February 2008--Capitoltalk--Nashville, TN--
Promise Seed Founder Hazel Chism meets with State and Local Representatives to keep current on Legislation affecting area communities and economic resources.  Capitoltalk is sponsored monthly by the Chamber of Commerce and Major Corporate Sponsors.  State Representative Johnny Shaw, second from right introduced a new loan program for "Small and Minority Owned Businesses" You Can get more information about the loan program by calling the Chamber @ 731-423-2200.

Winter 2008, Promise Seed continues to build community and social equity for low to moderate income persons with the announcement of their new community partner, Historic Mother Liberty CME Church.

 

Pastor Daryll H. Coleman of Mother Liberty posed with Promise Seed Founder and Director Hazel Chism. The partnership will be formally announced in February 2008.  For more information on this partnership, click on the "calendar menu" on the main menu.

 

 

Consumer Action  and Capital One Bank Sponsor 

Fall 2007 MoneyWise Financial Literacy Seminar

Houston, Texas

Promise Seed CDC, Executive Director, Hazel Chism (2nd row left) took time from various group activities to pose for this photo.  The Group named the "Survivors", completed case management and action plans for adult learners seeking financial management and credit solutions.  Each group will receive a "mini grant" to promote financial literacy in their community. Promise Seed has been providing financial workshops in West TN since 2004.  We are please to have this "fresh" new product to introduce to our workshop participants.  If you are interested in receiving training or becoming a trainer, call Hazel Chism at 731-424-6915 or email hazelchism@bellsouth.net.

 

 Spring 2007---Promise Seed CDC, the Chamber of Commerce, and the Federal Reserve Bank of St. Louis (Memphis Branch) conducted a Community Economic Development Financing Forum for area Banks and Not for Profits who provide low income populations and underserved communities, opportunities to access credit and lending from traditional and non traditional sources. 

Promise Seed CDC, Inc. provides programs that serve low - to - moderate income persons by helping them build wealth through asset creation, financial training, and opportunities to participate in programs that promote stable, safe and viable neighborhoods. We are community based with our governing volunteer board of directors living in the communities we serve.

Donors, foundations, government grants, and corporations support Promise Seed CDC. Some of our main supporters are traditional financial institutions who gain Community Reinvestment Act Credit when they make equity and program related investments into our programs. We are also supported by our industry association with NCRC (National Community Reinvestment Coalition), and the CDFI (Community Development Financial Institution) Fund, who provides technical assistance and research from the field.

The information presented here is prepared in response to requests for information and literature about our organization. Also we think this is the most efficient and up to date way for our program participants to access our programs, on line training, and resources. Because we are empathetic to the fact that many persons participating in our programs do not have computer skills or own a computer we have made this a service area of focus.

All participants in our Individual Development Account program are urged to save for a computer as one of their first assets. Our on-line home-buyer education program and small business course is so much more convenient and saves our organization precious funds needed to physically meet and print training materials.

Affordable housing, small business development, and job creation in under-served census tracts and rural communities are our main focus. Our work creates access to credit and financing for low-income persons. As a result of our success we increase the participation and civic pride required of all citizens to sustain stable, safe and vibrant communities. We are also an alternative to pay day and predatory lenders who take advantage of less fortunate persons in the community.

Our 5-7 year strategic business plan is to become a source of financial education, management and technical assistance, access to credit funded from earned income and social enterprise. Promise Seed will become a CDFI (Community Development Financial Institution) unlike traditional financial institutions that have rigorous standards that most low-to-moderate income persons cannot meet.

 

Promise Seed CDC, Inc. - Jackson, TN and 8 surrounding rural counties.

While our potential for impact and sustainability is incomplete we have been collecting valuable statistics that support the need for our programs and a "Community Fund" that engages residents of low income communities to build wealth and self-sufficiency. Follow the "Search Link" at our "Home Page" menu to find complete detailed "community economic facts" for Madison, Chester, and Crockett counties in West TN.

What we write here is our own experience as long time residents of Jackson. "Someone once said, "Bad things happen when good people do or say nothing". Promise Seed is that inner voice of truth most of us need to start listening to if we are to contribute to solving some of the many problems in our local communities and the nation. Our principals are based on the teachings of "Jesus Christ". We humbly say to anyone who is in need that "He is the way, the truth, and the life. We believe that these teachings are the best foundation to build community, wealth, and leadership for the next generation.

Promises Seed will partner with all local and national programs and non-profits that are genuinely concerned for equal distribution of the nation's assets and resources. We will be an alternative to those funders who have gotten so big and prosperous that they have forgotten how they were at the beginning. They have forgotten that the people who need help do not hold masters degrees, own homes, or drives BMWs. Promise Seed will be an organization that reflects the uplifting and involvement of the residents that we serve. This includes filling the jobs in our offices. Listed below are local resources for community economic development.

• Southwest TN Development District-- operates a revolving loan fund with a maximum of $150,000 for small for profit businesses. They use traditional bank standards. They do not assist nonprofits, or provide developmental assistance to borrowers. 

• The Jackson Housing Authority (JHA) depends mostly on HUD funds. Their program generated 7 micro loans for economic development in 2005. This is not sufficient to bring 1 McDonalds to a low-income community. They do not support non-profits with social enterprise developments. Promise Seed applied for CDBG grants 3 consecutive years and was turned down. The above  local entities know that they cannot become CDFIs because they are governmental controlled agencies. They see Promise Seed as the competition. And we are.   We believe government should empower the people  to become economically self -sufficient, not just maintain reports about stagnant unprogessive programs. 

