Throughout HOPE’s history, our most meaningful impact has been achieved by collaborating with others who share our commitment to a Deep South where everyone can prosper. The value of partnership was on full display in August at the groundbreaking for the Center for Genomics and Health Disparity Research at Tuskegee University, an investment that will save lives across the globe by advancing groundbreaking research, while positioning the University to achieve a prestigious classification for doctoral training and research. Like so many Historically Black Colleges and Universities, Tuskegee’s impact far exceeds the financial resources available to them, relative to institutions with large endowments and public funding.

We also had the opportunity to gather with mission aligned allies at DELTA FEST 2025. Over 3,200 people joined in person and online to activate solutions to expand ownership, entrepreneurship and community infrastructure. Thirty sessions equipped attendees with concrete tools to help build an economic ecosystem in the Deep South where everyday people can prosper. If you missed it this year, mark the first week of September on your calendar for DELTA FEST 2026!

Building on the importance of ownership to advancing economic opportunity, in this report, we feature Wilmar Jacobs, who became a homeowner with the help of a HOPE mortgage. Just this past year, he used the equity he had built to make renovations that increased the value of his asset and improved his quality of life.

Even while the people and communities served by HOPE disproportionately bear the weight of these challenging times, every entrepreneur, every member-owner, every homeowner, every community facility, every partnership makes clear that together we can forge a Deep South where inclusive prosperity is the rule, rather than the exception.

Thank you for being our consistent supporter and partner in this important work.

Sincerely,

Bill Bynum

Chief Executive Officer

Enhancing the Student Experience
Led by Jason “Smiley” Abrams, the Andy Abrams Foundation is a nonprofit organization created to address the lack of quality housing for students attending Jackson State University, a Historically Black College & University in Jackson, Mississippi. “I want to create a positive environment for young adults pursuing higher education,” said Abrams. Several years ago, Abrams came across a blighted property in Jackson and saw its potential as a place for student housing. After securing donations, he purchased the property but soon realized he needed additional funds to make the proper renovations. After being denied financing from another bank, Abrams turned to Hope Credit Union upon the advice from a mentor. Abrams secured a $350,000 HOPE loan to cover construction and remodeling costs, including furniture, kitchen appliances and other essential items necessary for student life. “We are continuing our mission and hope to open our doors to students in January 2026,” said Abrams.

Leveraging Ownership
Wilmar Jacobs has been a proud HOPE member-owner since 2015. When it came time to purchase his first home, choosing HOPE was an easy decision. Years later, he was ready to tap the equity he had built up through his HOPE mortgage and make long-awaited renovations. Jacobs once again turned to the credit union he trusted. “I feel great knowing I have a credit union like HOPE taking care of business,” said Jacobs. HOPE was there to help, approving him for a Home Equity Loan and moving him another step closer toward achieving his financial goals.

A Fresh Start in Springfield
Tony and Destiny Cook, along with their two children, moved from California to Springfield, Tennessee with nothing but “a hope and a prayer.” After a major layoff at their company, the family found themselves starting over. They stayed with family and friends in Pleasant View, TN, while working hard to pay down their debts and rebuild their credit. Once they reached a more stable place, the Cooks began searching for a home of their own. Mr. Cook partnered with a local realtor, who told him about Hope Credit Union and the loan products designed to help families in situations like theirs. “We wanted a nice place to raise our children… we wanted a home for them,” said Mr. Cook. The family had explored several mortgage lenders, but their gap in employment caused delays and setbacks. That changed when they learned about HOPE’s Affordable Housing Program, which offered 100% financing. With this support, the Cooks were approved for a home loan and were able to purchase their home sooner than expected. “HOPE offered a product and service that, to me, was unbelievable… it opened up an opportunity for my wife and I to set roots and provide for our children,” said Mr. Cook. On November 7, 2025, the Cooks closed on their first home. They now look forward to raising their family in the growing community of Springfield. “When I was starting to lose hope in owning a home… HOPE came through and gave it back to me,” said Mrs. Cook.

Breaking Ground for Groundbreaking Research with Tuskegee University
In August, Tuskegee University broke ground on the Center for Genomics and Health Disparity Research, an annex to the Carver Research Center. The $14 million project builds on a long legacy of research at Tuskegee University in the health care fields and continues to elevate the institution as a training ground for scientists in the Deep South. Once completed, the work at the center will play a pivotal role in moving Tuskegee University towards achieving the distinction of a Doctoral University with High Research Activity. HOPE committed $7 million in New Markets Tax Credits to the project. “Tuskegee is about hope,” said Dr. Mark A. Brown, President and CEO. “We always have been about hope and solutions. Today, we are saying to the world that if you’re looking for the solution, it can be found right here. We’re going to build this building that is yet another building that will solve the nation’s most complex problems.”

Rising to New Heights in Housing
New Orleans Area Habitat for Humanity (NOAHH) is an organization that partners with families in New Orleans and surrounding areas in Louisiana to build and finance new, safe, and affordable homes. NOAHH makes homeownership possible for families who do not qualify for traditional home loans by combining a willingness to contribute their time into building the NOAHH homes with no interest financing. NOAHH recently acquired a 40-acre site on a former golf course, in Terrytown, Louisiana and transformed it into a mixed-use community that serves as a model for affordable urban development. To bring this vision to life, NOAHH partnered with HOPE, which provided $6.7 million in New Markets Tax Credit (NMTC) financing to support the development. Rising Oaks will feature 68 units, including 2-, 3-, and 4-bedroom single-family homes, as well as dedicated senior housing, all designed for long-term affordability, accessibility, and sustainability. “Since initially learning about this project, I have appreciated NOAHH’s commitment to working with the Council and community to identify shared objectives and thinking about how to use Rising Oaks as a platform for a long-term community development partnership with Terrytown, the West Bank, and Jefferson Parish,” said Marion Edwards, Jefferson Parish District 1 Councilman.

DELTA FEST 2025 – Planting Seeds and Activating Communities Toward Prosperity
In August, more than 3,200 entrepreneurs, creatives, influencers, developers, investors, philanthropists, corporate executives, community builders, and other changemakers from across 20 countries and 4 continents gathered in person and online for DELTA FEST, a strategy to forge by 2035, a Deep South economic ecosystem where everyday people can access the resources they need to realize their potential and prosper.

Structured to advance solutions that advance ownership, entrepreneurship and community infrastructure, and infused with actionable information, networking, music and fun, attendees exchanged resources and strategies that they could put to use advancing economic opportunity.

Participants called the presentations powerful and the engagement electric. According to one attendee, “You could just walk up to a mayor, a speaker, or a leader and have a real conversation.” They added: “I know it’s going to grow so big—I don’t want to lose this.”

Organized by HOPE, in collaboration with Yancey Consulting, DELTA FEST received generous support from The Ford Foundation, Wells Fargo, Capital One, W.K. Kellogg Foundation, Goldman Sachs, and Nathan Cummings Foundation and other donors who didn’t just write checks; they showed up.

Our collective journey from possibility to prosperity continues in communities across the region. Mark the first week of September on your calendars for DELTA FEST 2026. A full recap of DELTA FEST 2025 is available here.

From Renters to Owners: Honoring Sabrina Billings’ Transformative Leadership
At the 2025 Dorothy Richardson Award Ceremony for Resident Leadership, hosted by NeighborWorks America, community transformation took center stage. Alpresteon “Sabrina” Billings, CEO of Gateway Community Development Corporation in Yazoo County, Mississippi, was recognized for leading an initiative that helped 40 families move from renting to owning their homes.

Through partnerships with Hope Enterprise Corporation, Enterprise Community Partners, and NeighborWorks America, Billings was the on the ground leader who guided residents through a first-of-its kind lease-purchase program that included financial coaching and access to affordable mortgages. Her work embodies the spirit of collaboration that defines HOPE’s mission: empowering families, strengthening communities, and building generational wealth across the Deep South. “I’m looking forward to when I say, these are your keys. Now this is your home and you can pass it on from generation to generation,” said Billings.

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In August 2005, Hurricane Katrina devastated families, businesses, organizations and entire communities on the Gulf Coast. Months after opening our first New Orleans office, HOPE found ourselves using our Oretha Castle Haley Boulevard facility as a staging ground to help people reassemble their lives. From outposts in New Orleans and on the Mississippi Coast, we engaged deeply, listening to local voices, collaborating with community organizations, and channeling resources to facilitate an inclusive recovery. In this quarterly report, we commemorate the 20th anniversary of Hurricane Katrina by re-issuing a 2015 report that highlights work undertaken by HOPE and our partners, “After the Storm.”

Among the lessons gleaned from Hurricane Katrina, and subsequent crises – whether natural, economic, or manmade – is that during such tumultuous times, historically under resourced people are disproportionately vulnerable, and the need for HOPE is greatest.

As was the case after Hurricane Katrina, we continue to bring HOPE to people and places across the Deep South, where the potential, and the need are great. In July, the National Credit Union Administration approved a merger between Hope Credit Union and Atlanta-based 1st Choice Credit Union, extending HOPE’s work into the state of Georgia. This partnership will deepen the impact of this historic Black-owned financial institution, with branches at Grady Hospital, and in the historic Sweet Auburn District, a once-thriving Black economic, cultural and social hub, and the birthplace of Martin Luther King, Jr.

Whether preserving the legacy of a 79 year-old financial institution, reducing an auto loan interest rate for a veteran from 15% to 5% in Memphis, providing seed financing for a woman-owned business in Alabama, or fortifying the infrastructure of a Mississippi Historically Black College, HOPE is increasing economic mobility throughout the Deep South.

