A nonprofit organization dedicated to helping underserved communities secure quality vehicles has received a huge boost.
On the Road Lending has announced that the Urban Investment Group within Goldman Sachs Asset Management completed the second round of its 2019 $10M commitment, according to news release shared with ESSENCE. The investment is part of Goldman Sachs’ One Million Black Women initiative, the release said.
On the Road helps provide car loans to Black women, which aligns with Goldman Sachs’ One Million Black Women initiative. The financial institution is also providing a $250,000 grant to go toward financial coaching and mentorship.
“Goldman Sachs and On the Road share a common vision of the vital role that transportation plays in economic mobility,” said On the Road Lending’s Founder and CEO Michelle Corson in a statement. “We are excited to be moving from the Southern United States into the Midwest with this commitment and are grateful to have Goldman Sachs recognize through its investment that a car loan through On the Road Lending is life changing.”
On the Road Lending also helps Black women boost their credit to 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, per the release.
“Access to transportation is crucially important for accessing quality jobs, affordable healthcare, and fresh food, all of which are fundamental in bringing more opportunity to underserved areas,” says Asahi Pompey, Global Head of Corporate Engagement at Goldman Sachs in a statement shared with ESSENCE. “We are excited to provide financing and financial coaching to expand the important work On the Road Lending is doing from five states to a total of 10 states by the end of the year. Together we are removing barriers to owning a car to catalyze economic empowerment.”