Press Releases
September 17th, 2010
Investment to Benefit Economically Distressed Areas JACKSON, MS-Today Hope Federal Credit Union (HOPE) closed a $4.52 million secondary capital investment through the Treasury Department’s Community Development Capital Initiative. One of the first credit unions to participate in this program, HOPE will use the funds to increase its financing for small businesses, homeowners and otherwise promote development in economically distressed communities across the Mid South. HOPE CEO Bill Bynum says the Treasury investment represents a breakthrough for low-income communities. “By investing in credit unions and other Community Development Financial Institutions, Treasury is supporting a key segment of the nation’s finance sector”, says Bynum. “HOPE has experienced a steady increase in demand for credit over recent years as many traditional lenders have restricted their lending. The Administration and Congress are to be saluted for helping to insure that the nation’s hardest hit communities have access to the financing needed to stimulate economic recovery.” HOPE and its primary sponsor, Enterprise Corporation of the Delta have generated over $1.5 billion in financing and benefited more than 75,000 individuals in the Delta, Katrina-affected areas and other distressed communities throughout Arkansas, Louisiana, Mississippi and Tennessee.
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September 17th, 2010
Hope Credit Union Receives Boost Treasury to Increase Lending Investment to Benefit Economically Distressed Areas JACKSON, MS—Today Hope Federal Credit Union (HOPE) closed a $4.52 million secondary capital investment through the Treasury Department’s Community Development Capital Initiative. One of the first credit unions to participate in this program, HOPE will use the funds to increase its financing for small businesses, homeowners and otherwise promote development in economically distressed communities across the Mid South. HOPE CEO Bill Bynum says the Treasury investment represents a breakthrough for low-income communities. “By investing in credit unions and other Community Development Financial Institutions, Treasury is supporting a key segment of the nation’s finance sector”, says Bynum. “HOPE has experienced a steady increase in demand for credit over recent years as many traditional lenders have restricted their lending. The Administration and Congress are to be saluted for helping to insure that the nation’s hardest hit communities have access to the financing needed to stimulate economic recovery.” HOPE and its primary sponsor, Enterprise Corporation of the Delta have generated over $1.5 billion in financing and benefited more than 75,000 individuals in the Delta, Katrina-affected areas and other distressed communities throughout Arkansas, Louisiana, Mississippi and Tennessee.
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May 26th, 2010
ECD/HOPE Partners with Common Ground Relief to Rebuild New Orleans CDFI Involvement Supports Nonprofit and Local Residents New Orleans–ECD/HOPE is participating in a ribbon cutting ceremony for Common Ground Relief on Thursday, May 27, at 10:30 a.m. The event will be held at 1804 Deslonde Street in New Orleans. ECD/HOPE is a partner with Common Ground, working to address community development needs on a number of fronts. Common Ground Relief provides short-term relief for victims of hurricane disasters in the gulf coast region, and long-term support in rebuilding the communities affected in the New Orleans area. Common Ground Relief is a community-initiated volunteer organization offering assistance, mutual aid and support. Common Ground has gutted over 3000 homes, provided basic needs for thousands of New Orleans residents, and founded a now independent health clinic and women’s shelter. In addition, Common Ground Relief helps residents with the rebuilding of their flood-damaged homes and offers assistance for new construction. The group is striving to re-create historic levels of agricultural self-sufficiency in the Lower Ninth Ward. ECD/HOPE will work with Common Ground Relief in the following ways: Providing permanent financing on their newly completed office/model home. Providing additional financing on future projects Pre-screening applicants for home purchases Assisting with homebuyer training Providing home financing for qualified applicants The ribbon cutting event for invited guests and members of the media will feature a tour of Maison Marquette, the organization’s beautiful, spacious new model home. Maison Marquette is named for Marquette University, of Milwaukee, WI, the first university to offer construction and skilled training classes for the Common Ground Relief Home Construction program. ECD/HOPE will also be present at an open house and BBQ event sponsored by Common Ground on Saturday, May 29, from 11:00 a.m. – 3:00 p.m. You are welcome to join area residents as they stop by to find out more about what HOPE can do for them with affordable, responsible financial services. The city-wide building program will provide custom-built, custom-designed, sustainable single-family homes starting at $89,000. The homes will be stick-built using local materials and supported by local craftsmen trained by Common Ground Relief’s Job Training Program through its building partnerships. Like the model home, which features 10-foot ceilings, crown molding, eco-friendly flooring and tile, granite counters, well-appointed bathrooms and kitchens, and ecologically friendly biosphere gardens, all homes will be high quality dwellings that are energy efficient and affordable to maintain for every price range and in any neighborhood around Greater New Orleans. Through Common Ground Relief’s Free Legal Clinic, interested homebuyers can clear up credit issues or other problems that may stand in the way of home ownership. ###
