Hope Credit Union in Jackson, Mississippi, will provide $1 billion in financing to benefit more than 150,000 people in six Southern states during the next 10 years.
The money will "improve lives and close the racial and gender opportunity gaps" in Alabama, Arkansas, Louisiana, Mississippi and Tennessee, the $536 million-asset credit union said in a press release.
The investment was catalyzed by a recent $92.6 million investment in Hope through the U.S. Department of Treasury's
"People in the Deep South are incredibly resilient, and can do anything, if they have the tools,"
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 places that lack local resources needed to finance businesses, homebuyers, affordable rental housing, health care facilities, schools, nonprofit service providers and other assets needed for families and communities to prosper.
Last year, Hope CU
By offering financial education through local crisis centers and community groups — and following through with access to credit — many credit unions are building trust with people who had been wary of working with mainstream institutions.
In 2020, Netflix announced
Hope earned $120,000 in the first six months of 2022, an 87% decrease compared with a year earlier, according to call report data from the National Credit Union Administration.
