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Car sharing marketplace Turo has forged a partnership with Kiva — a nonprofit that expands financial access to underserved communities — to launch its Turo Seed Initiative and help address America’s wealth gap. According to a news release , the initiative was designed to specifically address wealth inequality in the U.S. as it pertains to traditionally underserved Black communities. Turo has committed $1 million to this initiative, which will offer people — regardless of gender, race, or class — access to interest-free car loans in an effort to provide more wealth-building opportunities. “Our commitment of up to $1 million in funding to address the growing wealth inequality in the United States is not only the right thing to do, but a necessity,” said Turo CEO, Andre Haddad, in a statement . “Traditionally, minority communities have more difficulty procuring fair loans, receiving access to credit, and have been disproportionately impacted by the effects of COVID-19. Kiva and Turo...
From entrepreneurs and small minority-owned businesses to Black and brown communities, low-income and financially-excluded individuals in America deal with many social and economic disadvantages that make it difficult to seek out loans. According to Forbes , minority-owned firms are much less likely to be approved for small business loans than white-owned firms, which speaks volumes considering minority-owned establishments lead a significant portion of the nation’s businesses. A 2017 report from the FDIC stated that 6.5 percent of U.S. households were unbanked and 18.7 percent were underbanked. Of those unbanked households, more than half cited not having enough money to keep in an account. In an effort to solve these issues, Kiva and SoLo Funds have partnered together to offer these populations of people affordable loan products for personal and business lending. Both companies have supported thousands of Americans through their communities of lenders, according to Kiva’s blog ,...