Natural investments’ clients know the value of socially responsible portfolio management— but what about friends or family who haven’t accumulated the capital for such services but still want the money they save to make a difference in the world?
This is exactly why our firm continues to have a mutually strengthening relationship with Hope Credit Union, a Black-majority owned and Black-led credit union working in the Deep South to revitalize low-income and rural neighborhoods.
One of our advisors, Andy Loving, is particularly devoted to this cause, having spent the last five years diverting as much capital as possible to Hope. Through his work with Better Banking Options, a project managed and financed by his business, Just Money Advisors, he’s moved millions of dollars of banked funds to transformational deposits at Hope.
Those working within Hope Credit Union are just as passionate about their work. When Better Banking Options interviewed Jon Mulkin, Hope’s Chief Mortgage Officer, he described how he left a job with Morgan Stanley—one of the largest banks in the country—even though it meant a substantial pay cut. Instead of retiring, he took the job at Hope because he believes in their mission, and through reading the interview, he is clearly enthusiastic about extending mortgage opportunities to low-income families in the South. Additionally, he knows the life-changing impact those mortgages can have on Black families, who have historically been barred from homeownership by traditional lending institutions. This work that Hope Credit Union does through their mortgage program is essential to narrowing the racial wealth gap.
Furthermore, Hope Credit Union also does an enormous amount of small business and community development lending which enables generational wealth to be passed down in families of People of Color.
In their 2023 Impact Report, Hope reported that 58 percent of their commercial lending is done in economically distressed areas, and 50 percent of loans are given to Black-owned businesses. Not only does Hope provide their borrowers capital, they work directly with them on improving financial literacy to ensure they get the most out of the loan. This is particularly important when dealing with previously unbanked or underbanked members, who made up 46 percent of Hope’s loan recipients from 2023.
However, Hope’s leadership knows that the problem is bigger than they can tackle on their own—especially facing the current federal administration’s threats to limit SRI investing. That’s why they created the Hope Policy Institute to lobby local and national legislatures to pass bills that benefit low-income People of Color.
We still promote Hope Credit Union as an effective way for the average person to invest for economic and racial equality. Not only do they provide quality, wealth-building loans, they provide consumer and emergency loans to those who would otherwise be perfect targets for payday lenders. They open and support branches in rural areas and small towns that have been abandoned by the large national bank chains. It’s clear from their portfolio and their community presence that they have a deep commitment to neglected Black neighborhoods in the Deep South, and we’re proud to be a part of their work.