Dallas-based financial nonprofit On The Road Lending announced it’s receiving a loan of up to $10 million from the Goldman Sachs Urban Investment Group.
The funds are expected to be used to expand an initiative geared toward underserved communities across the southeastern U.S., according to a statement.
“Ultimately On the Road Lending fuels economic mobility and long-term success by providing the engine that drives people’s dreams,” Michelle Corson, On the Road Lending’s founder and CEO, said in a statement. “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.”
The nonprofit organization was founded in 2013 and works with clients to improve their credit, avoid predatory lenders, and purchase fuel-efficient, reliable cars with low-interest loans through its impact investment loan fund, a U.S. Department of the Treasury certified Community Development Financial Institution.
“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,” Margaret Anadu, Head of the Goldman Sachs Urban Investment Group, said in a statement. “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.”
The Goldman Sachs Urban Investment Group has committed $7 billion since 2001 to underserved U.S. communities. The group partners with nonprofits and local leaders on community development such as affordable housing, quality education and healthcare, and growth capital for social enterprises and small businesses.
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