Operation Hope teams up with American Red Cross

Operation Hope, Inc. and the American Red Cross are pleased to be joining forces in an effort to provide financial advice and guidance to those individuals affected by disasters.

John Bryant, founder, chairman and CEO of Operation Hope, Inc. and Jack McGuire, interim president and CEO of the American Red Cross, met recently at Red Cross national headquarters in Washington, D.C., to sign a memorandum of understanding. The memorandum recognizes a mutual cooperation between both organizations to provide financial and economic counseling to those in disaster affected areas.

Operation Hope, Inc. (HOPE) is a non-profit organization that was founded in Los Angeles following a period of civil unrest in April 1992. The first nonprofit, social investment bank of its kind, HOPE works to revitalize America's inner-city communities by offering financial literacy programs and economic empowerment programs.

The programs in place teach individuals basic financial principles, such as how to maintain a savings account or understand their credit. Information sessions help members of the community build their own knowledge and rely on themselves more and the community less. Through long-term partnerships, HOPE's mission is to connect under-served, minority communities to mainstream resources such as financial education, technology and disaster services.

In 2001 in response to the Sept. 11 tragedy, HOPE created "Hope Coalition America" (HCA). The coalition is composed of senior executives and professionals from many industries who provide financial and economic guidance and assistance to individuals and small businesses. Partnering with the Federal Emergency Management Agency, the U.S. Department of Homeland Security and a network of private and community partners, HCA is the national emergency preparedness and assistance division of HOPE.

In the wake of Hurricane Katrina and one of the largest relief efforts ever coordinated, HOPE offers a new dimension of response to complement the existing Red Cross efforts. According to the memorandum, HCA will provide a number of services including "economic triage," such as immediate financial and debt counseling and calling on financial volunteers to offer their expertise. These volunteers could be bank CEOs, presidents, senior bankers or insurance professionals.

HCA knows that the most effective way to recover is to focus on preparing individuals for the financial risks posed by disaster. Small steps such as canceling credit cards following a major disaster, help avoid the uncertainty of financial chaos and confusion. After a disaster, financial issues can impact more people than injuries or property loss and most people are too overwhelmed to know how or where to begin picking up the pieces. By mobilizing their partners, HCA is able to provide immediate relief in the form of banking, social and financial services.

"The American Red Cross has achieved great success in addressing relief for people affected by catastrophic events here and abroad," said Bryant. "HOPE Coalition America, the nation's recognized second-stage emergency disaster economic response and the American Red Cross have come together to vertically integrate our services. The combined efforts of our two organizations will certainly make a positive difference in the lives of so many."

Through its partnership with HOPE, the Red Cross reinforces its commitment to being part of the recovery process in communities affected by disasters.

"The Red Cross is excited to be working with Operation HOPE and other partners to help disaster victims regain financial independence," said McGuire. "We are grateful for all of our partners and are optimistic that their expertise will allow us to better help communities in affected areas."

With a network of more than 800 chapters, the Red Cross has provided disaster relief to Americans for nearly 125 years. In the past year alone, the organization responded to more than 70,000 disasters, ranging from residential house fires to devastating hurricanes.

The spirit of collaboration between HOPE and the Red Cross will continue for years to come and the memorandum of understanding serves as a symbol of their future commitment to the community. With combined resources and a joint effort, those most vulnerable to the impact of disaster can continue to rely on these organizations when disaster strikes.

The American Red Cross is where people mobilize to help their neighbors—across the street, across the country and across the world—in emergencies. Each year, in communities large and small, victims of some 70,000 disasters turn to neighbors familiar and new—the nearly 1 million volunteers and 35,000 employees of the Red Cross. Through more than 800 locally supported chapters, more than 15 million people gain the skills they need to prepare for and respond to emergencies in their homes, communities and world. Some 4 million people give blood—the gift of life—through the Red Cross, making it the largest supplier of blood and blood products in the United States. The Red Cross helps thousands of U.S. service members separated from their families by military duty stay connected. As part of the International Red Cross and Red Crescent Movement, a global network of more than 180 national societies, the Red Cross helps restore hope and dignity to the world's most vulnerable people. An average of 91 cents of every dollar the Red Cross spends is invested in humanitarian services and programs. The Red Cross is not a government agency; it relies on donations of time, money, and blood to do its work.