Hope Credit Union (HOPE) has announced plans to provide $1 billion in financing to improve lives and close racial and gender opportunity gaps in Mississippi as well as four other states in the Deep South.
The move was kickstarted by a recent $92.6 million investment in HOPE through the U.S. Department of Treasury’s Emergency Capital Investment Program (ECIP). Structured as regulatory capital, each dollar of federal funds allows HOPE to attract up to $10 in deposits.
HOPE will use the ECIP funds to import deposits into areas that lack sufficient local resources needed to finance businesses, homebuyers, affordable rental housing, healthcare facilities, schools, nonprofit service providers, and other assets needed for families and communities to thrive.
“People in the Deep South are incredibly resilient and can do anything if they have the tools,” HOPE CEO Bill Bynum said. “With this historic investment by the Treasury, HOPE will ensure that for families, entrepreneurs, and communities in the Delta, in the Black Belt, and in rural areas and inner cities throughout the Deep South, access to affordable financial tools will no longer be a barrier to their success.”
HOPE prides itself as the nation’s leading Black and women-owned community development financial institution and projects that the investment will benefit more than 150,000 people over the next 10 years.
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