The Philanthropy Collaborative

Regional Case Studies

Mississippi HOPE Credit Union
Utica, MS

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More than 32 percent of Mississippians are unbanked or underbanked, meaning they either don't have a bank account or have limited access to financial services. Without access to financial services, how do you access credit for a car loan, business loan, a home mortgage or to put your child through college? HOPE is making a difference by offering affordable mortgages and financial services to disadvantaged communities in the Mid South. HOPE is able to fulfill their mission in part thanks to funds from private foundations. This includes a $250,000 grant from the Kresge Foundation in 2009 to support general operations. Over time, the $250,000 in operating expenses eventually causes almost $4 million in economic transactions and $1.6 million in total payroll. If this scale is applied to HOPE's total operating expenses of $20.3 million in 2011, the total economic impact is easily in the hundreds of millions of dollars.

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