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March 8th, 2010
ECD/HOPE Partners with Common Ground Relief to Rebuild New Orleans CDFI Involvement Supports Nonprofit and Local Residents New Orleans–ECD/HOPE is participating in a ribbon cutting ceremony for Common Ground Relief on Thursday, May 27, at 10:30 a.m. The event will be held at 1804 Deslonde Street in New Orleans. ECD/HOPE is a partner with Common Ground, working to address community development needs on a number of fronts. Common Ground Relief provides short-term relief for victims of hurricane disasters in the gulf coast region, and long-term support in rebuilding the communities affected in the New Orleans area. Common Ground Relief is a community-initiated volunteer organization offering assistance, mutual aid and support. Common Ground has gutted over 3000 homes, provided basic needs for thousands of New Orleans residents, and founded a now independent health clinic and women’s shelter. In addition, Common Ground Relief helps residents with the rebuilding of their flood-damaged homes and offers assistance for new construction. The group is striving to re-create historic levels of agricultural self-sufficiency in the Lower Ninth Ward. ECD/HOPE will work with Common Ground Relief in the following ways: Providing permanent financing on their newly completed office/model home. Providing additional financing on future projects Pre-screening applicants for home purchases Assisting with homebuyer training Providing home financing for qualified applicants The ribbon cutting event for invited guests and members of the media will feature a tour of Maison Marquette, the organization’s beautiful, spacious new model home. Maison Marquette is named for Marquette University, of Milwaukee, WI, the first university to offer construction and skilled training classes for the Common Ground Relief Home Construction program. ECD/HOPE will also be present at an open house and BBQ event sponsored by Common Ground on Saturday, May 29, from 11:00 a.m. – 3:00 p.m. You are welcome to join area residents as they stop by to find out more about what HOPE can do for them with affordable, responsible financial services. The city-wide building program will provide custom-built, custom-designed, sustainable single-family homes starting at $89,000. The homes will be stick-built using local materials and supported by local craftsmen trained by Common Ground Relief’s Job Training Program through its building partnerships. Like the model home, which features 10-foot ceilings, crown molding, eco-friendly flooring and tile, granite counters, well-appointed bathrooms and kitchens, and ecologically friendly biosphere gardens, all homes will be high quality dwellings that are energy efficient and affordable to maintain for every price range and in any neighborhood around Greater New Orleans. Through Common Ground Relief’s Free Legal Clinic, interested homebuyers can clear up credit issues or other problems that may stand in the way of home ownership. ###
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February 5th, 2010
New TARP Initiative Supports Small Business Lending from CDFIs ECD/HOPE Made Significant Contributions to Program Design On Wednesday, Treasury Secretary Tim Geithner outlined the details of a new program under the Troubled Assets Relief Program (TARP) that will provide Community Development Financial Institutions (CDFIs) with up to $1 billion to make more loans to small businesses in some of the communities hit hardest by the economic crisis. CDFIs are financial institutions that works in markets that are underserved by traditional financial institutions. CDFIs are certified by the Department of the Treasury’s CDFI Fund, and offer a wide range of traditional and innovative financial products and services designed to help their customers access the financial system, build wealth and improve their lives and the communities in which they live. ECD/HOPE (Enterprise Corporation of the Delta/Hope Community Credit Union) is one of the nation’s leading CDFIs. Since 1994, the nonprofit has generated more than $1 billion in financing for entrepreneurs, homebuyers, and community development projects, and directly benefitted more than 70,000 individuals in Arkansas, Louisiana, Mississippi, and Tennessee. “ECD/HOPE has been providing financing for small businesses and other community needs for more than 15 years. During that time, we’ve demonstrated an ability to lend responsibly in areas