Groundbreaking investment will forever change scale and reach of credit union into underserved communities
WASHINGTON, D.C. — Today, Vice President Kamala Harris and U.S. Treasury Secretary Janet Yellen announced historic levels of new funding for community financial institutions to significantly increase lending to businesses owned by people of color and low-income communities through the Emergency Capital Investment Program (ECIP).
ECIP makes long-term, very low cost capital available to reinvest in communities facing high levels of economic distress.
Through the program, Hope Credit Union, a Black and women-owned financial institution headquartered in the Deep South, was awarded $88 million – the largest community development investment in the organization’s 27-year history.
The investment will forever change the scale and reach of Hope Credit Union into underserved communities. In response to the announcement, HOPE CEO, Bill Bynum, released the following statement:
“It is quite fitting that today’s historic announcement of the largest investment ever made in community development finance takes place at a commemoration of the Freedman’s Bank—an institution created to provide former slaves with fair access to the banking system,” says HOPE CEO, Bill Bynum.
“As a fellow financial first responder and longtime advocate for policies, practices and investments that level the financial playing field, HOPE looks forward to building on the Freedman’s Bank proud legacy by working to ensure that Emergency Capital Investment Program resources reach those hardest hit by COVID-19, bridge gaps in the banking system and advance equitable economic prosperity, particularly in communities of color across the Deep South.”