Press Releases
September 19th, 2012
Facility Supports Health Care Infrastructure, Creates Jobs HATTIESBURG, MS–Doctors and patients will benefit from a new state-of-the-art facility dedicated to treating bone and joint cases in the Hattiesburg area. The Orthopedic Institute, made possible with New Markets Tax Credits (NMTC) financing from HOPE (Hope Enterprise Corporation/Hope Credit Union), will be a one-stop location for orthopedic care for residents across South Mississippi. The $30 million construction project includes 30 licensed orthopedic beds, six orthopedic operating rooms, pre-operative and recovery rooms, as well as support services such as physical therapy, laboratory and diagnostic imaging services. With all of these services housed under one roof, this 74,000-square-foot facility offers expanded space, easy access to staff members, and attention to detail that makes recovery easier. “This new medical facility is the latest example of how the NMTC program is supporting entrepreneurs and community development projects in the region,” said HOPE CEO Bill Bynum. “Since the program’s inception, we have seen the tremendous impact that NMTC funding can have on attracting capital to communities that need it most.” The Orthopedic Institute will combine the latest technology with highly trained physicians and caring staff to offer services that match the highest levels of orthopedic care delivered across the country. All staff members will be trained to focus on orthopedic patients. These specialized skills and knowledge will facilitate superior patient care, increased safety, quicker recoveries, and enhanced patient satisfaction. Using some of its tax credit allocation, HOPE made two loans for the clinic’s development. The NMTC component made the funds available at a significantly reduced rate. One of the loans will be forgiven over a seven-year period, further reducing the cost of the facility. The NMTC funding supports two of HOPE’s key objectives: supporting health care infrastructure development and creating or retaining quality jobs. Low- and moderate-income families often suffer most when local health care options are limited, draining valuable resources to find providers in other areas. Job creation is a critical component for helping the nation recover from a struggling economy, and positions in the health care sector represents a stable career path for employees. “Having access to quality health care is a key component for building stable communities,” said Bynum. “The clinic will also create jobs that pay good wages. This will allow clinic employees to build assets, provide for their families, and contribute to the economy.” Congress enacted this federal income tax credit as part of the Community Renewal Tax Relief Act of 2000 to spur new or increased investments into development projects located in low-income communities. Tax credits are awarded by the U.S. Treasury’s CDFI Fund on a competitive basis to Community Development Entities (CDE) like HOPE that have a track record of working in economically distressed areas and that present a viable plan to raise capital and make investments in underserved areas. HOPE is one of the nation’s leading community development financial institutions and an experienced provider of New Markets Tax Credits (NMTC) to businesses across the Mid South. Since the program’s […]
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September 19th, 2012
Washington, DC–On Wednesday, September 19, Bill Bynum, CEO of HOPE (Hope Enterprise Corporation/Hope Credit Union), joined leaders and experts from across the nation to examine strategies for bolstering small business ownership and success among African-Americans. HOPE is a community development financial institution that has successfully served entrepreneurs, small businesses, and minority- and women-owned companies in the Mid South for more than 18 years. “Our region boasts the highest concentration of African-Americans in the nation” said Bynum. “We should build on this asset and work to close the capital and opportunity gaps that confront many existing and prospective African-American entrepreneurs. HOPE has demonstrated that properly structured financing and technical assistance can be the key determinant in an entrepreneur’s ability to create jobs that stabilize communities.” Senator Mary L. Landrieu (D-LA), Chair of the U.S. Senate Committee on Small Business and Entrepreneurship, is hosting the event. “I’m committed to helping all small business owners and potential entrepreneurs have a fair shot at making their business dreams a reality,” said Senator Landrieu. “An entrepreneurial ecosystem is how well a community fosters a productive small business atmosphere; I look forward to meeting with leaders across the small business spectrum to find solutions to issues that hinder the African-American Entrepreneurial Ecosystem.” Research from the Federal Reserve Bank of Atlanta indicates that two of the most common sources of capital for startup businesses include loans from friends and families and home