Mississippi News
HOPE Credit Union receives $88 million to support minority-owned businesses
HOPE Credit Union receives $88 million to support minority-owned businesses
Jackson-based HOPE Credit Union was awarded $88 million as part of a national effort to increase lending to minority-owned businesses and people with limited access to banking.
The Treasury released a total of $8.7 billion to be split among 186 financial institutions through its Emergency Capital Investment Program, which was included in a 2021 stimulus package passed by Congress. The program is the largest community finance development program ever created.
The financing is the largest investment that HOPE Credit Union has ever been awarded since it was founded in 1994.
Vice President Kamala Harris announced the historic investment during the Freedman’s Bank Forum, which was hosted Tuesday by the Treasury Department in Washington, D.C.
“The wealth gap persists today, the homeownership gap persists,” Harris said. “Black entrepreneurs are three times more likely to report that a lack of access to capital negatively affects their profit margins.”
The program was created this year in response to economic distress caused by COVID-19, which disproportionately affected small and minority-owned businesses. Despite making up 13.4% of the nation’s population, Black Americans control just 4.3% of household wealth, according to the Federal Reserve.
The credit union had to apply to receive the financing, which comes in the form of a 30-year, low-interest loan. The access to the funds allows HOPE and the other recipients to more easily provide loans, grants and forbearance for small businesses to people in underserved and low-income areas.
Freedman’s Savings and Trust Company, commonly called the Freedman’s Bank, was chartered by the U.S. government more than 150 years ago to help newly emancipated African Americans become financially stable. Now, the forum that carries its name is aimed at discussing the systemic wealth gaps in the U.S.
“It is quite fitting that (Tuesday’s) historic announcement of the largest investment ever made in community development finance takes place at a commemoration of the Freedman’s Bank — an institution created to provide former slaves with fair access to the banking system,” HOPE CEO Bill Bynum said in a statement.
“As a fellow financial first responder and longtime advocate for policies, practices and investments that level the financial playing field, HOPE looks forward to building on the Freedman’s Bank proud legacy by working to ensure that Emergency Capital Investment Program resources reach those hardest hit by COVID-19, bridge gaps in the banking system and advance equitable economic prosperity, particularly in communities of color across the Deep South.”
Since its founding, HOPE has generated more than $3.1 billion in financing throughout Mississippi, Alabama, Arkansas and Louisiana.
HOPE Credit Union was among the recipients of $10 million from Netflix after the streaming company pledged to invest 2% of its cash holdings to banks and organizations supporting Black communities across the nation. HOPE is also working with Netflix on a streaming television series that will highlight banking discrimination.
FOLLOW THE MONEY: How is Mississippi spending billions in federal funds flowing through the state?
Editor’s note: Bill Bynum serves on Mississippi Today’s board of directors.
This article first appeared on Mississippi Today and is republished here under a Creative Commons license.
Mississippi News
Ole Miss women get pair of double-doubles and roll to 83-65 March Madness win over Ball State
SUMMARY: Mississippi coach Yolett McPhee-McCuin found solace in returning to a different arena in Waco, Texas, following a disappointing previous tournament experience. The No. 5 seed Ole Miss Rebels redeemed themselves with an 83-65 victory over 12th-seeded Ball State in the NCAA Tournament’s first round. Starr Jacobs led the Rebels with 18 points and 11 rebounds, while Kennedy Todd-Williams and Madison Scott each scored 15 points. Ole Miss dominated rebounding, leading 52-32, and will face fourth-seeded Baylor next. Coach McPhee-McCuin noted the team’s evolution since their last visit and the significance of playing in Texas, where Jacobs feels at home.
The post Ole Miss women get pair of double-doubles and roll to 83-65 March Madness win over Ball State appeared first on www.wjtv.com
Mississippi News
Events happening this weekend in Mississippi: March 21-23
SUMMARY: This weekend (March 21-23), Mississippi offers a range of exciting events. Highlights include Hal’s Marching MALfunction Second Line Stomp and Jessie Robinson’s blues performance in Jackson, as well as the Natchez Food & Wine Festival and the Natchez Little Theatre’s production of *This Side of Crazy*. There are also numerous exhibitions like *Of Salt and Spirit: Black Quilters in the American South* in Jackson and *Gold in the Hills* in Vicksburg. Other events include the 48th Annual Crawfish Classic Tennis Tournament in Hattiesburg, karaoke nights in Laurel, and a variety of family-friendly activities across the state.
The post Events happening this weekend in Mississippi: March 21-23 appeared first on www.wjtv.com
Mississippi News
Events happening this weekend in Mississippi: March 14-16
SUMMARY: This weekend (March 14-16) in Mississippi offers a variety of events. In Jackson, iconic saxophonist Boney James performs at the convention center, while the JXN Food & Wine festival showcases culinary talents. The LeFleur Museum District hosts a “Week of Wonder,” and several exhibitions, including “Of Salt and Spirit,” celebrate Black quilters. Natchez features the Spring Pilgrimage tours, a reenactment of Annie Stewart’s story, and a St. Patrick’s Day celebration. In Hattiesburg, comedian Rob Schneider performs, and various events like a St. Patrick’s Day pub crawl and a talent show will take place throughout the area.
The post Events happening this weekend in Mississippi: March 14-16 appeared first on www.wjtv.com
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