As a HOPE member-owner, Louis Ward has access to a full range of affordable, responsibly structured financial services.

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.

Bynum will be part of The Aspen Institute’s Financial Security in America Summit on Wednesday, July 11, in Aspen, Colorado.  The event gathers 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.  Bynum will speak on a panel discussing “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.

Through the credit union, HOPE is able to extend opportunities to people who are often underserved by traditional financial institutions.  Louis Ward came to HOPE via a community partner on the Mississippi Gulf Coast where he was part of a homeownership program, but was unable to secure a loan with mainstream mortgage lenders.  HOPE helped him obtain a share-secured personal loan, a tool that HOPE often employs to help borrowers establish or improve their credit rating. 

It wasn’t long before Ward was sold on HOPE.  “They made it easy for me,” Ward said. “No bank or credit union ever worked with me the way they did.  I want to work with people like HOPE – people who are concerned about me.”  He closed every account he had at other institutions and moved them to HOPE.  He is now a very active HOPE member-owner, enjoying a full range of financial services.

Other events in which HOPE will participate include:

• 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 businesses, and more.  A total of approximately 300 are expected at this event. HOPE CEO Bill Bynum will be speaking on a panel discussing “Using Entrepreneurship to Drive Regional Growth” and HOPE staff will be participating in the expo and facilitating speed mentoring sessions throughout the day.

• Mississippi Business Leaders Luncheon – Friday, July 13 – Jackson, MS – President and CEO of the Federal Reserve Bank of Atlanta, Dennis Lockhart, will provide an economic forecast for business at the Jackson Marriott from noon until 1:30 p.m.   Lockhart will speak to the group on the economy, both national and more specifically the Southeast Region.  HOPE will be participating in the event and will offer perspectives on how critical Community Development Financial Institutions and Community Development Credit Unions are to addressing the financing needs of small and medium-sized businesses that have the capacity to create jobs in economically distressed and underserved areas.

The involvement of organizations like HOPE in these events is an important part of making sure opportunities to stabilize and grow the economy also promote financial inclusion for people of all income levels.

HOPE is a regional financial institution, community development intermediary and policy center that provides affordable financial services; leverages private, public and philanthropic resources; and engages in policy analysis in order to fulfill its mission of strengthening communities, building assets, and improving lives in economically distressed parts of the Mid South.  Since 1994, HOPE’s efforts have generated over $1.6 billion in financing and benefited more than 120,000 individuals in the Delta, Katrina-affected areas and other distressed communities throughout Arkansas, Louisiana, Mississippi and Tennessee.

Hope Credit Union

Hope Credit Union

HOPE is a regional financial institution, community development intermediary and policy center that provides affordable financial services; leverages private, public and philanthropic resources; and engages in policy analysis in order to fulfill its mission of strengthening communities, building assets, and improving lives in economically distressed parts of the Mid South.

Since 1994, HOPE's efforts have generated over $1.6 billion in financing and benefited more than 120,000 individuals in the Delta, Katrina-affected areas and other distressed communities throughout Arkansas, Louisiana, Mississippi and Tennessee.

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