Press Release
February 5, 2010

$1 Million in New Small Business Loans
Helps Keep California's Truckers in Business

Oakland, CA: Hundreds of thousands of California truckers may be out of work by February 16, 2010 as new California State Environmental Protection Agency (EPA) regulations could force many of California’s 1 million diesel-engine semi trucks off the road.  In order to meet tighter emissions standards, truck drivers will either need to buy a new, modern-engine truck, or retrofit their current truck with an engine filter.  The trouble is, not all truck drivers can afford the $12,000 - $19,000 price tag to clean up their engines, particularly in this recession. Opportunity Fund, a Bay Area non-profit small business lender, has committed up to $1 million in financing to help truck drivers stay employed and keep goods moving throughout California’s economy.

In a new partnership with Cascade Sierra Solutions (CSS), Opportunity Fund has stepped in to provide extra financing and has already made $240,000 in loans to 20 truckers over the past week. CSS, a non-profit organization that provides truckers with loans and grants to help reduce their fuel emissions, has faced overwhelming demand for loans from truckers who need to retrofit their vehicles to comply with 2010 EPA regulations.  Opportunity Fund will continue to take referrals from CSS throughout the truckers’ time of need. The City of Oakland is also helping to disburse funding provided by the EPA, but despite $1 billion in grants and loans offered by the EPA to the state’s 350,000+ truckers, these funds are not nearly enough. 

“I didn’t know what I would have done without this loan from Opportunity Fund,” said trucker Florentino Mellendez. “It was a nightmare. I’m just so grateful to know I can keep working now.”

"We're working with truck drivers at the Port of Oakland who are the self-employed owners and operators of their trucks. These drivers make between $30-40,000 per year.  The $12,000 cost to install a new engine filter and comply with these new regulations is beyond their reach.  We're proud to be able to assist in an effort that gets truckers back on the road and improves the environment for these overly polluted communities" says Eric Weaver, CEO of Opportunity Fund. 

The EPA’s Air Resources Board approved the new truck-engine emissions regulation in December, 2008.  California’s cities have some of the worst air quality in the country, especially around the Oakland and Long Beach ports, where thousands of trucks line up and idle each day as they await their next load. Unfortunately, the cost to move goods by truck throughout the state includes significant harm to the state’s citizens:  Trucks and buses account for about 30 percent of statewide nitrogen-oxide (greenhouse gas) emissions and 40% of toxic soot emissions. These emissions cause numerous adverse health effects, including increased rates of asthmas and about 4,500 premature deaths per year. Under tighter emissions standards, regulators expect to save 9,500 lives and $50 billion in heath care costs savings.
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Press inquiries: Caitlin McShane, 408-516-4711 caitlin@opportunityfund.org
Loan Inquiries: Otxin Echaide, 408-516-4602 otxin@opportunityfund.org

Opportunity Fund is a community-based nonprofit lender that since 1995 has helped thousands of Bay Area families create sustainable small business through microfinance and asset building programs. Through its programs, Opportunity Fund has directed over $150 million in community investment into economically challenged neighborhoods and has improved the lives of over 10,000 households. Find out more at www.opportunityfund.org

Cascade Sierra Solutions (CSS) is a non-profit organization dedicated to saving fuel and reducing emissions from heavy-duty diesel engines. CSS operates in the States of Washington, Oregon and California with a primary focus on the Interstate 5 corridor.  Formerly known as the Everybody Wins program, Cascade coordinated a grant and a tax-credit with a lease-to-own contract to finance Auxiliary Power Units (APUs) to truck owners and fleets. The program resulted in 350 upgrades and annual fuel savings of over 700,000 gallons—along with associated emissions. More information is available at https://secure.cascadesierrasolutions.org