps to deepen the partnership this year. HOPE CEO, Bill Bynum joined NIKE Senior Director, Dane Spurill and Robert Shorty, Director of Global Diversity, Equity & Inclusion for the conversation “Equity in Banking – Leveling the Playing Field – Do Something About It” as part of the company’s Black History Month programming. HOPE’s team was also on site at the distribution center to connect NIKE athletes (associates) to the credit union’s wealth building opportunities.
Download 2023 First Quarter Report.
Dear Friends,
In 2019, Federal Reserve Chairman Jerome Powell came to Mississippi Valley State University, a Historically Black University to speak at HOPE’s Rural Places, Rural Spaces policy forum. During his visit, the first by a sitting Fed Chairman to the Delta, after noting that all parts of the economy were not recovering evenly, Powell said we must “bring people into the economy who are at the edges.”
Powell’s call still rings loudly today, as inflation takes a disproportionately heavy toll on those we serve at HOPE. Every day we see our members’ financial stress magnified as their meager savings erode, the lure of high-cost debt to cover basic living expenses increases, and the dream of buying a first home slips further from their grasp.
During tumultuous times like these, the need for HOPE and our partners is often greatest. Our ability to help people navigate these circumstances requires an understanding of where they are on their financial journey, and working with partners to forge solutions that meet their needs. A partnership between HOPE and a large national bank provided the down payment assistance funds that enabled Stephanie Robinson to become a first-time homebuyer in Montgomery, Alabama.
Partnerships come in a myriad of forms. They can support homeownership, entrepreneurship, green communities, quality healthcare, education, housing and other services that increase economic mobility and improve lives in opportunity deserts. And they may be with corporations who prioritize diversity and inclusion and a sustainable planet, or with foundations, municipalities, HBCUs, public agencies or individuals whose goals align with HOPE’s mission. In every case, partnerships are vital to HOPE’s impact.
Thank you for being our partner. Because of you, the economy’s edge is further away for millions of historically underserved families across the Deep South.
In partnership,
Bill Bynum, CEO, HOPE
Last year, 3 out of every 10 mortgages closed by HOPE leveraged over a half million dollars in down payment assistance. The following two homeownership stories share how HOPE taps a variety of programs to make homeownership a reality for individuals for whom it would otherwise remain out of reach.
The Perfect Home for a Craftsman
Stephanie Robinson had been a HOPE member-owner for several years when she approached HOPE’s team in Montgomery, Alabama to discuss options to purchase her first home. While she had used HOPE’s deposit products regularly, she did not have a long track record of managing credit. Together, Ms. Robinson and HOPE’s team developed a plan to be carried out over the course of a year. Part of the plan included working through the mortgage application process to qualify for an FHA loan – through Ms. Robinson would need to overcome a down payment barrier. In concert with one of HOPE’s bank partners, HOPE assisted Ms. Robinson in accessing a down payment assistance grant. With help from the program and after executing the plan, Ms. Robinson became a homeowner, where she enjoys woodworking and crafting in her home studio. After closing, she reflected this would not have been possible without the down payment assistance and HOPE’s commitment to helping her reach her aspirations. “I just like HOPE; I think it is a good company to invest my money in,” says Robinson. “HOPE makes you feel like family.”
Photo Credit: Michelle Liu / Verite
On the Road to Homeownership
For over 15 years, HOPE member Dianne Hall rented an apartment in New Orleans East with assistance provided by the Housing Authority of New Orleans (HANO) through the Housing Choice Voucher program. Housing Choice Vouchers provide assistance to eligible families and individuals (based on income, age or disability status) to rent or purchase a home on the private market. To use the voucher to cover mortgage payments, prospective homebuyers must be in good standing with HANO, employed full-time, making at least $14,500 a year, maintain a minimum credit score of 640 and have at least $3,000 in savings explicitly to buy a home.