Today, HOPE’s capacity to drive impact in our region is greater than ever, and so is demand for our services. As has always been the case, our ability to meet these moments relies on partnerships with, and support from friends like you. Thank you for your continued commitment to a Deep South where everyone can prosper.

Sincerely,

Bill Bynum

Chief Executive Officer

Planting Roots
For Kevin Bradley, homeownership wasn’t just about buying a home. It was about creating an environment where his family could grow, gather, and thrive. A father of three from Alabama, Kevin, originally planned to use a VA loan, for veterans, but after connecting with Destiny, a loan officer from HOPE, he unlocked something better. “She showed me HOPE’s Affordable Home Loan product, and honestly, it was a better fit,” he said. The additional benefits even allowed him to save his VA loan eligibility for a future home purchase. After years in an apartment, the decision to move was about more than space; it was about peace. Now settled in, Kevin’s home has become a gathering space where he recently hosted more than 40 family members. His children, especially his youngest, are already dreaming up plans for a garden. Kevin encourages others to explore their options. “People assume the VA loan has the best rate, but that’s not always true. HOPE gave me more flexibility and savings than I expected.”

Uniting in Faith and Building a Legacy
Established in 1874, Marine Missionary Baptist Church has long stood as a steadfast pillar of faith in Jefferson, Louisiana. Senior Pastor Donald Robinson has faithfully led the church, guiding it through decades of growth, transition, and transformation. In the aftermath of Hurricane Katrina in 2005, the church merged with Marine Mt. Moriah Baptist Church—uniting two congregations with shared values and deep commitment to their community. The newly expanded congregation became Marine Community Church. As membership continued to increase, it became clear that a larger space was needed to accommodate worshippers and support the church’s expanding outreach, including establishing a daycare center for families. A church member told Pastor Robinson about Hope Credit Union. HOPE provided $100,000 in financing. “The funding we received from HOPE allowed us to move to a larger building, make some cosmetic updates, renovate restrooms, improve accessibility outside, and make minor roof repairs,” said Pastor Robinson. “The updates were essential in creating a welcoming and functional space for our members.”

Reviving the Historic Sweet House
Built in 1906 for Henry Wilson Sweet, the historic Sweet House is a two-story, Victorian-style residence once considered the most impressive mansion in Bessemer, Alabama. More than a century later, the house will have a new purpose with the help of KM Three, a Black- and women-owned company dedicated to community revitalization. Led by Karen Wadlington, Marcella Roberts, Monique Houser, and Michele Days, KM Three brings decades of development experience. When the team first encountered the Sweet House, they immediately saw the potential for a vibrant event venue. “We see it being a place where people gather for celebrations,” said Roberts. From weddings and family reunions to parties and corporate events, KM Three envisions the Sweet House as a charming space for gatherings. When it came time for the women to purchase the house from the city of Bessemer, KM Three turned to their financial partner, Hope Credit Union, to finance the project. “HOPE was interested in the opportunity… they wanted us to be successful,” Roberts shared. With funding secured, the team purchased Sweet House from the city for $130,000. Construction on the property is now underway, with completion planned for October 2025. “As a resident of Bessemer, I used to pass Sweet House and wanted to live in it… Now I will be hosting events in the house,” said Wadlington.

Riding in Style
As an aircraft mechanic, Bernard Tibbs travels all over the world for work. But when he returned home to Memphis, Tennessee, he decided it was finally time to pursue something a little closer to his heart — his dream car, a 2022 Mercedes-Benz S580 AMG. Tibbs visited a dealership, where he was offered financing at 15% APR. Unsure about the rate, he remembered Hope Credit Union had long been a part of his family’s financial life. His mother had encouraged him to open a savings account for emergencies, and the HOPE team had come to know the Tibbs family well over the years. As the day approached to buy the vehicle, he walked into HOPE to withdraw funds needed for a down payment. When he finally spoke to a HOPE associate, Tibbs shared his plan to purchase the car. The HOPE staff immediately stepped in to help. They discussed financing options and shared information about an ongoing auto loan promotion. With their support, Tibbs found his car, and HOPE offered him a much lower interest rate of 5%. “The HOPE team carried me the whole way,” Tibbs said. Now, he cruises in style and comfort — at a price that fits his budget. “The staff at HOPE were amazing… I could not ask for a better team.”

Building Strength From the Ground Up
Founded in 1869, Tougaloo College has long stood as a pillar of opportunity. However, like many HBCUs, Tougaloo faces mounting infrastructure challenges amid a growing environment of resource constraints. Through advisory services, capital access and trust built through a long history of partnership, HOPE and Tougaloo worked together to secure funding for a water project and to replace the roof of a nearly 100-year-old building. HOPE provided the technical assistance for the College to successfully compete for over $2 million in planning and implementation grants to fortify water and sewer systems on campus. HOPE also provided the financing for the repairs on Holmes Hall, built in 1926, which currently serves as the location for the Jackson Public Schools Tougaloo Early College High School Program. Dr. Delores Stamps, the former Vice President for Institutional Advancement at Tougaloo College, remarked “Tougaloo was built on academic excellence and social justice, and HOPE understands that. While other institutions might question our value, HOPE saw our worth and invested in it.”

After the Storm: Re-issued
To commemorate the 20th anniversary of Hurricane Katrina and the deep partnerships that emerged from the efforts to rebuild the Gulf Coast, HOPE has reissued its 10th anniversary publication “After the Storm.” After the Storm chronicles the development of Home Again and the Phase II homeownership counseling program in Mississippi and the efforts to support small businesses recovering from the disaster in New Orleans. Read the stories of families and entrepreneurs whose lives were touched by the partnerships and programs collectively undertaken to respond to one of the largest natural disasters in our nation’s history.

• After the Storm

Mission Aligned Allies: Collaboration between HBCUs and CDFIs
Drawing on the success of recent partnerships with Tougaloo and Talladega Colleges, HOPE joined leaders from both institutions to share lessons learned from working together at the annual UNCF UNITE conference. During the session, leaders from the institutions discussed their collaboration to address financial and facility needs, and efforts to increase economic mobility on campus and in the broader community. To date, HOPE has facilitated investments in HBCUs exceeding $60 million.

Hope Credit Union to Merge with 1st Choice Credit Union
The National Credit Union Administration (NCUA) has approved a merger between Hope Credit Union (HOPE) and Atlanta based 1st Choice Credit Union. HOPE assumed management of 1st Choice in July and anticipates completing the merger this fall. With approximately 8,600 members, $32 million in assets, and branches at Grady Hospital and in the historic Sweet Auburn Historic District, 1st Choice serves employees of the Grady Health System, and is affiliated with the Morehouse School of Medicine, Emory School of Medicine, Southside Health Care Inc., Atlanta Life Insurance Company, and South Fulton Community Development Corporation.

“1st Choice was founded in 1946 as Hospital Authority Credit Union to improve the financial health of Grady Hospital employees, their families and our neighboring communities,” said Billy Wright, Chief Financial Officer at Grady Health System. “We look forward to partnering with Hope Credit Union to continue and expand this 79-year legacy.” According to HOPE CEO Bill Bynum, “The foundation laid by 1st Choice, and being in Atlanta, presents exciting opportunities to expand our alliances with healthcare providers, HBCUs, and other anchor institutions that are vital to a community’s wellbeing. This partnership will substantially advance our goal of catalyzing an ecosystem across the Deep South where everyday people have the resources they need to prosper.”

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Enterprise Corporation of the Delta (now Hope Enterprise Corporation) opened its doors in June 1994, followed 15 months later by the launch of Hope Community Credit Union in September 1995.

Building on three decades of impact, we reflect on, and draw lessons from those who paved the way. We recently connected with Don London, one of HOPE’s first mortgage borrowers. London, who still lives in, and owns free and clear, the home he purchased 23 years ago, underscored the fundamental premise of our work saying, “HOPE has proven that when given the opportunity, [people] build themselves and they can build their communities.” Put another way, when afforded opportunity and adequate resources, the capacity of Deep South residents is second to none.

Beyond providing financing to homebuyers, small businesses and families, HOPE’s resource toolbox also offers services to social entrepreneurs tackling injustice and tragedy.

Robert Jones was exonerated on his 44th birthday – after being wrongfully imprisoned for 23 years. HOPE provided financing to expand his business, a real estate company that provides quality, affordable housing in under resourced New Orleans neighborhoods.

The Women’s Advocacy Center serves more than two dozen survivors of domestic violence each month. When the organization needed help navigating lean months when donations were falling short, a HOPE a line of credit enabled the organization to continue to offer uninterrupted services at levels needed by its clients.

Whether investing in the launch of our homeownership program in 2002, or bolstering our ability to finance organizations that provide vital services in 2025, HOPE’s work is only possible through the support of friends like you.

As we move forward, the demand for HOPE’s services is greater than ever. In response, HOPE is embarking on an audacious goal – by 2035 to catalyze a thriving economic ecosystem that advances prosperity for families, communities, and everyday people throughout the Deep South. In the coming months we’ll share details about these plans and how you can be a part of the next stage of HOPE’s ongoing efforts to Strengthen Communities, Build Assets and Improve Lives. In the meantime, thank you for being a friend of HOPE.

