HOPE (Hope Enterprise Corporation/Hope Credit Union) has received a $1.5 million grant from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund to help spur economic growth and recovery in Mississippi and elsewhere across the Mid South.
The money from the Community Development Financial Institutions Program also will be used to expand access to affordable financial products and services across the region.
The awards are being made through the fiscal 2011 round of the Community Development Financial Institutions Program. They represent the largest single round of monetary awards in the CDFI Fund’s history. HOPE received the highest award amount available during this round of funding. HOPE was the only organization in Mississippi to receive an award.
“HOPE has worked hard to become one of the nation’s most effective CDFIs, and we are excited to receive this funding based on the merits of our plan to use it here in the Mid South,” said HOPE CEO Bill Bynum. “While other financial institutions have restricted lending, HOPE continues to see strong demand, and we are providing financial resources to small businesses, homebuyers and working families.”
The CDFI awards nationwide totaled $142.3 million and will go to155 Community Development Financial Institutions (CDFIs) serving economically distressed communities across the nation. The organizations awarded are headquartered in 40 states and the District of Columbia.