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On the Road Lending Announces $16.3 Million in Grants and Impact Investments

January 28, 2020 GMT

DALLAS--(BUSINESS WIRE)--Jan 28, 2020--

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.

2019 grants to On the Road Lending came from:  

Bank of America

Community Foundation of Greater Birmingham.

The Marchbanks Fund at the CREATE Foundation of Tupelo

The Hoglund Foundation

JPMorgan Chase Foundation

Liberty Mutual

ORIX Foundation

Perot Foundation

Rebuild Texas Fund/OneStar Foundation

Stand Together Foundation/Catalyst

State Farm Companies Foundation

Toyota Motor North America

United Way of Greater Houston

Wells Fargo

 

Investments in OTR Fund I, LLC and OTR Fund II, LLC are from:  

Peggy Allison

American First National Bank

Bank of Texas

Lucy Billingsley

Judy Ruby-Brown

Michelle & Larry Corson

Dain Ehring

Farm Bureau Bank

Forrest Hoglund

Trish Houck & Rev. Dr. Lyssa Jenkins

Albert Huddleston

Goldman Sachs Urban Investment Group (loan)

Inwood National Bank

Heather Koopman

Cynthia Pharr-Lee & Herb Lee

Dr. Bobby Lyle

Mike Pacillio

Rebuild Texas Fund/OneStar Foundation

SLH Corporation/Sharron Hunt

Barbara & Gene Sanger

Patsy Shockley

SVP Dallas

Thomas Heritage Foundation

United States Treasury CDFI Fund (grant)

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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200128005602/en/

Debby Hanson,dhanson@ontheroadlending.org

KEYWORD: TEXAS UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: FINANCE AUTOMOTIVE BANKING PROFESSIONAL SERVICES PHILANTHROPY GENERAL AUTOMOTIVE FUND RAISING FOUNDATION

SOURCE: On the Road Lending

Copyright Business Wire 2020.

PUB: 01/28/2020 10:51 AM/DISC: 01/28/2020 10:51 AM

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