The $138 million Hope Credit Union has announced a new lending initiative designed to bring sources of fresh food into parts of New Orleans that currently have none.
The New Orleans Fresh Food Retailer Initiative is a partnership between the CU, its sponsoring organization the Hope Enterprise Corporation and and the city of New Orleans, the CU said. It is expected to bring $14 million in forgivable and low inrterest loans to supermarkets and grocery stores either located or soon to locate in underserved parts of the community.
"While this initiative directly addresses the fact that too many New Orleans residents do not have access to the fresh, nutritious foods they need to live healthy lives, it improves outcomes in a number of other areas as well," said HOPE CEO Bill Bynum. "Communities will be able to reap all the economic development benefits that come along with a local grocery store: the creation of steady jobs at decent wages and serving as a catalyst for complementary retail stores and services nearby."
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