Guess
Commentaries:
Partnerships:
The key to developing the Delta
Event
held at DSU continues to be highlight of the year
BY
Bill Bynum
Treasury
Secretary John Snow exhibited unusual candor for a public
official when he recently acknowledged that the President’s
proposed $726 billion tax cut would do little to help the
Delta.
The large majority of tax payers agree that the public good
is served by investments that strengthen education and health
care, and otherwise enable all Americans to reach their
potential. No area needs these investments more than the
Delta. However Secretary Snow’s comments make it clear
that we should not wait for manna from Washington–or
Jackson–to solve the challenges that face our region.
The development hurdles that face the Delta, such as lack
of access to quality health care, education, infrastructure,
and housing, cannot be addressed by the public, private
or non-profit sectors working alone. The combined efforts
of many working together are required if the Delta is to
succeed.
During its nine-year history, the Enterprise Corporation
of the Delta (ECD) has grounded its work in this tenet of
cooperation and partnerships. ECD works to strengthen communities,
build assets, and improve the lives of residents in the
Delta and other economically distressed areas of Mississippi,
Arkansas and Louisiana by providing commercial financing,
affordable mortgage loans and technical assistance. ECD
and its affiliate companies have assisted more than 2,000
entrepreneurs and homebuyers and generated more than $100
million in financing.
This success has been achieved by partnering with banks,
corporations, public agencies, community organizations and
others that provide essential resources to, and have a vested
interest in, the region’s economic well-being. A few
examples show the value of this approach:
• Emerging Markets Partnership: The governors of Mississippi,
Arkansas and Louisiana joined officials from Entergy, Fannie
Mae and the Kellogg Foundation to launch this project that
invests in joint ventures that stimulate entrepreneurship,
health care, child care, telecommunications and workforce
development in the Delta.
• HOPE Mortgage Program: Through a partnership between
ECD, Fannie Mae and over 25 banks and mortgage originators,
affordable mortgage loans using flexible underwriting and
low down payments are made to low-wealth families. The program
serves very low-income borrowers by using funds provided
by Mississippi Development Authority and the Federal Home
Loan Bank of Dallas.
• Air2Lan: This telecommunications company used investments
by ECD to provide affordable, high-speed, internet service
that enables businesses in Cleveland, Greenville, Greenwood,
Indianola, Vicksburg, and Yazoo City to successfully compete
in the global marketplace.
• FastTrac: Delta State University is one of several
colleges and universities that administer this ECD-sponsored
entrepreneurial training program, which has enabled more
than 1,300 graduates to hone their skills and complete feasibility
or business plans.
• BusinessLINC: This mentor-protégé
program establishes mutually beneficial business relationships
between small companies and larger firms. Entergy and ECD
have worked with local economic development and business
groups to start chapters in five locations including Greenville
and Tunica.
• Hope Community Credit Union (HOPE): ECD sponsors
this regional credit union which provides financial services
that target the region’s low- and moderate-income
residents. HOPE uses federally insured deposits to enable
people to pool their resources to invest in the region’s
development.
Responding to Secretary Snow’s comments, Carver Randle,
vice president of the Delta Council, hit the nail on the
head when he stated that, “Mississippi has a lot of
what we need to get this done, we just need to be innovative
and vigilant.”
And we have to work together. No single organization, government
agency or political party can make the Delta work. However,
ECD and its partners have demonstrated what is possible
when we come together to work toward our common interests
and the greater good. DBJ
(Bill Bynum is the CEO of the Enterprise
Corporation of the Delta in Jackson.)
