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August 16th, 2021
Dear Friends: As the pandemic rages on, states in the Deep South languish near the bottom of the nation with the highest rates of COVID cases per capita. As with so many indicators of distress in this region, these statistics represent a convergence of politics and race. Households of color, particularly Black households, remain disproportionately affected by the health and economic effects of the virus, exacerbated by the slow and uneven implementation of government recovery programs, as federal protections to buttress families against the shocks of the crisis expire. Against this familiar backdrop, our work continues. During the second quarter, HOPE made more than 2,000 loans to help stabilize and strengthen struggling families, small businesses and homeowners, and otherwise support people and communities facing unprecedented levels of economic distress. We then took the stories and data from this work to engage policymakers, banks and others to advocate for a more urgent and equitable recovery, anchored in closing longstanding racial, gender and geographic opportunity gaps. This impactful work is fueled by the steadfast commitment of longtime supporters who continue to invest time, treasure and commitment in collaboration with HOPE to forge a more inclusive economy, and by an inspiring growth in the number and diversity of individual, corporate, foundation and community allies. Thanks to all who make our efforts possible. Join us by visiting https://hopecu.org/support-our-work/, or by emailing me at transform@hopecu.org. In partnership, Bill Bynum, CEO, HOPE Going Farther with HOPEHOPE member Mr. Antoine Anderson reached out to HOPE in New Orleans shortly after his part-time job was eliminated due to the economic effects of COVID-19. As a person with a disability and working part-time, the loss of income could not have occurred at a worse time. Both his refrigerator and stove broke down and needed to be replaced. Initially, he approached a high cost lender and was approved for a predatory loan; however, HOPE offered a much more attractive alternative. Members affected by the pandemic could borrow $1,000 with a 2% interest rate to navigate the associated challenges. After receiving the funds for the new refrigerator and stove, Mr. Anderson shared “HOPE got me back up and running.” Creating New MemoriesBrittany Thomas, a Unit Program Coordinator for the U.S. National Guard in Montgomery, Alabama, was actively looking for a home for herself and her 4 year old son. At the time, Ms. Thomas was living with her parents to save money for a down payment. When out looking for a home, her realtor referred her to HOPE. While the friendliness of the HOPE staff motivated her to join the credit union, it was the assistance HOPE provided along the way that helped her achieve her goal of becoming a homeowner before her son’s next birthday. Now with a bedroom for her son, a kitchen to bake in and a yard to play games, Ms. Thomas reflected “Anything that is worth having is worth fighting for… and my home is definitely worth it.” Pettagrue Joins HOPE’s Alabama […]
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May 17th, 2021
Dear Friends: With the first quarter of 2021 behind us, we look forward with cautious optimism toward better conditions and greater opportunity for Deep South families and communities. Over the past year, HOPE has provided more than 4,000 SBA Paycheck Protection Program loans to employers, mainly the smallest, most vulnerable businesses. Nine of 10 HOPE home mortgages made during the first quarter went to people of color. While our branches remain closed due to COVID precautions, over 400 members received financing to escape predatory auto loans, build credit and otherwise stabilize their lives and climb the economic ladder. The experiences of those we serve fuel HOPE’s efforts to make the economy more equitable through policy and advocacy. I recently had the opportunity to share their realities with the U.S. Senate Committee on Banking, Housing and Urban Affairs. As with prior Congressional testimony, I encouraged lawmakers to ensure that public resources benefit our nation’s most vulnerable people and places, and to invest in organizations that have a demonstrated record of closing financial service gaps that disproportionately limit opportunity for people of color, women and rural communities. This is why HOPE exists – to change the systems that make HOPE’s work necessary in the first place. In addition to the strength of our members, our optimism is fueled by your generous and ongoing support. Thank you for being our ally, as we work to seize this unique moment in history to create opportunity where it’s needed most. With appreciation and in partnership, Bill BynumCEO, HOPE Finding HOPE in the PandemicIn Memphis, Tennessee, self-employed insurance consultant Ronda Coleman Blair spent a week making unanswered calls to the large bank where she had accounts in need of a