equity. Unfortunately, for many African-Americans, these options are often limited. African-Americans, on average, don’t have the assets to start an entrepreneurial endeavor. This disparity highlights the importance of financial inclusion to help stabilize and grow the economy. As a community development entity, HOPE provides affordable, responsibly structured financial products and related services for businesses and individuals in economically distressed and underserved communities in Arkansas, Louisiana, Mississippi, and Tennessee. “We know that community development financial institutions like HOPE can make a real difference for people seeking to start and expand their businesses,” said Bynum. “Many areas are overlooked by traditional lenders. The people in those communities are ready to be successful; they just need the right tools to take the next step.” Other event participants will include: The Honorable Mignon Clyburn, FCC Commissioner The Honorable Marie Johns, Deputy Administrator of the Small Business Administration The Honorable Kasim Reed, Mayor of the City of Atlanta, Georgia The Honorable Marc Morial, President & CEO of the National Urban League Mr. Ron Busby, President of the U.S. Black Chamber, Inc. Ms. Miriam Brewer, Director of Education and Diversity at the International Franchise Association Mr. Doyle Mitchell, President & CEO of Industrial Bank and Chairman of the National Bankers Association Board Mr. Kevin Hicks, Partner of Blackman and Associates Franchise Consulting Firm and multiple restaurant franchise owner Dr. James L. Llorens, Chancellor of Southern University and A&M College Dr. Thomas “Danny” Boston, CEO of EuQuant and Professor at Georgia Tech University Ms. Lezli Baskerville, Esquire, President & CEO of the National Association for Equal Opportunity in Higher Education Ms. Bridgeja’ […]
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September 17th, 2012
HOPE is part of Jackson’s 6th Annual Project Homeless Connect Week. The series of events designed to empower individuals and families that are impacted by homelessness in the Metro Jackson area. Homeless Service Fair – Come out and visit with HOPE! Tuesday, September 18, 2012 Smith Park 8:30 AM until 1:00 PM Concert in the Park Wednesday, September 19, 2012 Poindexter Park 2:00 PM until 4:00 PM Homeless Conference Thursday, September 20, 2012 Galloway United Methodist Church (Downtown) 8:30 AM until 1:00 PM
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July 11th, 2012
HOPE Brings Experience, Vision to Economic Policy Forums Regional Development Financial Institution Expands to More Underserved Areas Jackson, MS – Having recently announced plans to double its impact in distressed Mid South communities, HOPE (Hope Enterprise Corporation/Hope Credit Union) is sharing its experience to shape policies and practices that promote financial inclusion. While the economy continues to struggle, growing numbers of working families and small businesses face challenges when trying to access basic financial services. The financial crisis has created bank deserts in many low income, rural and minority communities, making it more difficult for many residents to acquire affordable, responsibly structured financial products and services. This includes traditional deposit accounts as well as loans for personal, mortgage, and commercial financing. Community Development Financial institutions and Community Development Credit Unions are seeing rapid growth and stronger demand for their services as traditional institutions restrict lending and predatory lenders flourish. HOPE has recently announced a commitment to double the number of people it serves from 26,000 to 60,000, add 15 new branches, and use mobile and electronic technologies to reach the most underserved households in remote locations. “HOPE has demonstrated that financial institutions can be a catalyst for reviving the American economy and create jobs,” said HOPE CEO Bill Bynum. “By providing responsibly structure, low-cost deposit and lending services, we are giving individuals and entrepreneurs the tools they need to support families and communities.” During the week of July 9, HOPE is participating in a series of significant events that address the needs of underserved populations and communities. The events during the week are part of HOPE’s continuing effort to connect people and resources that can help create economic opportunities across the Mid South. Financial Security in America Summit – Wednesday, July 11 – Aspen, CO – The Aspen Institute is gathering top business leaders, experts, advocates and media to consider the contours of a new financial security vision that may actually be within political reach. The Occupy Wall Street movement gave voice to the challenge of inequality, and this forum will take up the challenge with a more practical dialogue about how to create more savings and wealth in American households, strengthen middle-class opportunity, and in doing so improve the economic future of the country. HOPE CEO Bill Bynum will be speaking