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February 22nd, 2024
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 Corporationof 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 interestof all of us – an economy that works for all. Thank you for your support […]
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November 15th, 2023
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 […]
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August 15th, 2023
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 […]
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May 25th, 2023
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 prosperitywe all seek. In solidarity, Bill Bynum, CEO, HOPE A Light for AllElla 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 […]
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February 16th, 2023
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 […]
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November 15th, 2022
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 […]
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August 15th, 2022
Dear Friends, In the late nineties, HOPE worked with federal officials, bank regulators, community development advocates, potential investors and others to ensure that the promise of the nascent New Markets Tax Credits Program (NMTC) would be realized in places like the Mississippi Delta, where the dearth of investment, combined with a deep-rooted neglect of Black and high-poverty communities, had long undermined economic opportunity for the region’s most vulnerable residents. This advocacy produced regulatory guidance and IRS rulings that have been used in almost every subsequent NMTC transaction, generating over a half trillion dollars of investment, and more than 800,000 jobs in capital-starved communities. Today, HOPE continues to advocate for, provide and leverage investments that improve conditions for underserved people and places. Two projects highlighted in this report illustrate the impact of these efforts. Working with Oakwood University, an institution founded to educate freed slaves in north Alabama, HOPE used the NMTC program to close the financing gap for facilities that will enhance health, cultural and educational opportunities for this anchor institution and their surrounding community. Similarly, in rural Mississippi, Tippah County Hospital was able to replace a vital, but aging health care facility. In both cases, the NMTC program played a critical role in attracting capital that enabled community-transforming projects to overcome structural inequities in the financial marketplace. Ensuring fair and equal access to financial resources is central to HOPE’s mission. By collaborating with you and others who understand that strengthening historically underserved families, businesses, and communities is in our collective interest, we are transforming systems and helping our neighbors and our nation realize their immense potential. Thank you for your ongoing support. Working together, we make the world better for us all. In partnership, Bill BynumCEO, HOPE Taking a Leap of FaithErika Scott was tired of paying rent and wanted a nice place to raise her family. She always wanted to be a homeowner but felt as though she wasn’t at the age where she would become one. “I just want to say that in my lifetime I have owned a home,” says Scott. She gathered the courage and took the first step by finding a realtor, then it was time to find a home. A referral connected Scott to HOPE. Scott was initially nervous about the loan process, but HOPE staff and her realtor assured her that they would be there every step of the way. “The HOPE staff was warm and hospitable; they answered all my questions,” says Scott. She was approved for HOPE’s Affordable Mortgage Program, which makes homeownership accessible by helping borrowers navigate traditional underwriting requirements. “I did this for my daughter. I told her that if you work hard and keep the faith, it will come right to you. God will bless you with it,” says Scott. She closed on her first home in June of 2022. Building a More Sustainable BusinessSabrina Narcisse is the proud owner of Sabrina Narcisse, LLC. This human resources management firm brings a holistic approach to organizational culture. Services […]
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May 18th, 2022
Dear Friends, In April 1967, Senator Robert Kennedy traveled to Mississippi to see first-hand the effect of poverty on Black families in the Delta. Fifty-five years later, memories of that trip were evoked when Vice President Kamala Harris visited Greenville to underscore the importance of investing in underserved communities. The throngs of children and families who lined the streets to welcome the Vice President underscore the significance of the visit, which both highlighted the importance of investing in small and diverse businesses, and affirmed the value of the region’s people. After visiting Joycee’s Fabric, a small business that survived the pandemic with the help of two Paycheck Protection Program loans from HOPE, VP Harris addressed a packed house at the E.E. Bass Cultural Arts Center – home of HOPE’s first Business Development Office in 1995. Three weeks later, the Secretary of Agriculture and the President’s Domestic Policy Advisor led a contingent to Clarksdale to announce investments designed to help small towns access infrastructure funding. In recent months, we have also met with senior officials from the Small Business Administration and Department of Commerce. It is vital that we seize upon these encouraging visits and convert them to tangible action, because 55 years after Senator Kennedy’s iconic visit, the Delta remains synonymous with poverty and racial disparity. That is why, HOPE places as much emphasis on informing, influencing and collaborating with policymakers, banks and corporations to drive investment into historically underserved communities, as we do with helping members, like Daphene Booker featured in this report, to navigate her journey towards business expansion. Now is the time to ensure that everyone in this country has the opportunity to succeed. Thank you for your support of HOPE and those we serve as we work towards brighter futures in 2022. Bill BynumCEO, HOPE Global Children for a Global WorldAfter successfully running a multi-site child care center for many years, Daphene Booker, the owner of Global Children Services, sought financing from her bank to expand. With over 16 years of experience in the industry, Booker felt she could expand the center’s impact on children by opening a fifth location in Memphis, TN. Unfortunately, the bank denied Ms. Booker’s loan request. Global Children Services provides high-quality child care and after school programming to children living in persistent poverty communities in Memphis. Serving children from the ages of 6 weeks to 16 years of age the center offers educational programming including tutoring, sign language, basic Spanish, and a STEM curriculum. After speaking to a friend about her experience with the bank, she learned about Hope Credit Union. Ms. Booker thought this would be an excellent opportunity to establish a solid relationship with another financial institution, and she immediately felt at home at HOPE. “At HOPE, I didn’t feel like a number; they took the time to get to know me and my business.” Booker received a $1.2 million commercial loan, which she used to purchase a building and a 15-passenger bus to transport the children to […]
