Loan to Fuel Expansion of Successful Car Loan Program Throughout the Dallas Metro Area
DALLAS–(BUSINESS WIRE)–On the Road Lending, a nonprofit organization that launched in Dallas in 2013, has received lending capital of $500,000 from Tolleson Private Bank to deepen its successful initiative across underserved communities throughout the Dallas metropolitan area. 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.
“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 Tolleson Private Bank 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.”
Together, they will help empower individuals and families to improve credit and financial wellness for generations. Tolleson Private Bank is a wholly owned subsidiary of multi-family office Tolleson Wealth Management (“Tolleson”). When the opportunity to partner with On the Road Lending was presented, the Tolleson team was excited to get involved and support its mission. With service at its core, Tolleson remains passionate about collaborating with partners to create ways for Dallas families to live and prosper in a supportive community.
“We are proud of this partnership and what it can do for the community,” said Carter Tolleson, CEO of Tolleson. “Our mission to help families thrive financially is one that extends beyond what we do for clients.”
The Center for Impact Finance at the Carsey School of Public Policy at the University of New Hampshire recently completed a randomized control trial evaluation of On the Road Lending against a 10,000-person dataset, finding that our program substantially transforms lives. Overall, results of the survey of clients who applied for loans between 2018 and 2020 show that their economic, health, and social wellbeing improved during their first 12 months of car ownership.
About On the Road Lending
ON THE ROAD LENDING is a human empowerment initiative 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.
About Tolleson
Tolleson Private Bank, Member FDIC, is a wholly owned subsidiary of Tolleson Wealth Management, a multi-family office serving clients with all things financial. Founded in 1997 as a family office for the Tolleson family, it has grown to offer a broad range of services for clients with substantial wealth. The firm is uniquely designed to bring transparency and meaning to complex financial information and help families make sustainable decisions for the long term. For more information, visit tollesonwealth.com.
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