HOPE, HANO and Ms. Hall all pooled their resources to make homeownership a reality. HOPE’s mortgage team tapped the Neighborhood LIFT program to provide $15,000 in down payment assistance which was used to reduce the cost of the mortgage and to cover closing costs. Ms. Hall also qualified for HOPE’s Affordable Housing Program mortgage which neither requires a down payment nor mortgage insurance which eats into the monthly income available to pay the loan. With the Housing Choice Voucher available to cover the mortgage, Ms. Hall became a homeowner. “I put my money on the side and sacrificed.” “[HANO] helped me out a lot, and the loans helped me out,” says Hall. Hall now shares her story with other Housing Choice Voucher tenants. “A lot of people think they can’t do it,” Hall said. “It needs to be known more … that it’s possible.”
Partnership for Good Health
Greater Meridian Health Center (GMHC) is a Black-led, Federally Qualified Health Center. Incorporated in 1986, GMHC is located in a persistent poverty county in eastern Mississippi and serves approximately 8,000 patients annually. Eighty-seven percent of the patients are people of color, and ninety-four percent earn incomes below the federal poverty level. Looking to bridge healthcare access gaps even further, GMHC approached HOPE to finance a satellite clinic in Macon, Mississippi, a small town of 2,500 residents – of whom four out of five are Black. In the absence of the clinic, local residents would need to drive over an hour for primary care and dental services.
In total, the expansion would cost $1.7 million; however, the specialized nature of the project required multiple partners to finance the capital stack. HOPE led efforts to assemble a loan package using its own capital and drawing on resources provided by one of HOPE’s bank partners and a federal agency dedicated to rural development to bring the project to fruition.
Finding New Roads
Ashaki Clark, a HOPE member since April of 2021 and a mother of two, experienced significant hardship following a divorce. One of her immediate needs was to purchase a reliable vehicle to get to work and take the children to school. Unfortunately, her financial situation was in flux, and she could not find a bank that would provide her with the financing she needed to buy a car. Out of options, she applied for an auto loan with Hope Credit Union online. One of HOPE’s Memphis-based Sr. Member Representatives connected with Ms. Clark and began the loan process. While Ms. Clark had a limited credit history, she had a strong track record of making payments on time for other bills. HOPE was able to draw on this history to approve the loan. “I am so thankful for HOPE; they took a chance with me knowing my situation, and helped me to move forward,” said Clark. She can now travel with her family with confidence.
Municipal Bond Purchase Fuels Mid-Delta Airport Improvements
In January, Mayor Errick Simmons of Greenville, Mississippi announced an $11.7 million investment in the Hanger Improvement Project at Mid-Delta Airport. Improvements to Hangar 450, currently the largest unoccupied airplane hangar in America, will help to make the airport a more viable economic asset for the city and foster future job creation and growth for the airport and the community. Hope Credit Union purchased $6.4 million in bonds to support the project, which will bring 200 jobs to Greenville in the field of aircraft maintenance. The investment will also accelerate on-site workforce development partnerships with Delta State University and Mississippi Delta Community College.
“Since opening our Greenville office in 1994, HOPE has financed thousands of Delta families and businesses,” said HOPE CEO, Bill Bynum. “Partnering with the city of Greenville to finance the Hangar Improvement Project is a great way to put HOPE’s investment portfolio to work in alignment with our mission of creating jobs and strengthening economies in places with great potential.”
Advocacy Advances Financial Inclusion
In the 4th quarter, HOPE authored five public comments to advance financial inclusion through recommendations shared with the U.S. Treasury, the Consumer Financial Protection Bureau (CFPB) and the Environmental Protection Agency (EPA). Comments shared with the U.S. Treasury included proposals to define a new designation of banks/credit unions serving people and communities of color; to structure federal programs in a way that advance financial inclusion and to strengthen the Community Development Financial Institution (CDFI) certification process to facilitate the growth of CDFIs serving historically underserved populations. The organization also weighed in on proposed CFPB rules to govern the refinancing of mortgages and shared its experience with the EPA to inform how the agency should structure its Greenhouse Gas Reduction Fund to ensure communities of color can meaningfully participate in efforts to “green the economy.” All of HOPE’s public comments are summarized and available for review on the Hope Policy Institute’s blog.