Chief Executive Officer

Change of Address

More than 20 years ago, Don London came to Stewpot Community Services in West Jackson as a homeless man struggling with addiction. There, he found more than food and shelter—he discovered purpose, employment, and support through Hope Credit Union. One of the first people to receive a HOPE mortgage loan, London transitioned from living in a shelter to owning a renovated home on Bratton Street, a once-blighted neighborhood Stewpot revitalized for its staff, many of whom had also experienced homelessness. HOPE recently reunited with London while writing a piece to commemorate the organization’s 30th anniversary.

“My biggest worry was that I had no credit, and there was no one who could vouch for the fact that I could be a responsible person. HOPE gave me that opportunity,” London says. “The sense of responsibility that this house was mine, the joy of that, is hard to put into words. I considered it a demonstration of how God loved me, and how I could trust other people to help me.”

Resilience Begins with HOPE

After spending over 23 years wrongfully imprisoned, Robert Jones was exonerated on his 44th birthday and dedicated his life to uplifting his community. In 2021, he founded Jones Property Group, a real estate company that renovates deteriorating homes in under-resourced New Orleans neighborhoods and offers them at affordable rates, often to people with housing vouchers. Supported by a loan from HOPE, Jones expanded his mission to provide quality housing with dignity.

“HOPE is a community financial organization,” Jones says. “Traditional banks can hand you too much red tape and it can be very discouraging. HOPE gives you opportunities and they make the process easy. I needed to find a trusted financial organization, one that I can build a lasting relationship with. I’ve found that in HOPE.”

He also co-founded the Free-Dem Foundation, mentoring youth and returning citizens in financial literacy and real estate, inspiring them to envision ownership and success. For Jones, rebuilding his community is not only service—it’s personal healing.

Providing Care and Support for Women and Children

Established in August 2018, the Women’s Advocacy Center is dedicated to empowering and supporting survivors of domestic abuse in rural and suburban Shelby County, Tennessee. The Center provides vital services not only to women who have experienced abuse but also to their children, assisting an average of 27 women and 37 children each month.

With a background in law and a career dedicated to protecting women’s rights, founding President and CEO Romona Jackson has made it her life’s mission to advocate for women and their children affected by domestic abuse. In Shelby County alone, approximately 15,000 domestic abuse cases are reported each year, including an average of five homicides linked to domestic violence. “As an attorney, I represented women from around the globe who had experienced gender-based violence, so this has always been a place where I’ve been very passionate,” said Jackson. “I feel as though I was called to do this work.”

Jackson first learned about HOPE at a community event, where she discovered that the organization partners with nonprofits. “The staff at HOPE just felt like family — everyone was friendly and genuinely wanted to help,” said Jackson. The Women’s Advocacy Center relies on donations and grant funding, and when donations fall short, a line of credit can be a solution to support operations. With HOPE, Jackson secured a $25,000 line of credit. Later, she requested an increase, and HOPE doubled the credit line to $50,000. “The line of credit from HOPE will add a layer of security to our organization — for those times when we need to offer assistance to the women in our center,” said Jackson.

Driving with Confidence

Tunya Collins enjoys being there for her family, whether its transporting her grandchildren to their various activities or traveling for family vacations. “My grandkids are very active in school and I needed a vehicle that could keep up with their busy schedules,” said Collins. When her 30 year old vehicle would have an issue, it limited her mobility. Collins first learned about HOPE’s products and services from a brochure she picked up at a local branch. She inquired about an auto loan and the friendly HOPE staff explained what her options were. HOPE began working on Collins credit by offering her a Borrow and Save loan. After paying it off, she then came back for an auto loan. “I’m grateful for HOPE for sticking with me throughout the process and answering all my questions,” said Collins. She now has a reliable vehicle that she can feel confident traveling with her family.

Saving for College

While still repaying her student loans, Deidra Williams and her husband, who once struggled financially and lived paycheck to paycheck, committed to setting their children up for a better future by educating themselves about finances and starting college savings early. After learning about a savings program offered through her daughter’s daycare—backed by Hope Credit Union, the City of Jackson, and the Mississippi Community Financial Access Coalition—Williams enrolled her four-year-old daughter, Samyra. He contributed $100 monthly through direct deposit while participating in financial education courses. Thirteen years later, that consistent saving grew into a five-figure fund that, along with scholarships, will help Samyra attend Mississippi Delta Community College to pursue her dream of becoming a pediatric dental hygienist. Williams continues to save for Samyra and has opened accounts for her two younger sons, proud to give her children the financial foundation she didn’t have.

“It makes me proud that my husband and I have been able to do this for our children,” Williams says. “I was the first person in my family to go to college, and I learned about student loans the hard way. I want my children to have a different experience. This program from HOPE and that $100 a month were a good way to start.”

Educating Tomorrow’s Leaders

In May 2023, Talladega College, a 158-year-old historically Black college in Alabama, and one of the region’s largest employers, faced a pressing need to consolidate debt and improve its cash flow. Recognizing the college’s vital contributions to region’s economy, HOPE provided Talladega with a $15 million working capital loan that enabled leadership to implement plans to stabilize operations and build a foundation for future growth.

This investment reflects HOPE’s broader commitment to supporting historically Black colleges and universities (HBCUs) and other anchor institutions that drive economic mobility in underserved communities. Beyond financial support, HOPE aims to empower these institutions, their employees, and surrounding communities, viewing their success as integral to the nation’s economic future. Leaders at Talladega College emphasized that HOPE’s backing not only improved morale but also increased national engagement and recognition for the institution. While challenges remain, the support has given Talladega a renewed opportunity to continue its historic mission of uplifting students and contributing to society.

“To have HOPE invest in our institution has been a blessing,” says Lewis-Payton. “I am an alumna of Talladega College and a first generation college student, so this is personal for me. I want to make sure this institution remains in place for students like me, who without Talladega College, might not be able to beat the negative statistics by rising out of poverty.”

HOPE Receives 2025 CARE Award

Since its founding, HOPE has been committed to turning possibility into progress for communities across the Deep South. That commitment was recognized when HOPE was named the 2025 Community Area Revitalization Efforts (CARE) Award recipient by the Federal Home Loan Bank of Dallas. Each year, this award recognizes a member institution that uses FHLB Dallas programs to support affordable housing and community development—and this year, they chose HOPE.

Through programs like the Special Needs Assistance Program, which funds essential home repairs for low-income individuals with special needs, and the Home Equity Leverage Partnership, which provides down payment support for first-time homebuyers, HOPE has been able to help families build stability and security. HOPE leveraged the FHLB Dallas Affordable Housing Program to develop safe, affordable housing across the region. The CARE Award comes with a $15,000 donation that HOPE will use to further advance homeownership
in Deep South communities.

HOPE Appoints New Presidents to Lead in Growth and Impact

HOPE (Hope Enterprise Corporation/Hope Credit Union) has appointed Cassandra Williams as President of Hope Credit Union and Ed Sivak as President of Hope Enterprise Corporation, while Bill Bynum continues as CEO. These leadership changes follow a record-breaking year in which HOPE deployed over $210 million for community development in the Deep South, leading the nation in loan growth among peer credit unions and ranking third in net worth ratio. Williams, a 25-year HOPE veteran, will oversee retail, mortgage, commercial, and economic development operations, building on her success as Chief Lending Officer. Sivak, who joined in 2001 and founded the Hope Policy Institute, will lead investor relations, advocacy, human assets and corporate administration. Both leaders bring a wealth of experience and vision to advance HOPE’s mission of expanding economic opportunity in underserved communities.

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A lifelong renter in the Arkansas Delta becomes a homeowner at the age of 48 to care for her brother. An entrepreneur in Memphis builds a family legacy by transforming a former slave plantation into a place of reconciliation. These stories highlighted in our final quarterly report
of 2024 underscore the depth of HOPE’s work, and the impact of your support on improving
lives across the Deep South.

At a time when the importance of diversity, equity and inclusion is being debated, HOPE remains dedicated to our mission of improving the financial health and wealth of people in under resourced communities by working to ensure that everyone – regardless of their race, gender or place of birth – has the opportunity to support their family, contribute to their local economy and realize their potential.

In 2024, HOPE accomplished this at a greater scale than any time in our 30-year history, achieving record levels of financing for entrepreneurs, affordable housing, community facilities and homeownership. This success was achieved in partnership with a treasure trove of allies, including nonprofit service providers, faith-based organizations, large and small municipalities, community colleges and HBCUs.

It feels like our work is more important now than ever. Like it was when we helped more than 10,000 families in the Gulf region rebuild their homes and businesses after Hurricane Katrina.
Or when we quadrupled our presence in financial deserts after the Great Recession. Or when we expanded our business lending from 50 loans/year to 5,200 loans in 18 months following the Pandemic.

Because of you, we enter 2025 stronger than ever, ready to ensure that the Deep South works for everyone. Thank you for your unwavering support, as a partner, as a donor, as a Transformational Depositor, as a friend of HOPE.

With deep appreciation,

Chief Executive Officer

A Place to Call Home
Sylvia Brandon has lived in Pine Bluff, Arkansas, for over 48 years, paying rent and striving to achieve her goal of homeownership. “I’ve rented all my life…and I didn’t want to keep giving somebody money for something that would never be mine in the end,” said Brandon. She initially learned about Hope Credit Union from a social media post highlighting HOPE’s mortgage products. Brandon reached out to a mortgage loan officer at HOPE, who worked with her to improve her credit and get her mortgage-ready. In the spring of 2024, when her brother had an incident, she became his primary caregiver at his home. She contacted HOPE to see if she could purchase the home that her brother was currently renting so that she could better care for him. From there, HOPE began the homebuying process and approved Brandon for a home loan. “My loan officer was great… she held my hand through everything,” said Brandon. She also took advantage of HOPE’s 20% Down Payment Assistance Program and was granted a $5,000 lender credit toward her closing cost. She closed on her first home in October 2024. “I have a home now…I have freedom,” said Brandon.