Small Business Administration Pay Check Protection Program (PPP) loan. Desperate for help, Blair finally drove to the nearest branch, where she found the lobby closed due to COVID. Blair begged for PPP assistance at the drive-thru window to no avail. Blair was far from alone. Many minority business owners, particularly sole-proprietors, were unable to access federal aid, and many lacked established relationships with financial institutions altogether. These challenges contributed to the pandemic’s disproportionate impact on Black-owned businesses, which closed at nearly twice the rate as other U.S. small businesses over the past year. HOPE, however, had developed a reputation for responding to the PPP needs of all businesses. “I’m sitting in my own bank’s drive-through and the employee working the window told me to go to Hope Credit Union because he’d heard HOPE would make it easy for me to apply,” Blair said. “That referral to HOPE turned out to be the best advice I received from my own bank.” Blair not only received a PPP loan from HOPE, she also helped her husband, an independent trucking contractor, and her father-in-law, the owner of Blair Concrete Construction, apply for PPP loans from HOPE. All three credit HOPE with helping them stay in business during the pandemic. “HOPE understood the plight of small business owners,” Blair said. […]
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November 30th, 2020
HOPE, Southport Development Complete Innovative Opportunity Zone Fund Transaction to Increase Affordable Housing in Distressed Mississippi CommunityIn one of the first transactions utilizing separate investors to bring Opportunity Zone Fund equity alongside Low-Income Housing Tax Credits, HOPE has closed a deal to create high-quality, affordable housing in a distressed community in Mississippi. The innovative financing structure addresses the issue of long-term viability of affordable housing developments by leveraging transactions on the front-end. The transaction completed for Millcreek Development in Brookhaven, Miss., is the first pairing of social investor OZF equity with LIHTC credits in the state, and is believed to be among the first in the nation. A market study found a strong demand for sustained affordable housing in Brookhaven, a southwest Mississippi town with a population of 12,000. The new units will be constructed in a neighborhood, featuring sidewalks, lighting, and landscaping found in any market rate development. Construction will be completed in June 2021. HBCU and Municipal Leaders Expand Development Toolkits during Annual HOPE Community Leadership InstituteSome 90 representatives from towns, cities and historically black colleges and universities now have more resources in their community development toolkits after attending the 2020 Community Leadership Institute. The two-day virtual event was sponsored by NeighborWorks America and HOPE. The interactive webinar training sessions covered a range of topics, including “Power of Neighbors” in regard to community development and “How to Build Strong Coalitions.” Two Mississippi Delta towns — Moorhead and Drew — were recipients of catalyst funding to purchase web conferencing equipment, allowing the institute sessions to be streamed in a central location for some participants. HBCUs and other educational institutions participating in the institute included Alabama State University, Alcorn State University, Dillard University, Hinds Community College-Utica, Jackson State University, Southern University-Baton Rouge and Southern University-New Orleans. Construction Underway on Project to Address Affordable Housing Shortage in Alabama CommunityThe Alabama Housing Authority and developers recently broke ground on a new affordable housing project in Opelika, Ala. HOPE is a financing partner on the construction of Providence Park, a 56-unit affordable housing rental community. HOPE also has provided $274,000 in Capital Magnet Funds toward construction. The project will be a high-quality development in the area, and will benefit from strong demand for affordable housing and a lack of new product. It is one of several Low-Income Housing Tax Credit (LIHTC) projects HOPE is financing in the state. Providence Park is a project of The Bennett Group, LLC, one of the oldest and most capable developers of LIHTC in Alabama. Katrina Malone Joins HOPE’s Executive Team as Chief Program Officer On Nov. 30, Katrina Malone joined HOPE’s executive team as the organization’s Chief Program Officer. A leader with more than 20 years in the finance and technology sectors, Malone provides strategic direction for HOPE’s teams that finance affordable housing and community facilities, and advance other projects that increase economic mobility. Prior to joining HOPE, Malone served as Senior Vice President for Lending at Inclusiv, where she oversaw secondary market mortgage programs, developed investment strategies, and spearheaded the $45 million Southern Equity Fund to help […]
