Microenterprise Finance in Areas Affected by Hurricanes Katrina and Rita

Hope Enterprise Corporation

To provide micro-enterprise loans to low-income and minority small business owners affected by the recent hurricanes.

This grant will enable Enterprise Corporation of the Delta (ECD) to provide more than $2 million in microenterprise loans to nearly 100 low-income and minority small business owners whose assets were destroyed by hurricanes Katrina and Rita. ECD will partner with Hope Community Credit Union, which has opened no-fee checking and savings accounts for individuals and businesses affected by the storms. The project builds on strong networks with faith- and community-based organizations that work closely with low-income residents, and on the credit union's ability to leverage grant funds with insured deposits. ECD is a nonprofit organization dedicated to strengthening communities, building assets and improving lives in economically distressed areas in the Mid South.

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