Happy Glaze
Since 1995, Monroe’s Donuts & Bakery has been a cornerstone in Jackson, Mississippi. This beloved family-owned shop delights customers with delicious glazed donuts, irresistible cinnamon rolls, and a variety of sweet confections. Founded by Monroe Jackson, whose love for baking began in Chicago, the bakery quickly became a cherished neighborhood staple. In 2003, disaster struck when a devastating tornado destroyed the Jacksons’ home and business. “We were devastated, but we did not let it discourage us,” said Jackson. With faith and determination, he rebuilt Monroe’s Donuts & Bakery, adding a second story to the building. In more recent years, Jackson saw a HOPE billboard that inspired him to take another leap forward. He secured a $25,000 small business loan to invest in baking supplies and building maintenance. Today, Monroe’s Donuts & Bakery continues to flourish, with Jackson making HOPE his trusted partner in its expansion. “I want to continue building my legacy, and I want HOPE to be a part of that,” said Jackson. Beyond crafting some of the best donuts in town, Monroe’s Donuts & Bakery is dedicated to giving back—supporting local charities and strengthening community ties.

Uniting Families with the Arts
The Wallace Center for Arts & Reconciliation (formerly Klein Arts & Culture) was founded in 2018 after Nell Gottlieb inherited the historic Wallace House in Harpersville, Alabama. Gottlieb was a descendant of the home’s namesake. She joined forces with Mayor Theoangelo Perkins, a descendant of enslaved individuals buried near the house, to design programming aimed at bringing people of different backgrounds together. After being vacant for several decades, the Wallace House reopened to offer a space for student poetry, educational programming, artist residencies, and historical discussions. In 2023, Klein Arts & Culture was renamed the Wallace Center for Arts and Reconciliation to encompass the history of both the white and Black descendants and to better reflect the organization’s mission. HOPE provided $600,000 in financing for the construction of a cottage on the property as part of a planned expansion. Resident artists display their work in the cottage and use it as a forum to provide arts education.

Fresh Fibers, Fresh Start
Marco Sierra, originally from Guatemala City, Guatemala, had a lifelong dream of owning his own cleaning business. Thirteen years ago, he established Super Klean Carpet, a carpet-washing business in Memphis, Tennessee. He first learned about HOPE through an advertisement on a Spanish radio station. Intrigued, Sierra visited a HOPE branch to explore the products and services that could benefit his business. In 2019, he opened his first account with HOPE. “I was told that credit unions were always a good option when it comes to car loans,” said Sierra. When the need arose for a reliable truck to transport his equipment, he turned to HOPE for assistance. “HOPE was very accommodating during the loan process,” Sierra said. “I like that it was easy for me to communicate with the loan officer.” Sierra was approved for an auto loan, enabling him to purchase the truck for his business needs. “Acquiring this truck for my business has motivated me to continue to grow,” Sierra shared. With his new truck, Sierra can operate more efficiently and expand his services. Looking ahead, he envisions a bright future for Super Klean Carpet and hopes to one day pass the business on to his son, ensuring a lasting legacy of hard work and perseverance.

Restoring the Entrepreneurial Spirit
Arlo Washington, the founder and president of People Trust Community Loan Fund in Little Rock, Arkansas, recognized a critical need for accessible financial services within his community. “I listen to other business owners talk about how hard it was for them to access capital to start their businesses…I wanted to be able to help them,” said Washington., People Trust recently received a $2 million loan through the Goldman Sachs Investment in Rural Communities, a program managed by HOPE. Washington credits the investment for the growth of several small businesses and local job creation. “With the loan, we have been able to get a lot of business owners out of merchant cash advances and get them on the right track financially,” said Washington. “We’re fortunate to have a financial partner like HOPE that understands our mission and the needs of the community.”

Increasing Housing Access for Formerly Incarcerated Individuals
Hope Credit Union recently partnered with the Shelby County Office of Reentry (SCOR) to break the incarceration cycle by expanding access to stable, affordable housing. With a $1 million grant from the U.S. Department of Justice’s Smart Reentry: Housing Demonstration Program, SCOR will fund the Returning Neighbors Program, which removes barriers to housing for justice-involved individuals. Through this initiative, SCOR will collaborate with HOPE and the Hospitality Hub to provide newly released individuals with financial resources, vocational training, and employment support—helping them regain stability and reduce recidivism. HOPE’s role in this initiative reinforces its commitment to economic justice, ensuring returning citizens have access to financial tools that promote long-term success.

NeighborWorks Partnership Extends Opportunities to Small Towns
Throughout the Deep South, HOPE is supporting planning efforts designed to increase federal investment in small towns. In partnership with NeighborWorks America, HOPE recently sent local leaders from Boligee and Eutaw, Alabama, and Yazoo City and Greenwood, Mississippi, to the Community Leadership Institute in Baltimore, Maryland. The opportunity provided valuable training and to build out their toolkits to drive long-term economic development. Upon returning from the training, the mayors of Boligee and Eutaw continued working together to draft a joint plan aimed towards driving development at a regional level.

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Throughout the course of America’s history, economic, political and social conditions have seldom favored the communities served by HOPE. Inadequate investment in education, healthcare, businesses, housing, water systems, technology, and other vital infrastructure necessary for people to realize their potential, has long plagued rural towns across the Mississippi Delta and Alabama Black Belt, and in low-income neighborhoods throughout Jackson, New Orleans, Memphis, Little Rock, Montgomery, and Birmingham.

Similarly tenacious is HOPE’s dedication to closing these gaps. Over the past three decades, we have witnessed the resilience of Deep South residents, and how their potential blossoms when they have access to resources and opportunities on a level comparable to others who enjoy greater levels of affluence and privilege.

Going forward, as in the past, HOPE will stand in the breach, equipping people to buy their first home, to grow their family-owned business, and purchase a vehicle buttressed by the knowledge that the benefits of the financial system, a clean environment – life, liberty. and the pursuit of happiness – are available to them too.

People like Ivory Lee, a maternity nurse, who upon learning that she would become a mother, needed a place to raise her first born child. And Terry Jackson, Sr., a mason teaching his sons the trade, in need of a line of credit to take on larger projects. And Jeffery Crosby, who bought his new electric vehicle through HOPE.

Please continue to join us in this important work. Whether it’s through a Transformational Deposit, a tax-exempt donation, or as a partner, your support makes it possible for HOPE to create opportunity where it’s needed most. Thank you for being an ally in our ongoing efforts to improve lives in the Deep South.

In unity,

Chief Executive Officer

Special Deliveries

Ivory Lee is a registered nurse who spends time with new mothers and babies in the maternity ward. When she learned that she was going to be a mother herself, her first thought was to have a place for her family. Although she always wanted to become a homeowner, she never thought it would be possible or this soon. With a baby on the way, she knew that the time was now to strive toward homeownership. “I wanted to have a place for when my child was born… a place they could call home,” says Lee. She began working with her realtor in her hometown of Mobile, Alabama to look for houses. “I went to my bank for a loan and did not like the options they had available,” said Lee. Lee’s realtor put her in contact with a mortgage loan officer at Hope Credit Union. “I called HOPE, and the loan officer went to work immediately… I just remember thinking, is this really happening?” said Lee.

HOPE approved Lee for a 30-year fixed rate loan through the Affordable Home Program. Lee was overjoyed to close on her first home in October 2024. “It’s a great feeling to be able to decorate the house and have family over for the holidays,” Lee said. She enjoys her new neighbors and community.

Building a Solid Future

Terry Jackson, Sr., a masonry contractor and owner of Terry for Bricks, has been in business since the late 1980s. Working with his two sons, Terry Jr. and Jermaine in Montgomery, Alabama, the business thrived focusing on residential construction. In recent years, Jackson saw an increased demand for nonresidential construction. To compete for the larger commercial jobs, Jackson required additional equipment and working capital. He approached Hope Credit Union to open a line of credit. “The loan officer at HOPE delivered on everything he said he would do, and I am happy,” said Jackson. He received a $15,000 small business loan from HOPE. Jackson now takes on masonry jobs across the entire state of Alabama. “I’m very pleased with the service I received at HOPE,” said Jackson.

Empowering Women, Rebuilding Lives

Musee is a local manufacturer specializing in premium bath products. All products are handmade in Mississippi by women in recovery from substance abuse and incarceration. “We really believe you don’t define a person by their past, but you look at their potential and the possibilities,” said CEO and co-founder Leisha Pickering. Musee offers a safe place to work while the women rebuild their lives, striving in its overall mission of empowering women to rewrite their stories and create brighter futures. Pickering started her company in her kitchen, making bath bombs. Ten years later, Musee Bath sells 15 different homemade products. As the company grew, demand increased for large orders. Pickering reached out to HOPE to support the growth of the business. HOPE responded with a $338,000 line of credit. The line of credit positioned Musee to meet larger orders on time by covering the costs for manufacturing, packaging, and the day-to-day operational needs managed by Musee’s 50 employees. “People I meet will tell me that I am so passionate about our products…but what I am really passionate about is the hands that make our products,” said Pickering.

