|Coop Name: HOPE (Hope Enterprise Corporation/Hope Credit Union)||N° of Employees: 150|
|City: Jackson||N° of Members: 25000|
|Country: United States||Year of formation: 1994|
|Website: http://www.hopecu.org||Twitter: Link|
HOPE (Hope Enterprise Corporation/Hope Credit Union) is a 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, HOPEs efforts have generated over $1.6 billion in financing and benefited more than 90,000 individuals in the Delta, Katrina-affected areas and other distressed communities throughout Arkansas, Louisiana, Mississippi and Tennessee.
The Delta’s crying need can be summarized in one word: jobs.
As a commercial lender, HOPE seeks to work with businesses that have the potential to generate jobs in this economically distressed region-businesses like Delta Fuel.
Headquartered in Ferriday, Louisiana, Delta Fuel is a minority-owned wholesale fuel and oil distributor. The company distributes bulk fuel to farmers and ranchers in the Delta region of Louisiana and Mississippi.
When Delta Fuel first approached Hope Enterprise Corporation, they could not find a local lender who would provide the $1 million line of credit they needed for growth. HOPE recognized the powerful job-producing potential of Delta Fuel and had confidence in the companys leadership.
Through the New Markets Tax Credit program, HOPE provided Delta Fuel with the funds they needed to expand their operations. HOPE helped them purchase equipment and add locations, including a key acquisition in St. Joseph, Louisiana.
Delta Fuel CEO Clint Vegas affirmed, “HOPE’s faith in us allowed us to grow. The growth we’ve experienced would not have been possible without HOPE standing behind us.”
In just over five years, Delta Fuel grew from 28 employees to more than 65. In an area defined by high unemployment and low economic opportunity, this level of job growth makes a significant impact in the community, particularly among minority and low-income populations.
After a series of expansions, the company now has operations in Ferriday, St. Joseph, Tallulah, Sicily Island, Rayville and Winnsboro, Louisiana, as well as in Natchez, Mississippi.
With over $60 million in annual sales, Delta Fuel now ranks 99th nationally in sales by a Hispanic business as ranked by HispanicBusiness.com and is also listed in the top 100 fastest-growing Hispanic businesses in the country. HOPE is proud to have a part of fueling that growth.