Jackson Bill Bainem is executive director of HOPE (Hope Enterprise Corp., Hope Credit Union and Hope Policy Institute), which provides financial services, assists in assimilating resources, and advocating for reduction in factors such as race, gender, and so on. Place of birth and wealth restrict one’s prosperity.

Since 1994, HOPE has generated more than $ 3.1 billion in funding for nearly 2 million people in Alabama, Arkansas, Louisiana, Mississippi and Tennessee.

He started his career in North Carolina by pioneering self-help in the development finance industry and later built nationally recognized programs at the NC Rural Economic Development Center. A.D. He moved to Mississippi in 1994 to become the CEO of Delta Enterprise Corporation and in 1995 formed the Hope Community Credit Union.

Bainem is a member of the Aspen Institute Board, NAACP Law Enforcement Fund, Prosperity Now, William Winter Race Reconciliation Institute and the US Poverty Alleviation Partnership. Previously, the Treasury Department chaired the Community Development Advisory Board and the Consumer Financial Protection Bureau chaired the Consumer Advisory Board.

How did the black and female-owned Hop Credit Union receive $ 88 million from the Emergency Capital Investment Program, which is part of an incentive package approved by Congress in 2021? The Emergency Capital Investment Program is $ 8.7 billion distributed to 186 financial institutions.

“As long as we have, we are working for this kind of investment. We started in the mid-1990s with the idea of ​​investing capital in the poor community. In the Delta and the South, there is not much wealth compared to other parts of the country.”

“Federal funding is always important. A.D. In 2004, we hosted President Bill Clinton in Clarksdale, a company that financed our finances, which created a new market tax credit for billions of low-income communities.

“It creates awareness of the crisis and opens the door to opportunity. It is clear that the epidemic has had a disproportionate impact on low-income districts and communities of color. We were working.

“Our policy center has provided some of the languages ​​in the draft law that was approved by the House of Representatives. Completed.

“Hope was one of the first community development financial institutions certified during the Clinton administration in the mid-1990s. From the Clinton administration to the Obama administration, I chaired the Treasury Community Development Advisory Board.

“$ 9 billion has been provided for savings, community development financial institutions and minority deposits, and hope is both. Most of the owners are women and people of color. That money is control capital. For every $ 88 million, we can use it as equals in our accounts. Banks and credit unions need to have strong capital to raise their deposits. This puts us in a position to raise additional deposits.

When did the Hope Credit Union apply?

“We applied last year. I was honored to be in the Treasury (December 14, 2021) during a speech by Vice President Kamala Harris and US Treasury Secretary Janet Yelen during the Freeman Bank Forum. During the announcement, Vice President Harris spoke with me about places in the Delta. She said she discussed with leaders last year what was needed to improve the situation.

“My daughter Blite posted the video clip on Instagram. That was pure. ”

The Emergency Capital Investment Program is one of the largest community finance development programs ever created. How historic is the Hope Credit Union?

“It took us 14 years to grow Hope Credit Union to $ 80 and $ 90 million. We made that much capital in one day. It’s a big deal. ”

“The first response in some of the most economically disadvantaged communities in the country is a game changer for us and other organizations.”

How does a credit union benefit from a $ 88 million investment from Emergency Capital Investment?

“We can use it to support small businesses and homeowners and to get people out of payday loans.

“We serve some of the poorest people in the country. We need to invest in these areas to make things easier for people in these areas.

“It simply came to our notice then. The more money we spend on loans, the better off we will be. We have $ 430 million worth of assets, and if we were in Jackson alone, it would be a good credit union, but we will cover five states. This provides additional resources for use in low-income communities in the Southern Hemisphere.

How has Hope Credit Union affected its members?

“Half of our credit union members did not have a bank account before they joined in. Many depend on payday lenders. Our average has less than $ 1,000 in savings accounts. We are serving people in need in our community.

“Hope opens the door for people to apply for a mortgage. 80 percent of our mortgage is for homeowners for the first time. Homeownership is still the most important asset in most Americans’ accounts, according to the report.

How did small businesses benefit from the Hope Credit Union during the outbreak?

“Many small businesses were closed during the epidemic. We make 50 small business loans every year. Since March 2020, we have provided 5,000 check protection loans to moms and pop businesses who have not been able to get a regular bank loan. Hopefully, we have helped them survive the initial crisis. They need more support to move forward as the economy is uncertain.

Where does Hope Credit Union work?

“Hope Credit Union operates at five stations – Alabama, Arkansas, Louisiana, Mississippi and Tennessee. There are about 28 places.

How has the Hope Credit Union grown over the years?

“It started with a $ 1.5 million loan. We have always had the courage to change people’s access to financial systems in the Delta. We have grown beyond the delta but its main mission remains. We always know that we need help from people who care about these issues, from people who know that we all do better when our neighbors do better. It is good to see so many people recognizing that.

How has economic uncertainty helped the credit union grow?

“It is unfortunate that epidemics create opportunities, but crisis times create awareness and doors open. After Hurricane Katrina, we grew up to be very active. We expanded into the Mississippi Gulf and New Orleans to help fill the gap. We grew from eight to 30 in 2007 and 2008 after the Great Depression and the housing crisis.

“People do not stop looking for basic, affordable financial services. We set out to respond to this need. ”

What made you want to start a credit union?

“I grew up around people who need the kind of service we provide. My family has benefited from a mortgage company in a vice-principal’s garage when people of color cannot access services at a local bank. It is a thing.

“When I went to Mississippi, I confessed that I belonged to a church in North Carolina where I had joined a credit union. The pastor said he wanted to do something to stop the payday loan. This was raised by the Church. It was my service and it is still there.