Smooth Ride to Electric

Jeffery Crosby hadn’t purchased a vehicle in years, and the entire process of purchasing an electric vehicle was foreign. He knew he wanted a vehicle he could charge at home – saving on gas – and, ideally, something that fit his budget. When he found Hope Credit Union’s electric vehicle (EV) loan program, he decided to take a chance and applied online. He was called the next day by a HOPE representative who reassured him that they would help him through every step of the process. Mr. Crosby was quickly preapproved and started shopping. He asked a range of questions from vehicle selection to the installation of a home charger. HOPE’s team walked him through it all, informing him of the home charger installation costs covered by HOPE’s EV program. Appreciating the convenience of handling everything electronically, he completed all documents remotely before visiting the Madison Avenue branch to pick up the payment for the dealer. Soon after, he drove off the lot in his first electric vehicle. Reflecting on the experience, he expressed how easy it was to apply for the loan, and he was grateful to have HOPE as part of this new journey.

Making a Winning Play

Kristian Fulton, cornerback for the Los Angeles Chargers, makes the right plays on the field and in his community. After transitioning from college football to the NFL, Fulton’s parents, Keith Sr. and Michelle Fulton, encouraged him to invest in property in the city of New Orleans. The Fultons found property built in the 1940s in Tremé, one of the oldest neighborhoods in New Orleans. “We were very interested in this area…Tremé is historic and known for jazz, soul food, and its African-American and Creole heritage,” says Keith Fulton, Sr. A family friend put the Fultons in contact with a loan officer at Hope Credit Union. “I like that I can go to a HOPE branch and the people look like me and understand my needs,” he added. With his parents leading the effort on his behalf, Kristian purchased his first property, an eight-unit building with financing from HOPE. “HOPE made it so easy when it came to sending documents to Kristian to sign while he was away,” said Michelle Fulton. The Fulton family maintains the multi-unit building and is looking to invest in more properties around Tremé where tenants can enjoy the peace and quiet of the community.

Seizing the Moment: Maximizing Federal Investments in Under-Resourced Communities

HOPE Economic Mobility Forum, held in West Memphis, Arkansas, was the third and last of the 2024 convenings of community leaders, policymakers, and experts who gathered to discuss the effective utilization of federal investments in the Deep South to enhance economic mobility. The Hope Policy Institute set the stage by addressing the economic mobility challenges and opportunities in the Deep South. The Forum also featured a panel on Community Perspectives, which included representatives from the Arkansas Black Mayor’s Association and Communities Unlimited. Representatives from federal agencies such as the U.S. Small Business Administration, USDA Rural Development, U.S. Department of the Treasury, U.S. Environmental Protection Agency, and the Federal Highway Administration shared valuable insights into the local factors influencing economic mobility and the utilization of resources to address community needs.

HOPE Economic Empowerment Center Groundbreaking Ceremony

On October 30, 2024, HOPE held a groundbreaking ceremony for the HOPE Economic Empowerment Center in Jackson, Mississippi. The new center, will provide members with a comprehensive suite of products and services to meet their individual financial needs and the needs of their families and businesses. HOPE will also use the space to partner with area nonprofits and other organizations to provide financial counseling and to host meetings to discuss issues and solutions related to economic mobility in their community. The renovation of the formerly vacant building will model design elements such as solar power and efficiency upgrades that lower energy costs and serve as an anchor for reinvestment in a neighborhood affected by commercial outmigration.

Learn more about this new resource for the Jackson metro area at www.hopecu.org/heec24.

Hope Policy Institute Featured on PBS Show “Origins”

The Hope Policy Institute was recently featured on the PBS show “Origins” to discuss the impact of Black-owned financial institutions and their pivotal role in closing the racial wealth gap. The interview follows Black Americans’ financial struggles, including lending and housing discrimination, from segregation to today, and how the earliest Black financial institutions, like Alabama Penny Savings Bank, took charge of rebuilding Black communities. In an interview for the show, Hope Policy Institute director, Kiyadh Burt opined “Black communities found ways to create mutual aid opportunities, credit unions, and cooperative efforts to make sure that, as they were locked out from mainstream financial institutions, they had the systems in place to make sure that their financial needs were met.” Watch the full PBS interview with host Harini Bhat for more insight.

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While all people are created equal, wide resource disparities create winners and losers when it comes to one’s ability to reach their potential. At HOPE, we work to close this divide by ensuring that historically under resourced people and communities have access to the financial tools needed to climb the economic ladder.

The resilient people profiled in this report illustrate that access to opportunity and resources is a powerful equalizer. A working mother with a 15-year banking relationship who was denied a mortgage to purchase a home. A family business with an excellent credit history that did not qualify for a small business loan. A homeowner seeking to make renovations saddled with a high-rate loan – despite having the qualifications for a lower rate. In each instance HOPE’s affordable, responsibly structured financing HOPE empowered families, supported entrepreneurs, built wealth and stabilized communities.

Your support enables HOPE to balance the equation, and improve conditions in opportunity deserts across the Deep South. Thank you for being our partner, donor, Transformational Depositor, and for otherwise joining us in the important, impactful work.

In Solidarity,

Chief Executive Officer

Stepping Into Homeownership

Rikesha Hale of Chickasaw, Alabama, always dreamt of owning a home to raise her family. A remote worker, Hale had grown tired of not having enough space for both. Despite no help from her financial institution of 15 years, she remained determined to find a solution. After her bank turned her down, she met with a mortgage broker – who shared it would take two years to qualify for financing. “I was so used to hearing no that I didn’t feel discouraged…something told me just to keep going,” says Hale.

At that point, her realtor referred Hale to Hope Credit Union. HOPE approved Hale’s mortgage and provided a $5,000 grant to assist with closing costs. Hale became a first time homebuyer in June of 2024. “It’s such a blessing. I really appreciate HOPE…for helping with everything during the process,” says Hale. “Having a home with more space, I can separate my work and personal life. I am devoting more time to family.”

A Clean Financial Solution

Thirteen years ago, Terri Johnson started Healthy Cleaning Solutions in uptown New Orleans after her previous employer of 22 years abruptly closed down. She optimistically looked forward to her second career – a cleaning service with an emphasis on child care centers. After launching the business, she quickly expanded into residential and commercial cleaning. She added a nurse consultant to her staff and marketed her services as a health-based janitorial company ready for the challenges of COVID-19. Her reputation and brand grew, leading to engagement with larger clients in the event management space including the Essence Festival, Hogs for the Cause, and the Crescent City Classic.

Her success led to her becoming the first Black woman to sign a cleaning contract with Kern Studios, owner of Mardi Gras World, to clean their floats, and ultimately, their commercial properties. She came to HOPE through its supplier diversity program looking to diversify her portfolio of companies. After completing the six-month program, she qualified for a $10,000 forgivable loan.

With this funding, she is embarking on new ventures including lawn care. She advocates for new business owners to explore financing opportunities with institutions like HOPE for lower interest rates and the valuable network offered to members.

Writing the Recipe for Success

Dr. Crystal Sanders established Ms. Ann’s Catering in 2015. She started the business to honor her late grandmother, who left her mark with her down home cooking style. “We were looking for ways that we could help her legacy live on, and the restaurant was our way of sharing her recipes with the world,” says Sanders. As the catering business grew, the family sought a more permanent location for Ms. Ann’s Catering and an event space they could rent out for large gatherings.

At the time, there was only one other Black-owned event venue in Hattiesburg, Mississippi. Sanders and her father ultimately chose to purchase land and build a venue. However, the financing did not come easy. When they applied for a construction loan with their financial institution, their loan was denied. They then turned to HOPE and the loan was approved.

“I am grateful for HOPE…they gave us a chance when no one else gave us a chance,” says Dr. Sanders. Ms. Ann’s Catering now has a home and is staffed by 11 family members. “My grandmother would be proud that she has two businesses now that will be a part of our family for generations to come.”

Making a Joyful Noise

As the minister of music at her church, Bertha Rudley knows how to hit all the right notes and make all the right moves regarding her finances. “I never miss a payment, nor have I ever been behind on paying my bills,” says Rudley. Despite her strong credit history, when it came time to consolidate debt payments to finance home improvements, her bank only offered high interest rate products. Seeking alternatives, she shared her remodeling vision, which included a carport to protect her from the rain, with her church administrator. He suggested she try Hope Credit Union.

She contacted HOPE and qualified for a Home Equity Loan. “HOPE didn’t have a problem with giving me the loan at a lower interest rate because I had perfect credit,” says Rudley. The HOPE home equity loan combined all of her debts into one manageable payment. Rudley now has a newly renovated home, complete with a carport, making her home the place for family gatherings.

A New Roof, A New HOPE

Dankie Paynes, a resident of Moorhead, Mississippi, can finally enjoy her home again, thanks to a new roof over her head. After years of struggling with a leaky roof and an uncooperative insurance company, Dankie received $8,000 in funding from the Federal Home Loan Bank of Dallas (FHLB Dallas) managed by HOPE. This funding was part of the Special Needs Assistance Program (SNAP), which provides grants for repairing and rehabilitating owner-occupied housing for eligible, individuals with special needs.

Dankie, who faced mobility challenges and had to retire due to an injured arm, expressed her heartfelt gratitude, saying, “I sure thank everyone for helping me. It’s a load off my mind to have this roof fixed.” After 37 years of calling Moorhead home and raising her three children there, Dankie was immensely relieved to finally find the support she needed through her sister, who connected her with Hope Credit Union. Dankie shared, “I don’t know what I would’ve done without them. I couldn’t afford to have the roof fixed myself.” As a member of FHLB Dallas, HOPE submits applications for SNAP grants each year in partnership with Delta Design Build, a social impact design build firm, based in Greenwood, Mississippi.

