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Car Sharing Marketplace Turo Commits $1M in Funding Toward Addressing America's Racial Wealth Gap

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...

Nov 18, 2020