Hope Credit Union (HOPE) is a credit union with locations in the southeastern United States that offers banking and loan programs to address socioeconomic issues. 1
HOPE is recognized as a Black-owned credit union whose products are reported to address economic and social issues within Black communities. 2
History
Hope Federal Credit Union was founded in 1995 by members of the Anderson United Methodist Church in Mississippi as Hope Community Credit Union. It was established to address funding issues for troubled communities in Mississippi and sought to acquire funding for youth education programs. 1
In 1999, HOPE reported that it had funding issues, and in February 2000, it expanded its membership to include members of like-minded churches. It expanded membership to members of the churches within the Amos Network, the Fellowship of Hope Ministries, 100 Concerned Clergy, and New Horizon Ministries. At the time, this included over 178 churches, and HOPE reports that the new members caused a tenfold increase in revenue over two years. 1
In August 2002, the Enterprise Corporation of the Delta (ECD) became HOPE’s primary fiscal sponsor. ECD is a lender that funds what it describes as “community development” projects in Arkansas, Louisiana, and Mississippi. 1
ECD was founded in 1994 and has since changed its name to the Hope Enterprise Corporation after becoming a sister organization to HOPE. 1 From 1996 through 1998, ECD received $4.5 million in grants from the Clinton administration’s CDFI business loan fund program. In 1999, then-President Bill Clinton announced $15 million in funding for ECD, including $3 million from the Ford Foundation, $500,000 from the chairman of Skytel, and $100,000 from the Blue Cross Blue Shield of Arkansas. Other funders included John Palmer, the Rockefeller Foundation, the MacArthur Foundation, and the Walton Family Foundation. 3
In 2008, HOPE merged with the College Station Federal Community Credit Union based in College Station, Arkansas. In 2009, it merged with the Memphis, Tennessee-based American Savings Credit Union and has since expanded locations across the South and offered membership nationally through online banking services. 1
Deep South Economic Mobility Collaborative
The Deep South Economic Mobility Collaborative (DSEMC) is a lending program offered by Hope Credit Union in partnership with the Hope Enterprise Corporation that provides business loans to small businesses in Alabama, Arkansas, Louisiana, Mississippi, and Tennessee to address economic issues in select communities. DSEMC receives funding from the Hope Enterprise Corporation through a partnership with local governments, Goldman Sachs’s 10,000 Small Businesses lending program, and nine historically Black colleges and universities (HBCUs). It also has received funding from Charles and Lynn Schusterman Family Philanthropies, the Ford Foundation, and MacKenzie Scott. 4
Hope Affinity Network
The Hope Affinity Network is a coalition of community-based organizations located in the southeastern United States that have partnered with Hope Credit Union to provide community outreach. The partner organizations offer HOPE’s membership and loan products and engage in financial literacy education initiatives to address socioeconomic issues. Hope Affinity Network partners include Alabama State University, Amazon, Davita Kidney Care, Nike, Philander Smith University, and Visible Music College. 5
Funding
American Rescue Plan
In 2022, Hinds County, Mississippi provided $1.5 million to Hope Credit Union to be used as collateral for small business loans. The funding was provided using money received through the Biden administration-supported American Rescue Plan Act and was used to provide loans ranging from $10,000 and $50,000 to 70 businesses. Jackson, Mississippi’s WBLT3 reported that HOPE declined to disclose the recipients. 6
Hope Enterprise Corporation
In 2023, the Hope Enterprise Corporation provided $7.4 million to Hope Credit Union for operations support. 7
References
- “Who We Are.” Hope CU, September 5, 2024. https://www.hopecu.org/about-us/who-we-are/.
- Wooldridge, Leslie Quander. “36 Black-Owned Banks and Credit Unions, Sorted by State.” Business Insider, December 31, 2024. https://www.businessinsider.com/personal-finance/banking/black-owned-banks-credit-unions.
- “PRESIDENT CLINTON’S NEW MARKETS TRIP.” National Archives and Records Administration, July 6, 1999. https://clintonwhitehouse3.archives.gov/WH/New/New_Markets/cities/clarksdale_facts.html.
- “Deep South Economic Mobility Collaborative.” Hope CU, August 26, 2024. https://www.hopecu.org/product/business/special-programs/deep-south-economic-mobility-collaborative/.
- “Hope Affinity Network.” Hope CU, Accessed January 19, 2025. https://www.hopecu.org/product/personal/han-personal/hope-affinity-network/.
- Warren, Anthony. “County Gets $1.5m in ARPA Funds Back from Hope Enterprise Corp.; Supervisors Determining How to Spend It.” https://www.wlbt.com, July 23, 2024. https://www.wlbt.com/2024/07/23/county-gets-15m-arpa-funds-back-hope-enterprise-corp-supervisors-determining-how-spend-it/.
- Return of Organization Exempt from Income Tax (Form 990). Hope Enterprise Corporation. 2023. Part IX, Line 24a