Download 2022 Fourth Quarter Report.
Dear Friends,
This fall, Hope Credit Union pledged to make $1 billion in financing available to support underbanked families, homebuyers, small businesses, community facilities and otherwise create opportunity across the Deep South. This pledge was made possible with a $92.6 million capital injection by the Treasury Department’s Emergency Capital Investment Program. Every dollar of this regulatory capital enables HOPE to import up to $10 of deposits that will be used to build opportunity ladders in capital-starved communities.
These resources will help us serve more people like Willie Dixon. After walking to work his entire life, at age 54, Mr. Dixon purchased his first vehicle with a loan from HOPE. He’s now working with HOPE to purchase his first home. They also position us to support anchor institutions like the Alabama Aerospace & Aviation High School, a Black-led public charter school working to increase the pipeline of diverse pilots.
Increasing our impact fortifies our ability to advocate on behalf of those we serve. This was on display in August when we spent the day with the U.S. Secretary of Housing & Urban Development, in discussions about ways that banks, faith-based leaders and Historically Black Colleges and Universities could improve housing conditions and expand homeownership. Similarly, lessons gleaned from places like the Delta and Black Belt provide me with a unique wealth of data that will inform my service on the inaugural Treasury Advisory Committee on Racial Equity.
As we position HOPE for the future, my colleagues and I are clear that there are thousands of Mr. Dixons living in the Deep South, who only need equitable access to affordable financial tools in order to succeed. Today, HOPE is better positioned than ever to provide these tools. We invite you to join in this important work as a program partner, policy advocate, or Transformational Depositor.
Thank you for your ongoing commitment and support.
In partnership,
Bill Bynum
CEO, HOPE
Flying High
This fall, the Alabama Aerospace & Aviation High School opened its doors and welcomed its inaugural class. Located in Bessemer, Alabama, the public charter school provides a hands-on college preparatory curriculum with an emphasis on career pathways into the aerospace and aviation industry. When looking for a financial partner to fund the outfitting of this unique school, they turned to HOPE because of its funding partnership with the US Department of Education and the credit union’s long track record in financing charter schools in the Deep South. Beyond the classroom, the school offers internships, apprenticeships and training opportunities with Delta Airlines and the Bessemer Airport Authority. Long term, the majority Black school seeks to diversify the pipeline of pilots in a field where workforce shortages are common. “With this new high school, we are inspiring students to soar and giving them the wings to do it,” says Ruben Morris, Director of the Alabama Aerospace and Aviation High School.
Clearing the Path to a Dream Home
Debbie Jones’s homeownership journey was fraught with frustration and heartache. As a single Black woman caring for both her daughter and her mother, she encountered numerous obstacles from unscrupulous realtors who repeatedly engaged in practices to block her purchase. After months of looking and disappointment, she finally found her “Dream Home in Pearl, Mississippi,” and applied for financing to the stage to make an offer. Unfortunately, her mortgage application was denied by the bank. Ready to give up, Ms. Jones shared her experience with her brothers, both in the ministry encouraged her to reach out to HOPE. Thankfully, the house was still on the market. HOPE’s team worked with Ms. Jones every step of the way. After only 30 days, Ms. Jones became a homeowner with HOPE. Today she enjoys watching her grandchildren play in the yard and her garden. When asked to reflect on her road to homeownership, Ms. Jones shared, “HOPE is for us and run by us.”
Planting Seeds for Financial Growth
Marc Middlebrooks worked for the Shelby County school system as a teacher’s assistant. While the job was steady, he recognized he needed additional income to provide for his children. Tapping into his entrepreneurial spirit, he opened a lawn care and landscaping business. One of his first steps included seeking out a partner in a financial institution for a business account and a small business loan. When he approached another financial institution for working capital, the process was not clear and loan officers were not helpful in providing guidance for pulling his application together – ultimately leading to the denial of his loan. He went to HOPE and found friendly service and a team committed to his success. They informed him of all the items needed and guided him throughout the entire process. Determined not to give up, Middlebrooks turned to HOPE for assistance. “I felt comfortable with HOPE because they are the ones that gave me the opportunity to actually get a business account.” At HOPE, the loan officer walked him through the process, and he opened his business account on the very same day. Middlebrooks also received a small business loan from HOPE and purchased a trailer and lawn equipment. Middlebrooks continues to expand his lawn care business and serve those in his community. “HOPE was an excellent choice for me to grow my business.”