on a panel “Beyond Payday Loans: Can All Americans Be Banked?” The group will consider how can technology and other innovative strategies for financial access transform the financial services industry to cater to all Americans and what policy obstacles currently exist. White House Rural Economic Forum – Thursday, July 12 – Oxford, MS – This event brings together people who know and understand the importance of business and entrepreneurship in our rural areas. The conference, held in Oxford, Mississippi, includes a resource expo in the morning along with additional sessions discussing the case for rural entrepreneurship and investing in rural entrepreneurship. Early afternoon sessions feature various business-related interactive workshops including starting a business; accessing capital; women, veterans and minority-owned […]
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June 13th, 2012
The African American Regional Policy Forums are regional discussions that will be held in three cities nationwide. They are intended to connect Obama Administration Officials from a wide range of policy areas with community, non-profit, advocacy and business leaders, and local officials to discuss issues critical to the African American community and the nation. HOPE’s success in strengthening communities, building assets, and improving lives gives the organization the opportunity to have a voice at important events like this one. HOPE will also be highlighting its recent commitment to significantly increase access to affordable, responsibly structured financial products and services across the region.
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June 7th, 2012
Credit Union Focuses on Expanding Services in Underbanked Communities NOTE: Learn more about HOPE’s participation at CGI America and its work to eliminate bank deserts. Jackson, MS–Hope Credit Union, a regional community development financial institution, will join some of the nation’s other leading public, private and nonprofit organizations this week at Clinton Global Initiative America (CGI America). For more than 18 years, HOPE has worked to close financial service gaps in the Mid South, and the credit union will focus on issues of financial inclusion during the meeting this week in Chicago. President Clinton established CGI America to address economic recovery in the United States. CGI America brings together leaders in business, government and civil society to generate and implement commitments to create jobs, stimulate economic growth, foster innovation, and support workforce development in the United States. Since CGI America’s first meeting in June 2011, participants have made more than 100 commitments valued at $11.8 billion. One in four American households lacks access to key financial products and services, including savings and checking accounts. Fourteen of the nation’s poorest 30 counties are located in HOPE’s service area, which encompasses Arkansas, Louisiana, Mississippi and Tennessee. This contributes to a disproportionate absence of banking services in the region, a fact that severely limits the economic prospects of families, businesses and communities. In the Mid South region, entrepreneurs face limited access to capital to start, grow and sustain their businesses; individuals fall victim to predatory lenders that target underbanked, low-income, elderly and other vulnerable populations; and communities erode as vital health care, housing and other infrastructure decline in the absence of capital and investment. HOPE tackles these challenges by tailoring its services to economically distressed and underserved populations, particularly those targeted by high-cost payday lenders. “Since the recession, HOPE has filled the financial service gap for thousands of low-income residents in the Mid South by establishing a presence in towns that were losing financial services,” said HOPE CEO Bill Bynum. “Our aim is to make sure that no one is victimized by the growing number of predatory lenders that prey on these communities when they are abandoned by traditional banks.” HOPE is in a unique position to leverage its work in strengthening communities, helping individuals build assets, and improving lives in economically distressed areas of the Mid South as part of a plan to eliminate bank deserts and enhance financial inclusion in the region. Joining the CGI community is a critical step in furthering HOPE’s efforts, particularly as the nonprofit seeks partners to help maximize the benefit its experience can provide to underserved nations and populations. The Financial Inclusion Working Group will promote greater economic opportunities and advance financial capabilities for underserved populations. When fully funded and implemented, the commitments made by CGI America participants will improve the lives of three million people, create or fill more than 150,000 jobs, and invest and loan $354 million to small and medium enterprises in the United States. Since 1994, HOPE (Hope Enterprise Corporation and Hope […]