• AHCDC, and Habitat build affordable housing. They tend to get the majority of United Way, HUD, and funding from traditional bankers that are members of FHLB in our community. They do not appear to be responsible for empowering low-income persons and communities to become self sufficient, which involves organizing for change through "Community Based Agreements", Community Reinvestment Coalitions, Land Trusts, and Community Partnerships.

• Promise Seed CDC, Inc. has partnered with First Tennessee Bank to create the Promise Seed IDA Matching Savings Account Program. Promise Seed trains low to moderate-income persons in financial literacy, homebuyer, and business education. In partnership with NCRC we provide on-line training. Participants in the program agree to save anywhere from $20-50 per month towards the purchase of a home, car, computer, small business, or to get job training. Promise Seed matchs earn income savings dollar for dollar when participants decide to purchase an asset. Building partnerships is Promise Seed's  strength and we are determine to seek out all resources to instill the disciplines of organizing, collaboration, saving and building equity to change lives. We will not be the type of organization that gives a fish; we will teach people how to fish, so that they will have a skill and something to build upon. Jobs created by our organization such as "MOUS" Microsoft office specialist, customer service type jobs, and self-employment jobs will benefit the residents of our low income communities. Promise Seed "Get Certified Job Training Center" is a Microsoft Authorized Testing Center. I believe the people are tired of seeing organizations ran by persons of ethnic backgrounds other than their own.  Promise Seeds place of operations will better reflect community-based involvement and prosperity for the residents.

   
• The new market tax changes the whole complexion of "Community Funding" because of the potential for creating private equity and venture capital partnerships that create gap financing for real estate and mix use developments, and higher than average wage jobs. Promise Seed will use its proposed tax allocation to build a true "community fund" totaling $10 - 20M during the next 7 years, 2006 - 2013. We plan to develop at least 1 shopping center/office complex that houses franchise type businesses, 1 rural community resource center, 1 charter school, and many social enterprise ventures over the next 7 years.
   
• JAHO - Jonah Affordable Housing Organization, is an organization that is a spin off of a very old predominantly African American institution that emphasized neighborhood organization for advocacy and change, mostly in rural areas. The Housing Organization has made good progress in the past five years, with the new construction of their office on Royal Street, Jackson, TN. They also work in Crockett County. Presently, JAHO and Promise Seed are structuring a strategic partnership for project by project collaboration. JAHO will concentrate on Housing Development and Promise Seed will concentrate on Financial Resources, Education, Networking, and Business Development for the Partnership. Promise Seed will be a Financial Leader for social enterprise, housing and overall community development.

• United Way Family Self- Sufficiency Alliance: Recently, Promise Seed Director, Hazel Chism joined the Banking, and Public Policy Committees of this newly created alliance. The alliance will increase the number of qualified applicants receiving access to the EITC. Promise Seed will become a IRS VITA Center when we are at capacity and have established our "Job Training Center" as decribed above.

   

Hazel Chism (right) and Angelique Gray of First Tennessee Bank

Promise Seed Supporters

• The following organizations have supported Promise Seed in our "startup" Phase. We will always be appreciative of their support. Each of these organizations is a community resource in its own right.

• First South Bank
• BancorpSouth
• First Tennessee Bank
• Regions is our most recent supporter (2007), Thank you for your continued support--  www.regions.com
• Leaders Credit Union 
• Federal Reserve Bank of St. Louis (Memphis Branch) 
• King Soloman Church
• Small Business Counseling Service (Formerly SCORE)
• Chamber of Commerce
• FDIC

These are some of our friends and affiliates:

• Tennessee Network for Community Economic Development
• The Jackson Area Chamber of Commerce
• The Jackson Madison County African American Chamber of Commerce
• SCORE - Service Corps of Retired Executives
• City Councilman Harvey Buchannan
• Mayor Jerry Gist
• Commissioner Aaron Ellison
• Commissioner Lacy Rose
• JAHO - Jonah Affordable Housing Organization

These are our board officers and advisors:

• Hazel Chism, Founder/Executive Director
•  Kim Morris, MSW - Chairman
• Tina Conner, Adult Literacy Educator - Secretary
• Betty Woods, Small Business Owner - Treasurer
• Kenny Adkins, First South Bank
• Rev. Quincey Hawkins, Sr. , King Soloman Church
• Bill Marable, West TN Examiner Newspaper
•  Fred Council, Former TN Regional Manager for USDA

 

March 23, 2007, Promise Seed Executive Director, Hazel Chism (right) is pictured at the Temporary New Construction Site of Bank of Madison County. Completion of the new facility is scheduled for later in 2007.  The Bank is located at 450 Oil Well Road, Jackson, TN.  Also pictured are Don McLeary, (Sr. Vice President of Business Developments, second from right), Rick Webb (Community Bank President), and Seth Rudd (Branch Manager).

 

New Community Partners, Bank of Madison County and Promise Seed CDC, Inc., brings SBA Community Express Loan Product to Jackson. Low to Moderate Income persons, women, minorities and persons in rural communities wanting to start or expand a small business can receive personalized customer service and technical assistance from local lenders and experienced providers.  Loans are guaranteed at 85% by the small business administration, and no collateral is required. Technical assistance is provided at the expense of the Bank.  The Bank of Madison County has chosen Promise Seed CDC, Inc. to provide these services.  Technical assistance includes required participation in financial and business workshops. 

 

***Promise Seed will partner with your bank or non-profit organization to increase your service to low income clients and to provide more enhanced traditional credit use in underserved communities. Give us a call today! (731-424-6915).