Funding to Fuel Expansion of Successful Car Loan Programs in Texas and the Southeastern U.S.
DALLAS–(BUSINESS WIRE)–#autofinancing–On the Road Lending, a nonprofit organization that launched in Dallas in 2013, has announced over $4.7 million in grants for 2019 and $11.6 million in impact investments, including a loan of up to $10 million from the Goldman Sachs Urban Investment Group. The funding will fuel expansion of On the Road Lending’s successful initiative throughout Texas and 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 loan fund, which is a Community Development Financial Institution certified by the U.S. Department of the Treasury.
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2019 grants to On the Road Lending came from: |
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Bank of America |
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Community Foundation of Greater Birmingham. |
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The Marchbanks Fund at the CREATE Foundation of Tupelo |
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The Hoglund Foundation |
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JPMorgan Chase Foundation |
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Liberty Mutual |
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ORIX Foundation |
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Perot Foundation |
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Rebuild Texas Fund/OneStar Foundation |
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Stand Together Foundation/Catalyst |
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State Farm Companies Foundation |
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Toyota Motor North America |
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United Way of Greater Houston |
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Wells Fargo |
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Investments in OTR Fund I, LLC and OTR Fund II, LLC are from: |
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Peggy Allison |
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American First National Bank |
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Bank of Texas |
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Lucy Billingsley |
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Judy Ruby-Brown |
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Michelle & Larry Corson |
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Dain Ehring |
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Farm Bureau Bank |
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Forrest Hoglund |
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Trish Houck & Rev. Dr. Lyssa Jenkins |
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Albert Huddleston |
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Goldman Sachs Urban Investment Group (loan) |
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Inwood National Bank |
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Heather Koopman |
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Cynthia Pharr-Lee & Herb Lee |
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Dr. Bobby Lyle |
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Mike Pacillio |
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Rebuild Texas Fund/OneStar Foundation |
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SLH Corporation/Sharron Hunt |
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Barbara & Gene Sanger |
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Patsy Shockley |
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SVP Dallas |
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Thomas Heritage Foundation |
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United States Treasury CDFI Fund (grant) |
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Abby & Todd Williams |
“We are grateful to these funders and investors who are helping On the Road Lending fuel 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. “They recognize 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.”
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, OTR Fund I, LLC and OTR Fund II, 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.
Contacts
Debby Hanson, dhanson@ontheroadlending.org
