Washington, DC–On Wednesday, September 19, Bill Bynum, CEO of HOPE (Hope Enterprise Corporation/Hope Credit Union), joined leaders and experts from across the nation to examine strategies for bolstering small business ownership and success among African-Americans.  HOPE is a community development financial institution that has successfully served entrepreneurs, small businesses, and minority- and women-owned companies in the Mid South for more than 18 years.

“Our region boasts the highest concentration of African-Americans in the nation” said Bynum.  “We should build on this asset and work to close the capital and opportunity gaps that confront many existing and prospective African-American entrepreneurs.  HOPE has demonstrated that properly structured financing and technical assistance can be the key determinant in an entrepreneur’s ability to create jobs that stabilize communities.”

Senator Mary L. Landrieu (D-LA), Chair of the U.S. Senate Committee on Small Business and Entrepreneurship, is hosting the event. “I’m committed to helping all small business owners and potential entrepreneurs have a fair shot at making their business dreams a reality,” said Senator Landrieu.  “An entrepreneurial ecosystem is how well a community fosters a productive small business atmosphere; I look forward to meeting with leaders across the small business spectrum to find solutions to issues that hinder the African-American Entrepreneurial Ecosystem.”

Research from the Federal Reserve Bank of Atlanta indicates that two of the most common sources of capital for startup businesses include loans from friends and families and home equity. Unfortunately, for many African-Americans, these options are often limited.  African-Americans, on average, don’t have the assets to start an entrepreneurial endeavor.

This disparity highlights the importance of financial inclusion to help stabilize and grow the economy.  As a community development entity, HOPE provides affordable, responsibly structured financial products and related services for businesses and individuals in economically distressed and underserved communities in Arkansas, Louisiana, Mississippi, and Tennessee.

“We know that community development financial institutions like HOPE can make a real difference for people seeking to start and expand their businesses,” said Bynum.  “Many  areas are overlooked by traditional lenders.  The people in those communities are ready to be successful; they just need the right tools to take the next step.”

Other event participants will include:

  • The Honorable Mignon Clyburn, FCC Commissioner
  • The Honorable Marie Johns, Deputy Administrator of the Small Business Administration
  • The Honorable Kasim Reed, Mayor of the City of Atlanta, Georgia
  • The Honorable Marc Morial, President & CEO of the National Urban League
  • Mr. Ron Busby, President of the U.S. Black Chamber, Inc.
  • Ms. Miriam Brewer, Director of Education and Diversity at the International Franchise Association
  • Mr. Doyle Mitchell, President & CEO of Industrial Bank and Chairman of the National Bankers Association Board
  • Mr. Kevin Hicks, Partner of Blackman and Associates Franchise Consulting Firm and multiple restaurant franchise owner
  • Dr. James L. Llorens, Chancellor of Southern University and A&M College
  • Dr. Thomas “Danny” Boston, CEO of EuQuant and Professor at Georgia Tech University
  • Ms. Lezli Baskerville, Esquire, President & CEO of the National Association for Equal Opportunity in Higher Education
  • Ms. Bridgeja’ Baker, Owner of Creative Jewelry by Bridgeja’, LLC.
  • ###

HOPE is a regional financial institution, community development intermediary and policy center that provides affordable financial services; leverages private, public and philanthropic resources; and engages in policy analysis in order to fulfill its mission of strengthening communities, building assets, and improving lives in economically distressed parts of the Mid South.  Since 1994, HOPE’s efforts have generated over $1.6 billion in financing and benefited more than 120,000 individuals in the Delta, Katrina-affected areas, and other distressed communities throughout Arkansas, Louisiana, Mississippi, and Tennessee.