that lack access to affordable financial services,” said Bill Bynum, ECD/HOPE CEO. “This experience enabled us to work closely with Treasury officials to develop this program. We look forward to using these resources to stabilize businesses and stimulate economic growth in the Mid South.” Many of the large banks that received funding from TARP did not increase their lending. CDFIs have been seeking access to TARP assets with the intention of boosting their lending and addressing the critical need for financing among small businesses in economically distressed areas throughout the country. ECD/HOPE plans to seek TARP funds to make more loans to businesses such as Open Arms After Hours Child Enrichment Center in Monroe, Louisiana. Owner Chloris Faulkner loves children and saw a significant need for a place where working families could access childcare services during extended hours. “ECD/HOPE was recommended to me by a friend who had started a business with a loan. When I went to see them, they really listened to what I was trying to do for my community” said Faulkner. “And they were very patient: we had been working on this project for several years. ECD/HOPE really made me feel like I mattered and the business was important.” Construction is underway on the Open Arms facility, where there will be 12 jobs caring for as many as 63 children. Following a meeting with Members of Congress and leaders of CDFIs to discuss ways Treasury can encourage job growth in the country’s hardest-hit communities, Secretary Geithner announced the TARP initiative to provide lower-cost capital to CDFIs. The announcement fulfills a commitment made by President Obama in October to create such a program and comes after extensive consultation with small businesses and CDFIs across the country. “This program that you’re seeing us […]
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February 4th, 2010
ECD/HOPE Made Significant Contributions to Program Design Treasury Secretary Tim Geithner outlined the details of a new program under the Troubled Assets Relief Program (TARP) that will provide Community Development Financial Institutions (CDFIs) with up to $1 billion to make more loans to small businesses in some of the communities hit hardest by the economic crisis. CDFIs are financial institutions that works in markets that are underserved by traditional financial institutions. CDFIs are certified by the Department of the Treasury’s CDFI Fund, and offer a wide range of traditional and innovative financial products and services designed to help their customers access the financial system, build wealth and improve their lives and the communities in which they live. ECD/HOPE (Enterprise Corporation of the Delta/Hope Community Credit Union) is one of the nation’s leading CDFIs. Since 1994, the nonprofit has generated more than $1 billion in financing for entrepreneurs, homebuyers, and community development projects, and directly benefitted more than 70,000 individuals in Arkansas, Louisiana, Mississippi, and Tennessee,. “ECD/HOPE has been providing financing for small businesses and other community needs for more than 15 years. During that time, we’ve demonstrated an ability to lend responsibly in areas that lack access to affordable financial services,” said Bill Bynum, ECD/HOPE CEO. “This experience enabled us to work closely with Treasury officials to develop this program. We look forward to using these resources to stabilize businesses and stimulate economic growth in the Mid South.” Many of the large banks that received funding from TARP did not increase their lending. CDFIs have been seeking access to TARP assets with the intention of boosting their lending and addressing the critical need for financing among small businesses in economically distressed areas throughout the country. ECD/HOPE plans to seek TARP funds to make more loans to businesses such as Open Arms After Hours Child Enrichment Center in Monroe, Louisiana. Owner Chloris Faulkner loves children and saw a significant need for a place where working families could access childcare services during extended hours. “ECD/HOPE was recommended to me by a friend who had started a business with a loan. When I went to see them, they really listened to what I was trying to do for my community” said Faulkner. “And they were very patient: we had been working on this project for several years. ECD/HOPE really made me feel like I mattered and the business was important.” Construction is underway on the Open Arms facility, where there will be 12 jobs caring for as many as 63 children. “The resources that will be deployed through this new TARP initiative will certainly be used expeditiously and wisely by these CDFIs to spur economic growth and create needed jobs in the distressed communities they loyally served” said CDFI Fund Director Donna Gambrell “The terms set forth today by the Treasury Department will provide critically needed capital investment into CDFIs depository institutions, which will result not only in increased small business and community development lending in our nation’s hardest-hit communities, it will also […]
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