On the Road Lending Announces $16.3 Million in Grants and Impact Investments
Loan to Fuel Expansion of Successful Car Loan Programs Throughout the Southeastern U.S.
CONTACT: Debby Hanson, dhanson@ontheroadlending.org
FOR IMMEDIATE RELEASE—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.”