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September 2nd, 2020
Innovative Partnership Gives Alabama Black Belt Counties Immediate Access to Capital for COVID Response NeedsThe Black Belt Community Foundation (BBCF), Hope Credit Union (HOPE) and several partners have created a program that will give numerous rural Alabama towns and counties immediate access to capital for COVID-19 response needs. Under the program, HOPE will provide BBCF with a line of credit, allowing the nonprofit to make recoverable grants to cities and counties in amounts of $50,000 or less at a time for the purchase of reimbursable COVID-related items.See the Barron’s story here.See the Alabama News Center story here. Netflix’s Partnership with HOPE Provides Model for Investing in Black CommunitiesNetflix’s recent $10 million Transformational Deposit at HOPE has advanced the national discussion about the need to increase economic opportunities in Black communities. Weeks after the deposit was made in July, Netflix leaders hosted a webinar to share information with other corporations, foundations and individuals about how the entertainment company launched its initiative. They also discussed the challenges encountered and how they worked with a select number of partners to overcome them. The Netflix investment is a strong example for other corporations, banks and holders of wealth in the U.S. to make similar investments in financial institutions serving people of color. Over the next two years, HOPE estimates the Netflix deposit will support financing to more than 2,500 entrepreneurs, homebuyers and consumers of color. View webinar here.Read more here. DeAndre and Vinessa Brown Are Barrier Breakers in Memphis, Tenn.DeAndre and his wife, Vinessa, are the founders of Lifeline to Success, an organization that helps men and women rejoin community life after incarceration. The Browns, their organization, and their clients all have accounts with HOPE. Lifeline to Success’s clients attend work and life skills classes every morning. Afternoons are spent working in low-income areas of Memphis, performing landscaping and janitorial services as members of paid work crews or as volunteers. An important part of that transformative process is learning to manage finances. Read their story. NeighborWorks Training Institute Expands Disaster Response Toolkit for MS Community LeadersWith topics ranging from “Powering COVID Response through Health Partnerships” to “Creating a Pipeline for Rural Leaders of Color,” the recent NeighborWorks Training Institute offered first-class instruction to a group of HOPE Community Partnership leaders – virtually. The institute was held Aug. 17-21. HOPE sponsored the attendance of Dameon Shaw, vice president of University of Advancement at Mississippi Valley State University; Yazoo City Mayor Diane Delaware; and community leaders Letraneshia James of Shaw, Brandi Turner of Utica, Alicia Dixon and Jonquil Dent, both of Yazoo City. Shaw said he attended workshops focused on disaster recovery. “I chose those because we’re dealing with this pandemic,” he said. “I feel the whole program was very insightful. It taught me a lot about the services out there and I appreciated the data and statistics provided. I’m just grateful to HOPE for allowing us the opportunity to have access to this information.” Learn more about the HOPE Community Partnership here. HOPE Featured in National Conversations […]
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June 16th, 2020
A Paycheck Protection Loan Saves Graduation Day for New Orleans SchoolRielle and her fellow classmates took part in graduation ceremonies after a Paycheck Protection Program (PPP) loan from HOPE covered salaries and other expenses to keep McMillian’s First Steps in operation. The school and childcare center in New Orleans was one of the thousands of businesses across the region that was on the verge of closing in the wake of COVID-19. “The teachers were glad to be back. We’re up and running now,” said owner Linda McMillian. Graduation ceremonies were held at the school in May. McMillian said the children and their parents, including those of kindergartner, Rielle, were excited about celebrating the students’ school-year success. “Had it not been for the Payroll Protection loan, that would not have been possible,” McMillian said. So far, HOPE has provided PPP loans to more than 1,400 businesses. Backed by the U.S. Small Business Administration, the loan is designed to provide a direct incentive for small businesses to keep their workers on the payroll amid the COVID-19 pandemic. New Impact Report: A Glimpse of How Our HOPE Community ‘Breaks Barriers’ to Improve LivesProduction of HOPE’s new Impact Report began long before the pandemic gripped our global community and the murder of black people by police ignited nationwide protests against racial violence and injustice. On the pages of the 2019 Impact Report, “Breaking Barriers with HOPE,” are stories that profile early activists against injustice, alongside those of people who are effecting