Loan to Fuel Expansion of Successful Car Loan Programs Throughout the Southeastern U.S.
DALLAS–(BUSINESS WIRE)–#car–On the Road Lending, a nonprofit organization that launched in Dallas in 2013, has received a loan of up to $10 million from the Goldman Sachs Urban Investment Group to fuel expansion of its successful initiative across underserved communities throughout the Southeastern U.S. On the Road Lending helps clients improve their credit and purchase fuel-efficient, reliable cars with low-interest loans through its sister loan fund, which is a Community Development Financial Institution certified by the U.S. Department of the Treasury.
“Ultimately On the Road Lending fuels economic mobility and long-term success by providing the engine that drives people’s dreams,” said Michelle Corson, On the Road Lending’s Founder and CEO. “We’re grateful to have Goldman Sachs recognize through its investment that a car loan through On the Road Lending is life-changing because owning a reliable car increases job opportunities by removing transportation barriers. It also improves quality of life through better access to health care, education, and even healthier food choices.”
“Access to transportation is crucially important for accessing quality jobs, affordable healthcare providers, and fresh food, all of which are fundamental in bringing more opportunity to underserved areas,” says Margaret Anadu, Head of the Goldman Sachs Urban Investment Group. “We are excited to provide financing to expand the important work On the Road Lending is doing through the Southeast to remove barriers to owning a car and spark economic empowerment.”
ON THE ROAD LENDING is a 501(c)3 nonprofit organization that provides vehicle selection assistance and long-term financial mentoring. OTR FUND I, LLC is an impact investment fund that provides affordable loans to clients of On the Road Lending. Investors include individuals, corporations, foundations and institutions that may earn an annual preferred return. OTR Fund I, LLC is a Community Development Financial Institution certified by the U.S. Department of the Treasury. Together, On the Road Lending and OTR Fund I, LLC provide financial advocacy and affordable loans to help individuals improve their credit, avoid predatory lenders and purchase fuel-efficient, reliable cars.
Learn more at ontheroadlending.org.
Since 2001, the GOLDMAN SACHS URBAN INVESTMENT GROUP has committed $7 billion to underserved American communities. Partnering with local leaders and non-profits, we focus on comprehensive community development that supports the fundamental building blocks of opportunity, including affordable housing, quality education and healthcare, and growth capital for social enterprises and small businesses. Goldman Sachs has invested in communities across the United States, supporting a wide variety of development and revitalization projects including affordable housing construction, job creation, quality education, healthcare facilities, small businesses and more, part of ongoing effort to empower communities and promote long-term economic growth.
Learn more at https://www.goldmansachs.com/what-we-do/investing-and-lending/impact-investing/.
Contacts
Debby Hanson, dhanson@ontheroadlending.org
