Supporting a Path for Economic Prosperity in the Deep South

Over 250 policymakers, nonprofits, civic and community leaders, and small business owners gathered in Jackson, Mississippi for DELTA FEST, an inaugural conference last fall to discuss ways to bolster economic opportunity in the Deep South. The event was sponsored by Capital One and HOPE, a family of organizations dedicated to strengthening financial health in under-resourced communities in the region.

The conference focused on elevating best practices to foster economic opportunity around homeownership, entrepreneurship and community infrastructure. Both Capital One and HOPE have a longstanding partnership and a shared commitment to economic prosperity.

Dr. Shena Ashley, President of the Capital One Insights Center, joined Hope Enterprise CEO Bill Bynum for an insightful armchair conversation. Reflecting on her personal experience of growing up in the south, Dr. Ashley spoke about how her early experiences shaped her career-long dedication to bridging financial gaps and building lasting economic security in the region. The discussion also explored how Capital One’s data-driven approach is critical for understanding barriers to financial wellbeing and developing the scalable strategies necessary for lasting community impact.

"The Deep South is well-positioned for growth and investment,” said Bill Bynum, CEO of HOPE, which includes Hope Enterprise Corporation, Hope Credit Union, and the Hope Policy Institute.  “Capital One has been intentional about its investments and is a valuable partner. We look forward to building on this and continuing to leverage Capital One’s data-focused tools and capabilities to more effectively serve the region’s people and communities.”

Second Look Auto Program: Expanding Mobility and Access to Transportation

Transportation is a key driver of economic prosperity and mobility. But in the Deep South, many do not have access to reliable public transportation. At DELTA FEST, Capital One and HOPE announced a new joint initiative to address this issue: the Second Look Auto Program, which gives individuals who are declined for an auto loan through Capital One’s Auto Navigator tool an opportunity for a second review to secure financing. 

As part of the pilot, individuals are connected to a trusted Community Development Financial Institution (CDFI), which are organizations that deliver capital and financial products and services to underserved communities. HOPE Credit Union is the first CDFI to launch the Second Look Auto Program specifically targeting underserved communities in Alabama, Arkansas, Louisiana, Mississippi, and Tennessee. Capital One is investing $500,000 to support the initial implementation, marking the start of a broader effort to scale the program through CDFI partnerships nationwide.

“Having a working vehicle is a key to livelihood in the Deep South,” said HOPE’s Bynum. “[This program] is about giving a second opportunity to people looking to buy automobiles who may not get in the door at first. And now we can open that door wider.”

Commitment to Investment and Collaboration

Since acquiring Hibernia National Bank, an early investor in HOPE, Capital One has helped strengthen HOPE’s work in under-resourced communities through collaboration, financial support and pro-bono services.

Capital One’s support includes:

• A $2MM line of credit to HOPE to support their work in under resourced communities 
• Pro-bono work that led the creation of a strategic roadmap for HOPE, as well as recommendations to improve HOPE’s educational web content and tech infrastructure
• $100,000 annually to HOPE since 2016 to help expand access to financial assistance and banking expertise in Delta communities.
• Financing seven projects through new market tax credits, one of which transformed a historic building in New Orleans into a Federally Qualified Health Center that offers comprehensive primary and behavioral healthcare services and a contract pharmacy
• A $500,000 resiliency grant in 2021 to enhance financial well-being opportunities in New Orleans.
• The development of an HBCU-CDFI Economic Mobility Strategy Guide in 2019 to foster economic growth in underserved communities.

Additionally, Pearl Wicks, who is responsible for all HOPE consumer and mortgage financing and program activities, serves on Capital One’s Community Advisory Council, further cementing the collaborative spirit.

DELTA FEST: A Strategic Gathering for Lasting Impact

The goals of DELTA FEST support Capital One’s $265 billion Community Benefits Plan, which aims to expand economic opportunity for low- and moderate-income (LMI) consumers and communities.

Specifically, the plan enables greater access to safe and affordable housing; helps small business owners sustain and grow their businesses; increases access to credit for LMI consumers; and supports the development of schools, civic centers, and healthcare facilities that are vital to building strong and vibrant communities.

“We’re proud to work with partners like HOPE and invest in moments like DELTA FEST to drive our mission: to Change Banking for Good,” said Capital One’s Dr. Ashley. “Our $265 billion Community Benefits Plan is about paving pathways to financial opportunity, and these meaningful partnerships help us turn these bold plans into action that will allow communities everywhere to be onramps to prosperity.”

For a closer look at Capital One’s commitment to rural communities as presented during the event, read more in Forbes.