change today within their communities. This year’s Impact Report points to our collective HOPE community’s work to ensure that no one faces barriers to opportunity, regardless of their race, gender, birthplace or station in life. Read “Breaking Barriers with HOPE“ Provine High Students Expand Financial Access to Record Number within Their School CommunityA record number of students, parents and teachers at Provine High School in Jackson, Miss., became HOPE members this year thanks to Lakecia Blackmon, Emily Britton, Zachary Guice, McKenzie Haggard, Alex Riley, Derrick Washington and Brandie Wigley. They are the students who operated HOPE’s school-based branch this year. The teens were recognized during the annual appreciation ceremony, where they received certificates for their outstanding work. The group opened 79 accounts – the highest number since the branch started operations in 2017. The experience was more than just an academic class. “Everybody in my household opened accounts,” said LaKecia, who will attend Mississippi State University in the fall. “I’ve gained enough knowledge to feel confident that I won’t ever go in debt.” Brandie, who graduated in May as salutatorian, said she valued the experience of teaching her peers the benefits of budgeting. “I was able to motivate people to better manage their money,” she said. “It’s really made me a better leader overall.” ‘Roadmap to Recovery’ Webinar Series Offers Innovative Approaches to Rebuilding Communities after CrisesHOPE CEO Bill Bynum joined leaders from New Jersey Community Capital and Renaissance Economic Development Corporation for a June 4 webinar that offered best practices for rebuilding communities after a crisis. The webinar was sponsored by CapNexus, […]
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March 26th, 2020
Crece con HOPE Featured in Emerson Collective’s Justice & Unity SeriesThe Emerson Collective invited partners to imagine what more they could do within their communities to promote justice & unity. HOPE was one of those partners in the Justice & Unity series, highlighting Crece con HOPE, which seeks to expand financial access to the Hispanic immigrant community in the Deep South. As you’ll read in the digital journal and hear in the video, “fear is only one of the obstacles standing between many families and banking. There are also language barriers, and the knowledge gap: When you are making your way in a new country, learning the ins and outs of a complicated financial system is rarely a high priority.” HOPE seeks to close these gaps through intentional and data-driven strategies. Learn more about this work: Crece con HOPE. HOPE Co-Authors Aspen Institute Blog about the Need for Targeted Federal Action for Vulnerable CommunitiesUnless there is specific funding for businesses in lower-income areas, the money won’t get there. Why? Because most of those areas don’t have branches of big national or regional banks. Read more about what will likely happen to the nation’s most vulnerable communities without targeted action from Congress in a blog written by HOPE CEO Bill Bynum and Aspen Institute colleagues Joyce Klein and Tim Ogden. Read the blog. New Boys & Girls’ Clubhouse Expands Access to Mentoring and Tutoring for Youth in Birmingham, Ala.Youth who live in underserved areas of Birmingham, Ala., now have expanded access to tutoring and mentoring services thanks to a new Boys & Girls Club project funded by New Market Tax Credits provided by HOPE. The facility, named after A.G. Gaston Boys & Girls Club champion and former Board Chairman, Walter Howlett, Jr., will replace the overcrowded, aging Kirkwood R. Balton Clubhouse located on South Park Drive. It will increase the capacity for an average daily attendance to 450 children and youth. HOPE leaders joined A.G. Gaston CEO Frank Adams, Birmingham Mayor Randall Woodfin, Boys & Girls Clubs of America CEO and President Jim Clark, A.G. Gaston board members and other supporters for the event. Read more. HOPE Community Partnership Project Completed: New Mural Installed in Miss. Delta TownFour murals, painted by Mississippi Valley State University Art Department students, have been installed on an Itta Bena, Miss., downtown building that formerly served as City Hall. The project, funded through the HOPE Community Partnership, gives a facelift to four historical and artistic windows located on the east side of the building that has been designated as a historic site. Volunteers from the city, university and community assisted with the installation, which improves the imagery of the blighted downtown area. Learn more about the HOPE Community Partnership. HOPE Among Panel of Thought Leaders for NPQ Webinar: “Remaking the Economy in the Black Belt”HOPE was among a group of thought leaders invited by Nonprofit Quarterly to offer insight on economic conditions in America’s Black Belt region. The Black Belt, notes a 2017 Associated Press story, was named both […]
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December 17th, 2019
