Mississippi-based, Black-owned Hope Credit Union says almost $100 million in federal funding will provide capital for a $1 billion program to help close racial and gender gaps in five Southern states over the next ten years.
The credit union says each dollar in a $92.6 million capital infusion from a Treasure Department pandemic relief program will allow it to attract as much as $10 in deposits.
Financing for businesses, affordable housing, homebuyers and nonprofits will then be distributed to areas of need in Alabama, Arkansas, Louisiana, Mississippi and Tennessee.
The Treasury Department’s Emergency Capital Investment Program was established in 2021 to help low-income communities that were disproportionately affected by the COVID-19 pandemic.
