The Winthrop Rockefeller Foundation has approved a $250,000 deposit into $117 million-Hope Community Credit Union. The Jackson Mississippi based community development credit union, and its sponsor the Enterprise Corporation of the Delta, have become a community development force in the region.
"Increasingly, individuals and institutions are investing in socially responsible financial institutions, like HOPE, that generate both financial and community development returns," said Dr. Sherece West, president/CEO of the Winthrop Rockefeller Foundation.
"Investing in HOPE is a responsible way to complement our 'Moving the Needle' strategy, designed to help close the economic and educational gaps that leave too many Arkansas families in persistent poverty. The board is committed to moving low-income Arkansans from poverty to prosperity and knows that HOPE will put our money to work supporting affordable housing, business development, and other services in distressed areas. At the same time, our funds are safe and earning market interest rates."
Mission-related investing allows private foundations to use a greater portion of their assets to achieve their charitable purposes. HOPE will use the deposit to increase its provision of commercial loans, mortgages, and consumer financial services to low-wealth people and communities. HOPE and ECD have offices in College Station and West Memphis, as well as loan production offices in Forrest City, Little Rock, and Stuttgart.
"For decades, the Winthrop Rockefeller Foundation has been at the forefront of developing Arkansas communities," said HOPE CEO Bill Bynum. "Not only will this deposit enable us to help more Arkansans weather this economic crisis, but we hope others will follow the Winthrop Rockefeller Foundation's lead and consider how they, too, can invest in making our communities stronger."
--dmorrison@cutimes.com