Alabama Black Belt Engagement Deepens

In May, HOPE hosted the second of three Economic Mobility Forums focused on maximizing federal investments in under resourced communities in partnership with the city of Selma, Alabama. Nearly 250 people attended the event in person and online. Dr. Corey Wiggins, Federal Co-Chair of the Delta Regional Authority, delivered key note remarks focused on the need for “lengthening the runway” for small town leaders who have faced obstacles accessing federal funds.

The community perspectives panel included four nonprofit, county and municipal leaders who emphasized the challenges faced in their communities when seeking to access federal programs including limited staff to lead grant writing and to coordinate grant management. Two panels of experts from the federal government responded to the issues raised by local leaders acknowledging that past federal practices led to the inequitable distribution of federal relief and outlined steps being taken to move investment into under resourced communities like those in the Black Belt.

Work also commenced in four small towns to develop strategic plans in partnership with the towns of Boligee, Eutaw, Selma and Tuskegee, Alabama. Nine community meetings were held with municipal and nonprofit leaders facilitated by Delta Design Build. The process, underwritten by the Delta Regional Authority and managed by HOPE, will surface development priorities and outline a plan for pursuing the resources needed to bring the community goals to fruition.

UNCF UNITE Summit Deepens Partnership with HBCUs

At the United Negro College Fund (UNCF) UNITE 2024 Summit in Atlanta, Administrator Regan of the Environmental Protection Agency (EPA) unveiled initiatives strengthening partnerships with HBCUs, including a $2.5 million grant to tackle environmental challenges. This move highlights the Biden-Harris Administration’s dedication to these institutions, aiming to enhance workforce development and support community projects.

During the conference, HOPE hosted the forum “Banking on Black”: HOPE and HBCUs Stronger Together. The forum highlighted HOPE’s long history of engagement with HBCUs in the Deep South and with its partners supporting community development in the neighborhoods surrounding HBCU campuses.

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In the course of our ongoing work to improve the financial health and wealth of people in under resourced communities across the Deep South, opportunities abound to facilitate connections between those whose interests align with these objectives. Several examples are on display in this quarter’s report.

In April, roughly 150 local, regional and national leaders joined us in Cleveland, Mississippi for the first of three planned HOPE Economic Mobility Forums and Community Leadership Institutes, focused on “Seizing the Moment: Maximizing Federal Investment in Under Resourced Communities.” During the Cleveland event, participants engaged in discussions and work sessions toward a goal of ensuring that people and places like those in the Delta benefit from the historic levels of federal resources that are available to support infrastructure, jobs, climate resiliency and advance a stronger and more inclusive economy.

Making connections that increase economic mobility is at the core of HOPE’s work. In this report, you will see this in stories about a member’s transition from supportive housing to homeownership, an entrepreneur’s persistence after being denied a loan by other financial institutions, and small businesses and larger companies coming together to address their mutual needs.

The alignment of collective interests is on full display in “Reaching for the Stars,” which details how a $13 million New Markets Tax Credit investment by HOPE helped catalyze public, private and philanthropic support to renovate the Russel C. Davis Planetarium in Jackson, Mississippi. Long in need of reinvestment, restoration of the planetarium will help invigorate commerce in the downtown area, and serve as a hub for science education and enrichment.

As a programmatic partner, donor, Transformational Depositor, or another of our many valued allies, your support is vital to all that we do at HOPE. We look forward to expanding our work together to advance opportunity throughout the Deep South.

Sincerely,

Bill Bynum

Thriving with HOPE

Five years ago, Donnell Frost couldn’t have imagined the transformative impact Hope Credit Union would have in helping him secure his first truck and home.

“HOPE gave me the hope to be the man I need to be,” Frost reflects as he plays with his dog in the spacious backyard of his new home in East Memphis. His path to HOPE began when he found himself seeking stable housing after leaving a transitional home. Although a nine-month home readiness journey was challenging, Frost was determined and patient throughout. According to Frost, “Being patient was the toughest part of the process,” but HOPE continued to provide him with much-needed guidance and support. In the end, HOPE was able to cover the closing costs for his mortgage, making homeownership more accessible.

Looking back at his long and determined journey, Frost is grateful that HOPE trusted him and allowed him to be a part of the family. Thanks to Hope Credit Union, he now has the opportunity to grow and have the things that he wants in life.

Financing Made Seamless

After 40 years owning Dixon Interior Finishing, a general contracting firm in Jackson, Mississippi, Frank Dixon figured it was never too late to learn something new. So, he and his sons, who are gradually assuming control of the company, enrolled in a HOPE pilot program intended to break down barriers for Black-owned businesses.

Dixon now says that HOPE will be his company’s “go-to” financial institution. And as the founder of Jackson’s Minority Contractors Association, he urges others to think the same. “After you’ve been turned down so many times from other banks, it discourages folks from seeking out loans. But I’m a living witness that HOPE will work with you,” Dixon said. “I have a pretty good relationship with them, and that’s what it’s all about, creating relationships.”

With funding from the Rockefeller Foundation, HOPE designed the Supplier Diversity Pilot Project to help diverse business owners and large entities such as municipalities, utilities, hospitals, etc., better understand and navigate their respective contracting and procurement needs, and to facilitate the financing, technical assistance and relationships required to grow and strengthen diverse businesses.

For nine months, HOPE’s expert staff worked with Dixon along with other small business owners to prepare them to compete for larger contracts and apply for capital by shoring up fundamentals such as financial statements and licensing. Owners that completed the program became eligible for forgivable, zero-interest loans as well as other services from HOPE. Dixon’s company also received $10,000 in affordable financing. “A lot of minority businesses have the skills to do the work, but we don’t have the organizational skills we need,” Dixon said, such as keeping financial records and filings updated. “That’s where they were really helpful.”

Firing on All Cylinders
With extensive knowledge of vehicles, Cindy DeLongchamp and her husband started Montgomery Automotive Group (MAG) in Montgomery, Alabama, in 1998. MAG sells high-quality pre-owned vehicles from top brands. MAG’s primary purpose is to provide military personnel with reliable vehicles, whether they are in Alabama or abroad. Located near Maxwell Air Force Base, MAG also offers a program that provides rental vehicles for military officers coming to Alabama for training. “We aren’t going to give them just any vehicle; it will be something we’d want to drive,” said DeLongchamp. She learned about Hope Credit Union through a long financial relationship with a HOPE associate. “When I go to a bank, I like to know who’s working there. I like for them to know me,” said DeLongchamp. She wanted to establish a line of credit with HOPE to purchase equipment and for working capital. DeLongchamp closed her line of credit with her bank and opened a $150,000 line at HOPE. “I like the idea of having a safety net in case I may need funding for capital later,” said DeLongchamp. “Hope Credit Union is my safety net.”

Cruising for La Antojería (the Craving)
With a tasty combination of fruits, peanuts, and sweets dressed with savory sauce, La Antojería USA snack cart offers a wide variety of Mexican snacks that will satisfy any craving. When owner Nancy Hernández-Águila was ready to purchase a vehicle that would help with the demands of her thriving business, Hernández-Águila applied for an auto loan at two reputable financial institutions. “Even though my credit history is good, both of my applications were rejected,” says Hernández-Águila. At an event organized by the City of Memphis Business Office, she connected with an associate from Hope Credit Union. “At that moment, I knew that HOPE would open doors for me that were previously closed by my banks,” says Hernández-Águila. The knowledgeable staff at HOPE walked her through the loan process and provided guidance along the way. “It was very simple. I received guidance from a financial advisor in Spanish. He kept me abreast of the process until the vehicle was purchased,” says Hernández-Águila. She received $24,000 in financing for her vehicle. “I feel so grateful! This van will allow me to serve more customers daily, expand my services, and eventually generate jobs. It’s been a blessing and a life-changing opportunity!”

Reaching for the Stars
HOPE celebrated the groundbreaking for the renovation of the Russell C. Davis Planetarium, marking a pivotal moment in downtown Jackson’s renaissance. The project, supported by Hope Enterprise Corporation and other financing partners, aims to revitalize the outdated facility and transform it into a hub of world-class science enrichment, cultural experiences, and economic development opportunities for the region. With a $13 million investment through the New Markets Tax Credit (NMTC) program, the renovated facility will offer state-of-the-art programming inspiring students to learn more about the universe and pursue their goals. “It is all about opening young peoples’ minds to many possibilities,” says the project’s supporters.

The planetarium investment turns the tide on a wave of outmigration from downtown. Set to open in the summer of 2025, it symbolizes a bold step towards a vibrant future, embodying the emerging vision for downtown Jackson as a center for arts, education, and innovation.

Fostering Creative Excellence
In Fort Smith, Arkansas, a place for creativity is rising, casting its light on an entire community. The Community School for the Arts, nestled by the riverfront, looks forward to transformative changes thanks to $5 million in funding through the federal New Markets Tax Credit program. The NMTC program is designed to attract private-sector capital investments into the nation’s urban and rural low-income areas in an effort to help expand access to quality jobs, healthcare, education, and other critical services in those communities.

This landmark investment is a significant milestone for the city of Fort Smith, which is benefitting from its first NMTC investment.

