FAYETTE, Miss. — A community development group is being loaned up to $40 million that it can itself then lend to build hospitals, schools and other government and nonprofit facilities. U.S. Undersecretary of Agriculture for Rural Development Lisa Mensah announced funding Thursday to Hope Enterprise Corp. and Hope Credit Union at an event in Jefferson County.
Hope is one of 26 groups awarded up to $401 million by the Department of Agriculture, low-cost loans that can be drawn down on a project-by-project basis. The money is designated for areas with high and persistent poverty.
The $10 million to the Hope Enterprise loan fund is guaranteed by Bank of America, while the $30 million to the credit union is guaranteed by the National Cooperative Bank.
Jackson-based Hope operates in Mississippi, Louisiana, Arkansas and Tennessee.
Copyright 2016 The Associated Press
