Posted 6/29/2009 09:39 am
Updated 1 year ago
The Winthrop Rockefeller Foundation has approved a $250,000 deposit into the Hope Community Credit Union at College Station.
Hope and its nonprofit sponsor, Enterprise Corp. of the Delta, have given entrepreneurs, small businesses, homeowners and working families in economically distressed Arkansas communities access to affordable financial services and related technical assistance for the past 15 years.
"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 and CEO of the Winthrop Rockefeller Foundation.
"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."
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.
"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," said Hope CEO Bill Bynum
Since 1994, Hope and ECD have generated more than $1 billion in financing for entrepreneurs, homebuyers and community development projects, benefiting more than 70,000 individuals.