HOPE joined three other community development financial institutions and banks to finance the completion of the 42,000-square-foot facility set to open this August.

The Center for Creative Arts will serve as a beacon of artistic excellence, offering inclusive arts education for young children through high school. CSA, established in 2016, offers after-school, evening, and weekend programs for youth of all ages and skill levels taught by professional artists. The high school, called the Institute for the Creative Arts, is the first of its kind in Arkansas and will be housed in CSA’s Center for the Creative Arts.
As a public charter school, the Institute is tuition-free and open to all students. The Institute will combine a rigorous college preparatory academic program with pre-professional training in the arts, which will include music, theatre, dance, visual art, film, and culinary.

Seizing the Moment: Maximizing Federal Investments in Under Resourced Communities
Federal officials and local leaders gathered in Cleveland, Mississippi, for the HOPE Economic Mobility Forum: Seizing the Moment to help ensure that Deep South communities benefit from the historic level of resources that are available through the American Rescue Plan, Bipartisan Infrastructure Law, and Inflation Reduction Act. The day started with opening remarks from the USDA Undersecretary for Rural Development and an overview of the economic mobility conditions facing the region. Next, local leaders from the Mississippi Delta shared their experiences in successfully accessing federal resources to make infrastructure improvements in their small towns and rural counties. Federal officials from the US Treasury and White House Council on Environmental Quality also provided an introduction to Direct pay, a tool local governments and nonprofit organizations can use to take advantage of tax credits designed for clean energy investments. Following lunch, attendees participated in a Community Leadership Institute where subject matter experts and assistance providers from nearly a dozen federal agencies and nonprofit organizations provided information about relevant programs and support.

Making HBCU History
In February, the Gulf Coast Athletic Conference (GCAC) announced it will officially become the HBCU Athletic Conference, emphasizing the significance of Historically Black Colleges and Universities. During the announcement, the conference’s commissioner, Dr. Kiki Baker Barnes, highlighted the partnership with Hope Credit Union, GCAC’s official financial institution and lead sponsor for the Men’s and Women’s Basketball and Baseball tournaments since 2022. “Today, the nation watches as we give our HBCU students the opportunity to take up space. Whether it’s on the field, in classrooms, or at their local bank, we want to ensure that HBCU students feel seen and represented,” says Commissioner Barnes.

The partnership extends through 2027 and aims to increase economic mobility among staff, students, alumni, and surrounding communities of GCAC institutions.

Download 2024 1st Quarter Report.

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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 Corporation
of 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 interest
of all of us – an economy that works for all. Thank you for your support of HOPE. Thank you for being
a part of history.

In solidarity,

Bill Bynum, CEO, HOPE

Rooted in Avondale, Louisiana

Located on the west bank of the Mississippi River and the outskirts of Greater New Orleans, Avondale, Louisiana, is a small city with a lot to offer. Avondale has been home to Don Francois for nearly 60 years; it’s where his family settled and where he continues to call home. “I’ve lived in our family house since I was five years old. It holds so many memories,” said Francois. When he wanted to refinance his family home, his brother told him about Hope Credit Union after connecting with a HOPE associate at an open house event. Francois knew this was the right move, choosing Hope Credit Union for his loan. He received $80,000 from HOPE through the Affordable Housing Program. “I’m thankful for the people at HOPE who helped me during this process,” said Francois. He enjoys hosting gatherings and barbecues with friends and family. “I want our family to continue to thrive in the house for generations to come,” said Francois.

Financing Flavor

In the heart of the historic Tremé neighborhood, Baby’s Snack Box stands as a testament to resilience and flavor. Since 2011, the business has been serving up a delightful mix of snowballs, ice cream, nachos, and burgers, earning the title of a one-stop shop with the tagline, “Baby’s Snack Box – It’s what’s for lunch.”

Owners Ron and Antoinette Davalos began operating in 2011 and purchased a building in 2020. The century-old building, with its unique historical facade, has become a Mardi Gras haven, perfect for catching the Zulu parade.

“Hope Credit Union played a pivotal role in our journey, understanding our needs and crafting a commercial loan package that suited us,” said Ron Davalos.

The funds from the HOPE loan were instrumental in purchasing the building, marking a significant milestone for Baby’s Snack Box. In fact, the success was such that the owner expanded, acquiring a second business managing rental property through HOPE’s commercial lending services.

Beyond financial support, Davalos states, “It’s a great relief knowing there’s a financial institution of this caliber making a conscious effort to serve the underserved.”

Delivering Exceptional Hospitality

Vivek Patel owns Stay Inn & Suites hotel, a family-owned and run business in Montgomery, Alabama. With over twenty-five years of experience in the hotel and hospitality industry, he aims to deliver high-quality service and comfort to his guests. “I’ve been doing this for a long time, and I know how important it is to provide excellent service…it keeps us in business,” says Patel. Along with his wife, Asha, Patel oversees the hotel’s daily operations. Patel went to his local bank for financing when he wanted to expand and upgrade the hotel to ensure it exceeded guests’ standards. His loan application, however, was turned down. A family member recommended he try a credit union to apply for a loan. “I was drawn to the institution’s name, HOPE… since it translated to Asha, my wife’s name, and decided to give HOPE a try,” says Patel. HOPE provided $2.4 million in financing for improvements. “Hope Credit Union has been a blessing for me and my family,” says Patel. Since receiving funding from HOPE, Patel has made improvements to the hotel and is looking forward to a prosperous future.

In Time for the Holidays

Akia’s struggles deepened as her old truck spiraled into a series of breakdowns, depleting her finances and leaving her without reliable transportation in December of 2023. Faced with limited options, Akia turned to Google in search of pre-approved cars, discovering Dependable Auto Sales and embarking on a path to a new beginning.

A reassuring call from a salesperson affirmed that they had various loan options, even if her current bank didn’t work out. Unfortunately, her loan applications were not approved as the lenders cited her holding multiple jobs. HOPE looked beyond the issue raised by other lenders and focused on her history of paying bills. “I’ve been with four kids and no car for a week, and it’s about to be Christmas,” Akia expressed, emphasizing the urgency of her situation.

Just in time for the holiday, the call came—Akia was approved for an auto loan from HOPE. She seized the opportunity to purchase a used truck for her family, expressing gratitude to HOPE for going the extra mile
to understand her unique situation.

Healthcare Reimagined and Revived

Quitman County Medical Center in Marks, Mississippi is vital for many residents. Facing financial constraints in a majority Black county that grapples with high poverty rates and outmigration, the hospital closed in the fall of 2016. Local leaders, however, saw an opportunity and organized around a strategy to reopen the hospital. Central to the approach included attaining the Critical Access Hospital (CAH) designation. The designation was a game-changer, guaranteeing Medicare and Medicaid payments at a rate of 101%, crucial for sustaining healthcare services in Quitman County. HOPE provided $2.4 million in financing to support the acquisition and renovation of the hospital. The hospital’s reopening restored essential healthcare services and provided employment opportunities. Beyond the renovation of the facility, the loan proceeds were used to purchase state-of-the-art medical equipment, underscoring a commitment to delivering top-notch care to patients in Quitman County and the broader region.

Community Breaks Ground on Northside Square Redevelopment

In December, HOPE joined leaders from across the city of Memphis in a groundbreaking ceremony for Northside Square. Led by the development team of CompCap Partners and the Works, the project will breathe new life into a high school building, shuttered since 2016. Once completed, the $78 million project will repurpose the building with 42 affordable housing units, a gymnasium, a performing arts center, a workforce training center and a coffee house. HOPE invested $7 million into the project with its New Markets Tax Credit allocation. At the press conference, HOPE Senior Vice President & Commercial Credit Officer Danielle Ware shared, “It is important that we take this moment to recognize that NMTC investments should be directed towards projects that make the most difference in people’s lives. This is what HOPE has always done with its NMTC allocations and that is certainly the case with Northside Square.”

Supplier Diversity Pilot Concludes a Success

Twenty entrepreneurs recently graduated from HOPE’s Supplier Diversity Pilot Program based in Jackson, MS and New Orleans, LA. The Pilot Program provided technical assistance and training to position the businesses to successfully compete for contracting opportunities. Simultaneously, the pilot also brought three Historically Black Colleges and Universities and the local governments together to learn about, develop, and implement more inclusive procurement policies and practices. With the pilot completed, attention will now turn to the development and dissemination of a strategy guide for both small business owners and institutions to amplify the lessons learned from the endeavor.

Louisiana graduates are also on tap to participate in follow-up workshops to deepen their bonding capacity and access to capital to secure contracts associated with federal transportation funding in the state.

Affordable Housing Breakthrough Challenge

In Mississippi and Alabama, over 5,000 households that rent, 75% of which are Black, are at risk of eviction due to the sunsetting of federal affordable housing requirements associated with the Low Income Housing Tax Credit Program. In response, HOPE envisioned a program to transition the renters to homeownership through the creative use of down payment assistance, 100% financing, and loan loss reserves. The innovation caught the attention of Enterprise Community Partners, which selected HOPE as one of six organizations nationwide for the Housing Affordability Breakthrough Challenge. With the selection, HOPE joins a cohort of organizations that receive both grant funding and technical support to launch the project. Partners in the project will include HBCU students from Mississippi Valley State University and Delta Design Build to retrofit the homes with energy-efficient upgrades.

Download 2023 4th Quarter Report.

