More Black, Latin and women truck drivers will be able to ignite their entrepreneurship dreams, thanks to a $1.5 million grant, from the Truist Foundation.
The Accion Opportunity Fund, a certified nonprofit community development financial institution (CDFI), will pilot a Down Payment Assistance Fund to help underrepresented people become first-time truck owners and entrepreneurs in Maryland and Georgia.
Lieutenant Governor Aruna Miller and Mayor Brandon Scott joined business and educational leaders at Coppin State University for the announcement on Friday.
In expressing support for the fund, Lt. Gov Miller drew on her experience as a former transport engineer. “I know what it's like to be in those spaces that you walk into, and you're not meant to be there,” said Miller. “You walk in and you're looking around and these are spaces that were created for others, and not with you in mind.”
“The downpayment assistance program provides loans to independent long-haul truck drivers to purchase a truck,” said Bill Rogers, Truist Financial Chairman and CEO. “It will also retrofit existing trucks with emission filters and make needed repairs. Many long haul drivers play such an essential role. Our economy in many ways is dependent on the efforts they put forth every day.”
Nikki Ward, founder of African American Women in Trucking, a non profit with 3,000 members, says the grant will go a long way in diversifying a male dominated industry.
“There's a lot of lack of mentorship and networking opportunities, and it can be a challenge for Black women to find their place, find mentorship and role models,” said Ward.
Accion Opportunity Fund, CEO Luz Urrutia, says the fund is part of an overall strategy to close gender and racial wealth gaps.
“We also will conduct research to understand the barriers that are faced by truck drivers so that we can create a more inclusive practice in our lending, and give that data to other lenders,” said Urruita. “We see ownership in the trucking industry as a real pathway to building household wealth.”
Since 2010, the Accion Opportunity Fund has invested over $360 million to help people in the trucking industry through more than 6,300 loans, including loans to more than 5,700 first-time truck buyers.