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June 1st, 2012
New Orleans, LA–The first two families have moved into homes that are part of the new Radiant Blossoms development at Saratoga Square. These quality, affordable houses were built by HOPE (Hope Enterprise Corporation/Hope Credit Union) and will make the dream of homeownership a reality for low- and moderate-income New Orleans residents. The development was made possible through HOPE’s partnership with the Louisiana Housing Finance Agency (LHFA) and are part of the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program. HOUSEWARMING CEREMONY Monday, June 4 10:00 AM 1400 Block of South Rampart Street New Orleans, LA Tours of Furnished Model Home to Follow Radiant Blossoms homes feature three bedrooms with two baths, fully furnished energy-efficient appliances, environmentally friendly building materials and methods, and security systems. The project is located in the heart of the historic Central City neighborhood close to the Central Business District. It offers residents convenient access to important city services including transit routes, police and fire stations, and quality schools. SCHEDULED SPEAKERS Alan Branson, Chief Operating Officer – HOPE The Very Reverend David duPlantier, Dean – Christ Church Cathedral Jeff DeGraff, Public Information Director – Louisiana Housing Finance Agency Stacy Head, Council Member at Large – New Orleans City Council James Ross, Relationship Manager – NeighborWorks® America Lyndsey Beaulieu, Homeowner – Radiant Blossoms Resident HOPE was awarded nearly $1.4 million to acquire and develop these residences. The homes are available to purchasers with incomes of up to 120% of the area median income, e.g. $73,400 for a family of four. Homeownership grants of up to $50,000 are available based upon eligibility.
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May 11th, 2012
Mississippi Children Save for College with Pilot Program Effort Will Provide Seed Funding, Financial Education Jackson, MS – More than 150 Jackson-area children took an big step on the path toward college during a visit to Hope Credit Union (HOPE) as part of the Mississippi College Savings Account (MS CSA) Program. The two-year pilot project will help more than 500 families across the state develop savings habits that will fund college tuition costs. The MS CSA program seeks to address the gap in educational attainment affecting low- income and minority students in Mississippi, where less than 15% of 9th graders end up transitioning to and completing college. The program will help children develop good saving habits, create a financial nest egg, and pave the way for college. “Educational attainment is one of the best predictors of success in life,” said HOPE CEO Bill Bynum. “Combining lessons about the importance of saving, with incentives for securing a good education, builds a solid foundation for long-term success.” In Jackson, the program establishes an account at HOPE for each participating child enrolled at Virden, Jones and Westside Early Childhood Development Centers. To give participants a boost, MS CSA is making a seed deposit of $50 when the account is initially opened. Accounts will be built with deposits from the child, family members, friends, and community organizations, as well as interest earnings generated over time. Proceeds from the savings accounts can be only be accessed upon the child’s admission to a postsecondary education program at a university, college, community college, trade school, vocational training program or another accredited institution. Funds may be used to pay for educational expenses such as tuition, room and board, or other fees required by the institution. Financial education for participants is another important program component. Children and their families will receive ongoing financial education that teaches core money management, saving and investing. Children will receive at least five hours of classroom financial education, and parents will be offered training through the NeighborWorks America Financial Literacy Program and the FDIC Money Smart Curriculum. “Financial education fosters financial stability for individuals, families, and entire communities,” said MS CSA Program Coordinator Lakisha L. Butler. “The more people know about credit and banking services, the more likely they are to increase savings, buy homes, and improve their financial health and well being.” Teachers and partners have worked to create and maintain momentum with parents and students. Activities such as classroom parties and parent awards have helped increase enrollment rates and maintained interest in the program. The Center for Community and Economic Development (CCED) at Delta State University, the Mississippi Community Financial Access Coalition (MCFAC) and Hope Credit Union (HOPE), have partnered with the City of Jackson, Department of Human and Cultural Services to make incentivized college savings accounts to available to Mississippi children. The initiative is supported by a grant from the W.K. Kellogg Foundation in partnership with CFED (the Corporation for Enterprise Development). The MS CSA Program is also being offered in […]
