Turo partners with Kiva to launch a novel initiative to help close the racial wealth gap
Turo has committed up to $1 million for the Turo Seed Initiative to provide interest-free vehicle loans and help address wealth inequality in the United States
SAN FRANCISCO, Nov. 17, 2020 /PRNewswire/ -- Turo, the world's largest car sharing marketplace, is partnering with Kiva, a nonprofit that expands financial access to underserved communities, to launch the Turo Seed Initiative. The initiative is designed to address wealth inequality in the United States, especially in traditionally underserved Black communities by providing access to an interest-free loan to build a small car sharing business on the Turo marketplace. Turo has committed up to $1 million in funding for this initiative to create more access to wealth-building opportunities, so anyone, regardless of color, gender, or creed, can start building a small business and pave their own path towards financial wellness.
"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. "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 have aligned principles of creating economic opportunity for all regardless of race or background. We have a responsibility to break down systemic racism and foster more economic growth opportunities for disenfranchised communities and are thrilled to be launching the Turo Seed Initiative."
The Turo Seed Initiative provides aspiring entrepreneurs across the U.S. with access to an interest-free investment opportunity to build a small car sharing business on the Turo marketplace. Qualifying applicants will be featured on the Kiva platform to raise up to $15,000 through this initiative (with up to $7,500 crowdfunded from the Kiva community and a dollar-for-dollar match from Turo up to $7,500). Once crowdfunding is complete, the Turo Seed Host can buy a vehicle with the funds to share on the Turo marketplace.
"We are thrilled to partner with Turo to launch an innovative program that can help close the growing racial wealth gap in the United States," said Head of Kiva US, Rohit Agarwal. "Kiva and its community of lenders are excited to help entrepreneurs in the Seed Initiative build and grow their businesses. We are proud to take this crucial step with Turo, towards our mission of financial equality for underserved communities."
To provide Seed Hosts with predictable running costs and peace of mind to focus on their business operations Turo and Nissan are teaming up to provide Seed Hosts three years of free Maintenance+Plus coverage if they choose to purchase any Certified Pre-Owned Nissan or Infiniti vehicle. The extended maintenance package includes all of the benefits of a Certified Pre-Owned Nissan or Infiniti vehicle as well as pre-paid oil and filter changes, tire rotations, and tire road hazard coverage, allowing Seed Hosts to focus more on their business and less on maintenance costs.
To learn more about the initiative and apply to become a Turo Seed Host, visit www.turo.com/us/en/turo-seed-initiative.
About Turo
Turo is the world's largest peer-to-peer car sharing marketplace where car owners can earn extra money to offset the costs of car ownership, forging their path towards financial empowerment.
A pioneer of the sharing economy and travel industry, Turo is a safe, supportive community over 14 million strong with more than 400,000 vehicles listed worldwide and over 850 unique makes and models available. Whether you share your extra car to make ends meet or are looking to start a small car sharing business, hosts can share virtually any car to get their entrepreneurial wheels turning.
About Kiva
Kiva is an international 501(c)(3) nonprofit organization with a mission to expand financial access to help underserved communities thrive. Kiva was founded in San Francisco in 2005 and is comprised of three primary impact-first business lines: Kiva.org, Kiva Protocol and Kiva Capital Management. Kiva's crowdfunding platform, Kiva.org, allows individuals to lend as little as $25 to make a difference in someone's life. Kiva Protocol aims to establish financial identity and credit history for unbanked populations using distributed ledger technology (DLT), with its inaugural project currently being implemented in Sierra Leone. Kiva Capital Management is a forthcoming subsidiary of Kiva that will operate as an impact-first asset manager connecting Kiva's network of Field Partners with institutional capital, scaling Kiva's ability to lend to underserved populations around the world.
For more information or to lend to a rising entrepreneur, visit kiva.org, and join our community by following Kiva on Facebook at @Kiva, Twitter at @kiva and Instagram at @kiva.org. To support Kiva's ability to facilitate low-and zero-interest loans on Kiva.org, you can also submit a donation via www.kiva.org/donate/supportus.
SOURCE Turo
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