Article Archives: Mississippi
Expanding Day Care and Early-Childhood Education
First Children’s Finance (FCF) is a nonprofit community development financial institution working to increase the availability of quality early-childhood education and day care for low-income families in Iowa, Kansas, Michigan, Minnesota, Missouri, North Dakota, South Dakota, Texas, Washington, and Wisconsin.
The nonprofit provides expertise and capital to other service organization and businesses. FCF offers services, including training and support for people interested in starting child-care businesses; strategic planning support for nonprofits; and consulting.
The FCF Loan Fund has made 281 loans totaling $8.1 million to small child-care businesses and nonprofit organizations. To date, nearly 50 banks, foundations, and businesses have invested in the FCF Loan Fund. Bankers can help FCF by investing capital in its loan fund; volunteering to serve as board and loan committee members; serving as advisors to the FCF Growth Fund; and making financial contributions to FCF.
For more information, contact Jerry Cutts, FCF President and CEO, at (612) 338-3023, or e-mail firstname.lastname@example.org, or visit www.firstchildrensfinance.org.
Southeast Mississippi Community Investment Corporation
SEMCIC is a nonprofit Mississippi corporation dedicated to creating and expanding businesses, supporting non-traditional business loan applicants, and developing job opportunities for low- and moderate-income individuals.
Established in 1993, SEMCIC is an initiative of the Area Development Partnership with funding from several local banks. In the last 17 years, the corporation has provided loans to diverse entities, including child care facilities, manufacturers, restaurants, retailers, tax services, and trucking companies.
Participating banks include BancorpSouth Bank, Great Southern National Bank, Hancock Bank, Regions Bank, and Trustmark National Bank.
Member banks partner with SEMCIC, which provides up to 50 percent of the total loan funds requested and takes a second lien position. Member banks are also granted a voting seat on the SEMCIC board of directors.
The SEMCIC assistance is a valuable tool for member banks to complete marginal deals for their institutions. SEMCIC is actively seeking additional loan capital to continue its efforts to build strong communities-one business at a time.
For more information, e-mail Annie McMillan or call (601) 296-7512.
HUD Housing Vouchers Can Create Homeownership Opportunities
The program requires that financing be provided by a lender. Each loan must be insured or guaranteed and must comply with secondary mortgage or private sector underwriting standards. Applicants must be first-time homeowners, undergo HUD-certified home buyer training, and agree to live in the home. The housing choice vouchers are used as a source of income and can be blended with other funding sources such as individual development accounts, the HOME Investment Partnerships program, and the Affordable Housing Program.
Trustmark National Bank has been a leading partner in the homeownership program since 1999, when the Mississippi Regional Housing Authority 6 (MRHA 6) piloted the concept in Jackson. Over the past 10 years, MRHA 6 has used housing choice vouchers to help 18 low-income families become homeowners.
For more information on how your bank can participate in the homeownership program, e-mail Nelma Thomas, MRHA 6 Family Self-Sufficiency Coordinator, or call (601) 714-3943.
Enterprise Corporation of the Delta/HOPE Community Credit Union Offers Opportunity to Help Rebuild
ECD/HOPE can bring proven affordable housing, small business lending, and community development expertise to the victims of the hurricanes, as well as, participating financial institutions. ECD/HOPE is headquartered in Jackson, Mississippi, with offices throughout Arkansas, Louisiana, and Mississippi. ECD/HOPE is a nonprofit certified community development financial institution working to strengthen communities, build assets, and improve lives in economically distressed areas of the mid-South. It does this by providing financial and technical assistance to firms, entrepreneurs, homeowners and community development projects, and by forging strategic partnerships across the public, private sectors, and banks. Since its founding in 1994, ECD/HOPE has generated more than $200 million in financing and assisted more than 13,000 people in economically-distressed communities in the region.
For more information on investment and lending opportunities and how your bank can partner with ECD/HOPE, contact Bill Bynum, chief executive officer, at (601) 944-1100.
Mississippi's New Housing Loan Pool Operational
Contact: Charles Morris (601) 718-4624; email@example.com; www.mshc.com.