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May 4th, 2012
Nationally Recognized Credit Union Shares Strategy, Successes Washington, DC–Bill Bynum, CEO of HOPE (Hope Enterprise Corporation/Hope Credit Union), is participating in today’s White House Community Leaders Briefing on how cooperatives can help spur economic recovery through job creation and continued investment in their communities. Today’s gathering, organized in conjunction with the National Cooperative Business Association (NCBA), will include 150 leaders of cooperatives from all sectors of the economy. Hope Credit Union, a community development credit union serving the Mid South, is one of the cooperatives that will be highlighted in today’s discussion. The credit union was chartered in 1995 by members of Anderson United Methodist Church to help low-income residents build financial assets and strengthen their financial standing. It also serves as an alternative to predatory lenders. Since its chartering, the credit union has expanded and today has 16 branches in four states (Arkansas, Louisiana, Mississippi and Tennessee) to provide services, education and counseling to traditionally unbanked and under-banked communities. “Cooperatives like HOPE fill an important need as people continue to struggle with a difficult economic environment, and having a financial institution that puts members first is a real benefit to families and communities looking for access to affordable, responsible accounts and loans,” said Bynum. “The credit union’s growth and its ability to serve as the primary financial institution for more than 26,000 members is a testament to the power of cooperatives.” This week, the NCBA released results of a survey it developed with the Consumer Federation of America on Americans’ experience with cooperatives. Results of the survey, conducted by Opinion Research Corp. International, showed how participants viewed cooperatives against for-profit institutions. Cooperatives consistently won higher marks, as follows: 76 percent said cooperatives run their businesses in a trustworthy manner; 61 percent said for-profits do. 74 percent said cooperatives have customers’ best interests in mind; 52 percent said for-profits do. 77 percent said cooperatives are committed to providing the highest quality of service to their customers; 64 percent said for-profits do. 75 percent said cooperatives provide high-value products; 70 percent said for-profits do. 79 percent said cooperatives can be counted on to meet customers’ needs; 67 percent said for-profits do. 77 percent said cooperatives offer fair, competitive prices; 70 percent said for-profits do. Earlier this week, a National Association of Federal Credit Unions (NAFCU) survey rating consumers’ trust of providers ranked “a credit union” higher than any of the named banks (http://www.nafcu.org/News/2012_News/May/CUs_score_high_in_trust_survey/). The United Nations has designated 2012 the International Year of the Cooperative (IYC). The IYC is intended to raise public awareness of the invaluable contributions of cooperative enterprises to poverty reduction, employment generation and social integration. The Year will also highlight the strengths of the cooperative business model as an alternative means of doing business and furthering socioeconomic development. “We are excited to have this opportunity to highlight what cooperatives, and specifically credit unions, can do to help create more stable and sustainable environments for families and businesses,” said Bynum. “As HOPE continues to grow and combat the […]
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March 5th, 2012
HOPE works hard to keep its online banking service secure and safeguard information about our members. A new malware attack is being seen in computers that could compromise people who think they are dealing with a legitimate online banking provider. Victims of the attack report being presented with a customer service chat box during their online banking sessions when in fact their financial institution does not use an online chat feature. The attack is sophisticated and attempts to scam users into giving up personal information such as account numbers. HOPE does not use a chat service, so any reports of this activity should be taken seriously. The potential security implications of such an act are clear. While members are often hit with phishing attempts by email, such data-mining attempts are usually easy to spot. But a chat box that appears in the middle of an online banking session and has an English-speaking human being on the other end can be very convincing, and it’s easy to see how people might be duped. Please make sure that you are aware of any unexpected behavior seen during online banking interactions and report any incidents to HOPE at info@hopecu.org or by calling 1-866-321-HOPE. See an article about this new malware risk.
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