New Program Launched to Attract Healthy Food Retailer to Food Desert in Louisiana A new program launched in Baton Rouge, La., will expand access to healthy food in an area currently designated a food desert. HOPE recently joined Mayor-President Sharon Weston Broome to announce the program that seeks to bring more healthy food options to North Baton Rouge, while addressing the continued investment and revitalization of the area. “When I campaigned for this office, I promised to focus on food deserts throughout our community,” said Mayor Broome, who was joined at the news conference by HOPE CEO Bill Bynum. “This effort has been talked about for years, and today, we are moving forward.” HOPE’s role includes hiring a full-time commercial loan officer based in Baton Rouge to support the implementation of the program. Other partners in the initiative include, The Food Trust, Baton Rouge North Economic Development District, Baton Rouge Area Chamber, East Baton Rouge Metro Council, Build Baton Rouge, and Healthy Baton Rouge. Learn more about the program here. HOPE Releases Blueprint for Fostering Community Development in Areas Served by CDFIs and HBCUs HOPE recently released the findings of a first-of-its-kind collaboration between historically black colleges and universities (HBCUs) and community development financial institutions (CDFIs) in the Deep South. The HBCU-CDFI Economic Mobility Guide outlines key outcomes from the collaboration to address conditions associated with persistent and concentrated poverty in both rural and urban areas. The guide includes project plans related to business development, healthy food access and affordable housing, and informs future efforts to form HBCU-CDFI partnerships across the nation. For more information about projects and lessons learned, visit The CDFI-HBCU Economic Mobility Strategy Guide webpage. HOPE Joins National Advisory Council of the E Pluribus Unum Initiative Seeking to Dismantle Race and Class Barriers to Opportunity in America Former New Orleans Mayor Mitch Landrieu recently launched the E Pluribus Unum initiative with the release of its first report, Divided by Design: Findings from the American South. The findings on how residents of the American South experience issues of race and class in their communities follows nearly a year-long qualitative and quantitative research phase in which the E Pluribus Unum team traveled to 28 communities across 13 states. Incubated at Emerson Collective and led by Landrieu, E Pluribus Unum is an initiative created to fulfill America’s promise of justice and opportunity for all by breaking down the barriers that divide us by race and class. HOPE CEO Bill Bynum joined several national leaders who comprise the initiative’s advisory board. Learn more here. Construction Underway on Museum Project That Expands Access to Educational Programs in East Mississippi and West Alabama Construction is underway on the Mississippi Children’s Museum – Meridian (MCM-Meridian), a 25,000-square-foot, state-of-the-art facility that features indoor and outdoor exhibit space. As a financing partner, HOPE joined leaders from the community, government officials, MCM-Meridian and MCM representatives, and most importantly, local children, as they used their shovels to break ground during a recent ceremony. MCM-Meridian is expected to open in early 2021; and upon opening, is planning to […]
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July 8th, 2019
NeighborhoodLIFT Places More than 100 Families in New Homes in Mississippi Patridia Hartzog, a law enforcement officer and single mother in Jackson, Miss., is in her first home thanks to a down payment assistance program funded by Wells Fargo and NeighborWorks America, and administered by HOPE. The NeighborhoodLIFT program has assisted some 140 Mississippi homeowners by offering homebuyer education, plus down payment assistance grants. Hartzog says she would not have been able to afford the home she shares with her school-age sons without the grant. The grants are part of a $2.75 million commitment by Wells Fargo to boost local homeownership and revitalize neighborhoods in all 82 Mississippi counties. See if you or someone you know qualifies for down payment assistance from NeighborhoodLIFT. National Housing Conference Visionary Award Honors Work to Advance Affordable Housing HOPE is the recipient of the 2019 Housing Visionary Award, presented by the National Housing Conference. HOPE CEO Bill Bynum accepted the award during the recent NHC gala that recognized organizations and individuals who are making significant contributions toward advancing affordable housing across the nation. In his remarks, Bynum challenged fellow practitioners to advance work to reverse the systematic disenfranchisement of people of color in this nation and to protect the gains made under the Fair Housing Act. David M. Dworkin, president and CEO of NHC, said HOPE exemplifies the values of the National Housing Conference, believing that everyone in America should