Opportunity Fund Partners with KeyBank to Launch Program that Will Make $140M in Loans to Independent Truckers in New YorkPosted on Jun 26, 2019 by Ashlyn Smith
Opportunity Fund and KeyBank have entered a partnership that will help entrepreneurs in New York get access to affordable capital they need.
We are excited to launch a program with KeyBank that will ultimately offer $140 million in loans to independent truck drivers in New York. This new program will bolster the state’s trucking industry, boost the region’s economy, and replace older trucks with newer clean-burning models.
While we have a strong track record of lending to truckers on the West Coast, having made more than 3,500 truck loans totaling over $140 million since 2010, we are delighted to now be able to help entrepreneurs on the East Coast. The expansion into New York and partnership with KeyBank is a key component in our strategic plan[link to strategic plan post] to deploy $1.2 billion in loans to underserved small business borrowers by 2023, and expand lending from 13 to 45 states.
Opportunity Fund and KeyBank loans help underserved entrepreneurs keep “trucking along”
Small business lending is a core component of KeyBank’s business and trucking is a thriving industry in New York that offers drivers the ability to own their own business, achieve greater economic independence and additional flexibility in their schedules. Many drivers are immigrants or underserved entrepreneurs who lack the affordable capital or resources to make a down payment on a new truck or upgrade an existing one.
“Through this program we have a great opportunity to foster the growth of the trucking industry and New York’s economy by supporting these entrepreneurs,” said Stephen Fournier, KeyBank Central New York Market President. “Small business owners strengthen our economy and our communities. Opportunity Fund understands how to lend to this community. That is why we are so proud to partner with them to address this need.”
Opportunity Fund and KeyBank will offer loans ranging from $50,000 to $200,000. Through the KeyBank partnership and similar initiatives, we expect to:
- Deploy 2,800 loans to owner-operated truckers, with a focus on lending in the Central New York, Rochester and Buffalo areas.
- Create or retain 4,225 jobs.
- Generate $765 million in additional economic activity through new spending, wages and tax revenues.
- Put newer, cleaner-burning trucks on the road that reduce emissions.
- Give independent truckers in New York, many of whom are minorities or low-income borrowers, access to responsible and affordable small-dollar loans.
- Enable truck drivers to achieve economic independence and additional flexibility in their schedules.
“This partnership in New York allows us to lend to small business owners and independent truckers seeking to build a better life for themselves and their families,” said Opportunity Fund CEO Luz Urrutia.
“KeyBank is highly-regarded and nationally recognized for its commitment to helping communities thrive by supporting entrepreneurship—making them the perfect partner to expand access to affordable and responsible capital to truckers in the Empire State.