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February 17th, 2022
Dear Friends, Since the onset of the pandemic, HOPE played a leading role in efforts to secure resources to assist financially fragile and historically underserved communities that were hit hardest by the ensuing economic crisis. These efforts resulted in $27 billion for use by community development and minority lending institutions. In December, during an event commemorating the founding of the Freedman’s Bank, an institution created after the Civil War to provide former slaves with access to financial services, Vice President Kamala Harris highlighted HOPE’s role when she and Treasury Secretary Janet Yellen announced investments totaling nearly $9 billion in community development and minority depository institutions to support communities that have been disproportionately affected by the pandemic. Few places need these resources, like the communities served by HOPE. Treasury’s investment in HOPE affirms this and is a testament to a reservoir of trust, expertise, and alliances 27 years in the making and to the steadfast support of friends like you. Every dollar of the $88 million Treasury investment will support $8-10 in deposits, which will position HOPE to dramatically expand our service to homebuyers, small businesses, underbanked families, and communities that lack access to the financial tools needed to prosper. To this end, if you are not a Hope Credit Union member, I invite you to join us today and urge you to consider making a Transformational Deposit. These resources will support people like Tellisha Crawford, highlighted in this report, whose auto loan enabled her to support her family. Again, thank you for supporting HOPE and those we serve. We look forward to doing great things together in 2022. With gratitude Bill Bynum CEO, HOPE Investing in Prosperity In 1994, HOPE made its first small business loan in Hughes, Arkansas. Fast forward to 2021 and HOPE continued to support investment in this Arkansas Delta town. Local resident Lincoln Barnett was looking to purchase an investment property to generate additional income. He found a duplex, however, he lacked a lender to finance the purchase of it. While Barnett had an established credit history, he did not have a relationship with another financial institution. His realtor suggested he reach out to Hope Credit Union. Barnett contacted the team in West Memphis where he found the loan process seamless. “The HOPE staff was accommodating in the loan process, and they explained everything as we went along.” Barnett recently welcomed his tenants home. After closing the mortgage loan, Barnett received numerous offers from other lenders in the mail but rejected them, insisting on banking with HOPE. Lending A Hand Where It is Needed Tellisha Crawford, a recruiter for Goodwill, had always dreamt of owning a home. Crawford and her husband wanted to create a loving environment for their two adopted children. Mounting medical bills, other debts and a low credit score, however, prevented her from securing a mortgage. Then, she learned about Hope Credit Union through a success coach during orientation at Goodwill. With the introduction made, she approached HOPE’s team in Biloxi, Mississippi. HOPE […]
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November 17th, 2021
Dear Friends: On any given day, more than two-thirds of HOPE’s members have less than $1,000 in their credit union accounts. The low balances underscore the steep hill Deep South families must climb in order to survive from paycheck to paycheck, and the difficulties HOPE faces in fueling community development in wealth-starved communities. While traditional banks tap into an abundant source of low cost deposits in affluent neighborhoods, HOPE must import capital to finance everything from auto repairs, promising entrepreneurs, families seeking to become new homeowners, not to mention vital facilities like schools, grocery stores and healthcare clinics. To address this need, in early 2020 we launched the HOPE Transformational Deposit program. Through October 2021, more than 350 individuals and businesses have made Transformational Deposits totaling more than $115 million to help close opportunity gaps in the Deep South, and finance companies like A Time to Spring Forward, the education consulting company, as profiled in this report. As we approach the holiday season and end of an eventful year, we thank you for your generous support, and invite you to continue helping us level the financial playing field by making a tax-deductible contribution to HOPE, and by joining our growing legion of Transformational Depositors. With gratitude, Bill BynumCEO, HOPE Helping Businesses Spring ForwardWith experience in both human resources and education as a math teacher, instructional coach and assistant principal, Spring Mercadel saw an opportunity to knit the two bodies of work together and launch her own venture. Mercadel’s passion for education inspired her to create change in her community during a time of virtual learning. The result was A Time to Spring Forward. A Time to Spring Forward provides corporate training, organizational and leadership development needs to small businesses as well as curriculum and content development services to educational leaders. She turned to HOPE for the financing necessary to start her small business and was approved for a Power of HOPE Business Loan. Power of HOPE loans were developed to meet the working capital expenses of very small businesses by providing them with low-interest rate loans up to $10,000. When asked about the impact of the loan, Mercadel referenced the excitement of being able to purchase office equipment and hire an employee. More importantly, the loan gave her an opportunity. “HOPE is committed to helping the community, they will take a chance on those with a vision.” Driving Towards Brighter DaysIn December of 2019, Candace Hasan was hit by a drunk driver without insurance. The accident totaled her car, and after the insurance payment from her company, she still owed a balance on the vehicle loan. As a full time realtor, replacing her vehicle as quickly as possible was critical. Unfortunately, a series of emergencies spanning a number of years, negatively impacted her credit. With few options, she took out a predatory loan with a 23% rate. Shortly thereafter, Ms. Hasan joined Hope Credit Union. The team in the Biloxi branch worked with her to rebuild her credit and in […]
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