have equal opportunity to live in a quality, affordable home in a thriving community.” Listen to remarks from Hope Enterprise Corporation Board Member Dan Letendre and HOPE CEO Bill Bynum in this audio. New Report Shows HOPE’s 2018 Impact in the Deep South; Reflects on Quarter Century of Work HOPE recently released its 2018 Impact Report, a compilation of member and partner stories that show the power of opportunity. Among those stories is that of Benjamin and Federico Salas. More than a decade ago, they opened a small butcher shop and meat market. Their business grew, becoming a booming operation that spanned three city blocks. Then, a devastating fire destroyed what they had worked so hard to build. The brothers lost their livelihoods and their 52 employees lost their jobs. When they sought a commercial loan, they ran into an obstacle. Because they had conducted most of their business in cash, neither Federico nor Benjamin had strong credit histories. They turned to HOPE, where an associate walked the brothers through the loan process step-by-step in Spanish. They were approved for a loan, opening the door for their expansion. Read more stories, view loan production data and see how businesses financed years ago are still thriving today. Thank You for Supporting Our Mid-Year Giving Campaign! Thank you for your support of HOPE! Together, we have celebrated a true accomplishment – a quarter-century of serving individuals and communities across the Deep South, providing access to fair and equitable financial services needed to climb the economic ladder and build a legacy for future generations. The relationships we form in […]
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April 4th, 2019
New School Closes Opportunity Gap for Low-Income Children in Louisiana Hundreds of Louisiana youth from economically disadvantaged neighborhoods now receive their IDEA Innovation education in a new school facility, and HOPE provided financing for the project. IDEA schools prepare students for college, starting in kindergarten. The new school in Baton Rouge expands the number of students served from around 450 in 2018 to 936 by 2020, primarily serving children who come from low-income or minority households. The school also will create 70 new jobs in the community by its third year of operation. IDEA’s team says they are “closing the opportunity gap and increasing levels of achievement by preparing students from underserved communities for success in college and citizenship.” It’s a vision that parallels HOPE’s mission of investing in underserved people and places. HOPE’s financing was made through its Charter School Facilities Fund. Other financing partners included the Reinvestment Fund and Self Help Credit Union. HOPE Members Cast Vision for Deep South Communities during Annual Meeting There’s no grocery store in Utica, Miss. So when Utica Mayor Kenneth Broome and nearly 100 other HOPE members were asked to cast a vision for growth in their respective communities during HOPE’s annual Members Meeting, a fresh food retailer was at the top of his list. The visioning exercise was added to this year’s meeting agenda as part of HOPE’s 25th Anniversary commemoration. The purpose was to give members a platform to identify significant projects that could improve their communities, and for HOPE to listen and consider what role it could play in the communities’ growth. As the members held their table discussions, a HOPE representative documented key points. “It was a great exercise. A lot of times, people don’t have an idea of what a credit union can do,” Broome said. “This exercise showed that HOPE is more than just a credit union.” The meeting, held at the Mississippi Civil Rights Museum in Jackson, brought together credit union members, board members, partners and staff. HOPE gave a presentation outlining accomplishments from 2018 and previewing retail and community developments for this year. Please check the schedule for the upcoming regional meetings in Alabama, Arkansas, Louisiana, Mississippi and Tennessee. HOPE Co-Sponsors Empowerment Village at Selma Bridge Crossing Jubilee HOPE recently had the opportunity to participate in an Economic Empowerment Village, sponsored by Legal Services Alabama, Rural Health Association and others, during the 54th annual Selma Bridge Crossing Jubilee. The event commemorates the protest marches of the 1960s in Selma, where peaceful marchers were met by violence from Alabama state troopers on March 7, 1965, which became known as “Bloody Sunday.” A few months after the protests, Congress passed the Voting Rights Act of 1965. The people who visited HOPE’s table to receive free financial literacy included aspiring entrepreneurs, consumers seeking information about alternatives to payday loans and prospective homeowners. Since expanding into Alabama in 2017, HOPE has opened three locations — two in Montgomery and one in Birmingham, AL. “The Empowerment Village was an opportunity […]
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