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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 effect on the state of Mississippi, where local Black artists can showcase and sell their work,” says Rollins. Post-Covid, Rollins’ business was suffering due to the economy’s instability and decreased foot traffic in his store, resulting in a decline in sales. A mentor suggested he reach out to Hope Credit Union. Rollins met with a HOPE small business lender and was ultimately approved for a Power of HOPE Small Business Loan, a special program designed for businesses with less than $500,000 in annual revenue that were financially affected by the pandemic. Rollins was able to purchase new inventory and make upgrades to his store. “HOPE understands the needs of small businesses, and to have HOPE backing them, it keeps communities flourishing,” says Rollins.

Education with a Global Impact

School is now in session at Instant Impact Global Prep (IIGP) in Natchez, Mississippi. Opened in August 2023, IIGP will ensure students from Pre-K through 8th grade develop skills to prepare them for the ever-evolving workforce. Dr. JoAnn Rucker is Instant Impact Global Prep’s Executive Director and School Principal. With an extensive background in education, her mission is to impact young people living in low-wealth communities. “Here at IIGP, we believe that all students deserve access to a high-quality education that meets the full range of their needs,” says Dr. Rucker. HOPE provided a $150,000 loan to the school to purchase equipment and furniture for classrooms and the cafeteria. The loan was secured by a deposit from Mississippi First, a non-profit education advocacy and support organization.

One-Stop Shop for Financial Success

As an eighteen-year member of HOPE, Sharon Holloway always looked to the Credit Union for advice and service to meet her financial needs. “I would always take advantage of HOPE’s Holiday Loans to buy gifts for my family,” says Holloway. She even came to HOPE when she purchased her first home years ago. “HOPE is always my first choice for managing my money.” It’s an approach that still works today. Holloway recently attended a membership drive and connected with one of HOPE’s Financial Inclusion Officers (FIO). HOPE FIOs work in the community to build partnerships with nonprofit organizations, businesses, churches and schools to identify solutions to the financial challenges being faced by key constituents. During her conversation with the FIO, Holloway inquired about the best way to refinance high-cost credit card debt and to acquire funds to make improvements to her home. After speaking with Holloway, HOPE’s FIO determined that a Home Equity Loan would be the best fit. She applied for the loan and HOPE approved her $89,000. “I know whenever I need financial support, I don’t have to look no further than HOPE.”

Rural Hospital Given New Life

Lauderdale Community Hospital in Ripley, Tennessee received a new lease on life with an infusion of capital to construct an updated, state-of-the-art facility. The project replaced an aging facility and will provide enhanced care for patients and a modernized layout for staff. Leveraging the New Markets Tax Credit program, HOPE and its partners invested $22 million into the facility which is now able to offer Emergency Cardiac and Pulmonary Rehabilitation, Surgery Services, Radiology, Physical Rehabilitation, Acute Care, and Respiratory Therapy. Through the provision of new services, twenty-five additional jobs will be created, half of which will be accessible to residents of the local community. All of the new jobs will pay over $25 an hour and provide employees with a comprehensive benefit package that includes health and dental insurance, matching retirement and tuition reimbursement. Over 50,000 patients will be served – the vast majority of whom cover health costs through Medicaid, Medicare or are uninsured.

Defending Financial Democracy – HOPE Economic Mobility Forum Recap

HOPE hosted the latest Economic Mobility Forum: Defending Financial Democracy on November 1, 2023. The forum brought together a group of national and regional experts to underscore the importance of institutions like Community Development Financial Institutions (CDFIs) and the Consumer Financial Protection Bureau (CFPB). Attendees also discussed strategies for building and protecting wealth – particularly among people living in under resourced communities.

Read a Recap and Watch a recording of the Forum here.

Rural Communities Initiative Launched

Goldman Sachs 10,000 Small Businesses recently announced a $100 million investment through the Rural Communities Initiative. Through the Initiative, the bank and its foundation will deploy $100 million to support small businesses and economic development across the South. The initiative will leverage its 10,0000 Small Businesses platform by combining entrepreneurial education with loan capital to support business start-ups and expansions. HOPE will play a central role in the management of the capital access components of the Initiative in partnership with regionally based Community Development Financial Institutions (CDFIs).

Visa Filene HBCU Incubator Convenes to Develop Payment Solution

Across the Deep South, Black households are less likely to be fully banked than white households exposing Black households to high-cost financial services. In an effort to develop a culturally competent response, Visa and the Filene Research Institute have partnered to convene the HBCU incubator. Over the last seven months, leaders from HBCUs and Black led financial service institutions have gathered to develop a payment solution that meets the needs of the larger HBCU serving community. HOPE senior leaders were tapped to join the incubator to serve as subject matter experts during the development phase.

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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 stream of business, the owner and founder, Kimberly Streeter of Lexington, Mississippi, was ready to expand. Unfortunately, she encountered numerous obstacles when seeking financing to build up her inventory. An opportunity arose, however, when she connected with HOPE following an event organized by the Small Business Administration for entrepreneurs in the Mississippi Delta. She qualified for a $25,000 Power of HOPE Delta Loan, a product designed to bridge capital gaps for very small businesses located in the region and with less than $500,000 in annual sales. With the additional resources, Streeter expanded her product line. She looks forward to growing her business, deepening her relationship with HOPE and providing a better life for her daughters.

Keeping It Cool
With over 25 years in the heating, ventilation and air conditioning (HVAC) industry, Kevin Billups tapped his vast knowledge of the technical side of the business to start his own company. Billups Heating & Cooling in Montgomery, Alabama specializes in HVAC installation and performs consultations with clients. “It is vital that people have access to heating and air conditioning, and it’s our mission to provide an honest service with affordable prices,” said Billups. With a growing business, he needed financing to pay for maintenance costs on his fleet vehicles and repairs on his shop. Despite having an excellent credit score, Billups was denied a small business loan from his bank. After learning about Hope Credit Union from a friend, he applied for a loan and received $10,000. Today, Billups employs over 20 skilled HVAC technicians. “HOPE really made a difference for me and my business. I look forward to working with them on future projects.”

No More Ubers
Dustin Gunn, a first-year college student at the University of Arkansas at Little Rock, realized he needed his own vehicle to maintain a busy schedule with school and work. Working as a lifeguard at the Jess Odom Community Center in a neighboring suburb, he spent his first year “hitching rides from friends and family and getting Ubers.” He came to HOPE in search of a solution. HOPE’s associates welcomed Gunn and provided financial advice tailored to meet his personal needs by helping him navigate the auto loan application. “[HOPE] really made sure that the process went smoothly my first time purchasing a car,” said Gunn. Gunn’s loan application was quickly approved and he purchased a formerly owned Toyota 4 Runner. Now with the freedom to travel on his time table, Gunn remarked, “HOPE has opened doors for me and gave the proper guidance for a young kid like myself.”

Doubling Impact in the 9th Ward
Louvis Services, Inc. is a nonprofit organization that focuses on building permanent supportive housing for the City of New Orleans homeless population. Founder Lou Anne White, who serves as the Executive Director for Louvis Services, has had years of involvement in permanent supportive housing, an evidence-based model that combines affordable housing with flexible services. “We really want to focus on moving people off the streets,” said White. Partnering with local architectural companies and volunteers, Louvis constructed the first duplex house in the Lower 9th Ward. When it came time to finance the project, White went to local banks but was turned down. She then came to HOPE. “With us being a fairly new organization, no one wanted to take a chance with us… but HOPE did,” said White. HOPE provided a $150,000 loan which was used to pay off a construction loan financed by another New Orleans-based Community Development Financial Institution. Along with the housing duplex, Louvis also offers the Edible Landscape program, where tenants can learn about gardening and grow their own fruits and vegetables. Since the completion of the first duplex, Louvis has been awarded four additional duplex properties in the Lower 9th Ward through the New Orleans Redevelopment Authority. White plans to use this housing model to create more housing for individuals who are homeless living in New Orleans’ under-resourced communities.

HOPE Member-Owner Featured on ABC News
In July, ABC News released the piece “Black-owned banks and credit unions work to close the racial wealth gap.” The news segment highlighted structural challenges Black-owned businesses and households face in securing the financing needed to grow or purchase a home. It also spotlighted the role of Black-owned financial institutions providing capital when other institutions will not. HOPE member-owner, Debbie Jones, shared her journey to becoming a homeowner and the ways in which Hope Credit Union accompanied her along the way. Click here to watch the segment.

Innovative Financing Breathes Life into Rural Hospital
Facing the daunting prospect of having to close down, a group of community leaders came together to develop a financing strategy to build a new state-of-the-art hospital in rural Ripley, TN. HOPE joined two other community development organizations to pull together $23 million in New Markets Tax Credits to leverage a $15.9 million investment by the United States Department of Agriculture. The new hospital will replace an outdated facility and expand services. For the collective work that went into saving the hospital, the transaction was recognized for its innovation by Novogradac, one the leading New Markets Tax Credit advisors in the country.

Faith & Money Network Visits the Deep South
For over 40 years, the Faith and Money Network has been hosting pilgrimages and conversations with people of faith to provide a space for people to examine their relationship with money. Their mission is to create investment opportunities to advance equity throughout the world. This year, HOPE hosted one of the Network’s “Trips of Perspective.” During their visit to Memphis, Jackson, Birmingham and the Mississippi Delta, members of the Faith and Money Network experienced first hand the ways in which HOPE works to close the racial wealth gap among residents and communities in the Deep South. Following the trip, several attendees offered reflections on why they invest in HOPE and on their time in the region.

Download 2023 2nd Quarter Report.

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