JACKSON, Miss. (WLBT) - Global entertainment giant Netflix is making a huge deposit into a Jackson Credit Union. 10 million dollars is going to Hope Credit Union to build economic opportunity in black communities in Mississippi. We talked with Hope CEO Bill Bynum Wednesday evening.
Jackson based Hope Credit Union is one of the first to receive the investment from Netflix. The company is pledging a 100 million dollar initiative to bring financial opportunities to black communities across the country.
Bynum said, "we'll make loans to people to help them avoid payday lenders and predatory check cashers."
Bynum says Hope Credit Union has helped many who are poor, and underserved get back on the feet and after disasters like Hurricane Katrina. Hope Credit Union is now working to help black businesses hard hit by the coronavirus pandemic.
"We will be using this 10 million dollar deposit from Netflix to invest in communities where unfortunately we've seen businesses shut down and people struggle because of the pandemic. We'll use it to make loans to help them get back on their feet", said Bynum.
Although the deal with Netflix was in the works before the historic removal of Mississippi’s state flag, Bynum says taking down the flag does send a positive message to national businesses.
Bynum said, "people see that, know that we are serious about moving forward and creating opportunity for all rather than just a privileged few."
Bynum says the 10 million dollar investment will help bridge the racial wealth gap.
“And what you see in these communities particularly in communities of color is the small mom and pop businesses are the primary providers of employment for low income residents and we’ve seen so many restaurants and service providers close”, said Bynum.
Another goal of Hope Credit Union has been to provide financial opportunities in banking deserts across Mississippi, areas where residents have no place to set up checking or savings accounts. He says Netflix could make more investments in this state.
Hope Credit Union estimates the Netflix deposit will support financing to more than 25 hundred entrepreneurs, home buyers and consumers of color.