Grounds for Success
Courtney Tobias found herself in need of capital for her start-up, Lunchroom Coffee, an organic fresh-roasted coffee distributor in Louisiana. Unfortunately, like too many women and business owners of color, she met resistance from traditional financial institutions that failed to see her vision and repeatedly turned down her loan requests. Ready to give up, she said, “I determined that I was done with lending institutions because they weren’t structured for people like me.” Fortunately, she did not give up and she turned to HOPE. HOPE provided a $10,000 loan through its Power of HOPE program, a low-interest loan structured to support entrepreneurs affected by the pandemic. Today, her product is sold in 13 retail outlets in Louisiana and she maintains a robust online presence. She’s also looking ahead to expanding through the purchase of a trailer and ultimately the construction of her own manufacturing facility.
Discovering New Possibilities
For years, Willie Dixon has either walked or ridden public transportation to and from work. At the age of 54, Dixon never owned a vehicle. He first learned about HOPE through a presentation at his church by the Black Clergy Collaboration of Memphis (BCCM), a partner of HOPE. A HOPE Financial Inclusion Officer spoke to the congregation about how HOPE supports and provides access to financial services to underserved communities. Dixon was inspired and found the confidence to apply for an auto loan. He was hesitant at first since he did not have any credit established. Dixon was a firm believer in using cash to purchase everything. HOPE was able to assist Dixon with the loan process, and as a result, he bought his very first vehicle. He is grateful to the HOPE team for helping make it all possible. Now he is working on establishing credit to prepare to purchase a home.
HOPE Pledges $1 Billion to Improve Lives in Underserved Deep South Communities
In September, Hope Credit Union (HOPE), the nation’s leading Black- and women-owned community development financial institution, announced plans to provide $1 billion in financing to improve lives and close the racial and gender opportunity gaps in Alabama, Arkansas, Louisiana, Mississippi and Tennessee. HOPE projects that the investment will benefit more than 150,000 people over the next 10 years.
To read the full announcement, click here.
U.S. Secretary of Housing & Urban Development Visits Jackson, Mississippi
In August, HOPE coordinated a visit to Jackson by the U.S. Secretary of Housing & Urban Development. While in Jackson, the Secretary and Congressman Thompson hosted three roundtables. The first roundtable focused on the needs of Historically Black Colleges & Universities. A second engaged faith leaders around the affordable housing and community development needs facing their communities. HOPE co-hosted a third roundtable with the executive leadership of a number of Bank Community Development Financial Institutions (CDFIs). During the meeting, Secretary Fudge pressed CDFI Bank leaders to identify ways in which their institutions could increase mortgage lending to borrowers of color – particularly in light of the federal investment received by the institutions attending the event.
HOPE Appointed to Treasury Advisory Committee on Racial Equity
WASHINGTON – In conjunction with the annual Freedman’s Bank Forum, U.S. Secretary of the Treasury Janet L. Yellen, announced the inaugural members of the Treasury Advisory Committee on Racial Equity. The first-of-its-kind committee will provide advice and recommendations to Secretary Yellen and Deputy Secretary Wally Adeyemo on efforts to advance racial equity in the economy and address acute disparities for communities of color. HOPE CEO Bill Bynum was appointed to the Committee. Reflecting on his appointment to service, Bynum shared, “As America becomes more diverse, making racial equity a priority in policy decisions serves the nation’s collective interest and makes the economy more resilient. Secretary Yellen and the Biden-Harris administration are to be commended for taking this historic step. I look forward to bringing voices from the Deep South to this important work.”
To read the full article, click here.
Download 2022 Third Quarter Report.
