In the Deep South, Hope Policy Institute, a Prosperity Now Community Champion, is a leader in community development and driving policy change that fights for financial inclusion, racial equity, and investment in vulnerable Black and Brown communities in the Deep South. Hope Policy Institute serves as the policy division of HOPE (Hope Enterprise Corporation and Hope Credit Union). Hope Policy Institute creates positive change by amplifying the voices of the community members they work with. Recently, we at Prosperity Now had the privilege of interviewing Kiyadh Burt, Vice President & Interim Policy Director at Hope Policy Institute to discuss efforts to create financial inclusivity in the region. 

Kiyadh grew up in Attala County, Mississippi, an impoverished Deep South County fighting the same issues that Hope Policy Institute works to combat today. Kiyadh’s childhood inspired him to work in community development and policy, as he saw that his community lacked the resources and opportunities compared to those he would read about growing up. Kiyadh is proud to work for Hope Policy Institute because he can fight for change in the region he is from. 

In the interview, Kiyadh highlighted Hope Policy Institute’s three-fold policy approach: increasing financial investment in Deep South communities and the institutions that serve them, increasing financial inclusion in the region, and increasing the power of Deep South voices.  

To increase financial investment in the Deep South, Hope Policy Institute works to ensure that state funds consider the most vulnerable communities in the region. For example, as a CDFI (Community Development Financial Institution), Hope Policy used their capacity to fund PPP (Payment Protection Program) opportunities and made sure other CDFI lenders were available to fund PPP in the region. Additionally, Hope Policy secured PPP funding for sole proprietors in the Deep South, which is crucial for enhancing equity in the region as 96% of Black and Brown businesses in the region are sole proprietors. Kiyadh emphasized the importance of CDFIs in advancing equity and financial inclusion in the region.  

One of Hope Policy Institute’s main initiatives to further financial inclusion is to get individuals and households into “fully banked” status. This means that they have accounts with a mainstream financial institution that is equitable, and they use zero money from payday lenders or other predatory schemes. Many financially vulnerable Deep South residents are either unbanked or underbanked, meaning they either have no official bank account or have an account and still rely on payday lenders or other predatory lending scenarios. Getting people into a fully banked status is key to improving financial inclusion and building security for vulnerable communities and individuals.  

To amplify community voices, Hope Policy uses surveys and data to in turn advocate for the appropriate policy solutions. They used survey communication from community members in discussions with the Department of Treasury about PPP. Additionally, a study Hope Policy Institute worked on in Memphis revealed that there is a significant predatory lending problem, with there being more payday lending sites in the city than McDonalds and Starbucks combined. These lending sites are disproportionately in Black and Brown communities.  

All these examples show how Hope Policy Institute uses research, writing, and community voice to fight geographic, historic, and political challenges in the Deep South. Even beyond advocacy, Hope Policy Institute has become a national thought leader around community development and financial inclusion, specifically for rural communities of color. In the Spring of 2022, Hope hosted Vice President Kamala Harris in Greenville, Mississippi to talk about small business development, CDFIs, and access to capital in the Deep South. Hope also held a discussion with Secretary of Housing Marcia Fudge about increasing Black homeownership in the Deep South. Kiyadh says that this growth and national attention only came because Hope Policy Institute lifted up their community member’s voices and let them dictate the direction of Hope’s work. 

Moving into 2023, Hope Policy Institute is prioritizing housing in their policy work. They want to increase Black homeownership in the region and are already doing so through their in-house mortgage assistance and downpayment assistance programs. Hope Policy Institute is also hoping to expand their green lending work, which goes towards increasing access to resources that maintain energy efficient homes and vehicles. Hope is also continuing to monitor the impact of inflation and the rising cost of living in 2023. Lastly, Hope will never stop fighting to get vulnerable Deep South residents to a fully banked status. 

Hope Policy Institute faces the ongoing challenge of stagnant state governments that are often not working for vulnerable Deep South residents. However, because residents of the region have proven continuously that they can persist against injustice, Hope Policy has already created positive impact by amplifying their voices and experiences. In the interview, Burt said that Hope Policy Institute will continue to build infrastructure and collaborative efforts to hold unjust institutions accountable. They will do research and present the facts. Hope Policy Institute will also work with the federal government to overcome stagnation at the state level. 

In 2023 and beyond, Hope is going to fight to increase financial inclusion in the Deep South. Burt wants all households to materialize whatever their financial goals are. Whether it is homeownership, maintaining a small business, becoming banked, getting out of a predatory lending cycle, or more, Hope Policy is dedicated to assisting vulnerable Black and Brown communities in the Deep South region. 

Check out what Kiyadh Burt had to say at the 2022 Prosperity Summit!