<div><noscript><img post-id=Chase Bank & On the Road Lending: serving communities with empowerment
" title="
Chase Bank & On the Road Lending: serving communities with empowerment
" decoding="async" />

Chase Bank & On the Road Lending: serving communities with empowerment

Chase Bank & On the Road Lending: serving communities with empowerment 2

JPMorgan Chase & Co., commonly known as Chase Bank, has a longstanding reputation for innovation in financial services and direct community impact. On Thursday October 10th, JPMorgan hosted a community celebration at the Oak Cliff Chase Bank for it’s $1 million dollar investment with On the Road Lending. This Dallas-born program aims to bring banking services directly to communities, enhancing financial inclusivity and empowering individuals.

On the Road Lending is a community development financial institution (CDFI) that was created in 2013 by CEO Michelle Corson. OTRL partnered with JPMorgan Chase in 2017 to provide banking services to credit-weak applicants and also providing financial education in order to create a pathway to better economic opportunities for the applicant in the future. OTRL was grown from Dallas and has now expanded to Alabama, Georgia, Kentucky, North Carolina and Mississippi. And today’s celebratory investment to On the Road Lending will total $2.45 million over the past seven years. The primary goal is to reach underserved communities, rural areas, and regions where physical bank branches are sparse or non-existent.

Chase Bank & On the Road Lending: serving communities with empowerment 3
Michelle Thomas (Head of Local Philanthropy at JPMorganChase) and Terri Thomas (Chase Oak Cliff Community Manager)

Terri Thomas, Chase Bank Community Manager spoke to Chase’s successful history with CDFI partnerships and why On the Road Lending is special.

Chase has worked with CDFI’s on a national scale for the past 20 years with a $2 billion overall investment to date. On the Road Lending started in Dallas and I have been able to witness so many of our clients not only use our lending services but also help their families with getting to work and school, which can be crucial to the livelihood of a family. I am glad people can see that the work we do here in the community is also on the radar of the executive teams at headquarters.

What On The Road Lending can do for you

On the Road Lending, offers a myriad of resources that include:

See also  Following One Year into DART Contract with Inter-Con Security, Arrests Associated with Unhoused Demographic Spike
  • Character-based lending: They want to know who you are and what you’re working hard to become. That’s why they examine other factors to determine credit status.
  • No Fees: There is no application fee, but there are fees associated with GPS tracking. OTRL also requires a secure gap insurance and warranty.
  • Low Interest Rate: Investments (like from Chase Bank) into the OTRL loan fund allow them to make a positive social impact and are willing to take a lower return on their money for the greater good.

Impact on Underserved Communities

Chase Bank & On the Road Lending: serving communities with empowerment 4
Peter Muriungi (CEO of Chase Auto), Lena Schexnayder (OTRL Client), Mary Sullivan (OTRL Client) and Rosie Sifuentes (OTRL Client)

The stats are clear that car ownership can literally be a matter of life or death. And as is the case in most major cities, public transportation is primarily used by residents in lower income areas. But, in the city of Dallas, it takes south Dallas residents twice as long to reach their destination than the other areas. We spoke with Chase Auto CEO Peter Muriungi on today’s $1,000,000 investment to the On the Road Lending and the scalability of the program.

We have a responsibility to be active in our communities and be a true resource to impact lives. When I looked at OTRL, I said to myself ‘ what can we do together that we couldn’t do apart?’ …We can invest into this program to give them the infrastructure to grow. This can be through technology, systems and data that will allow them to scale. And we have relationships with local car dealers with along with knowledgeable experts that will allow for a better buying experience for the client.

Success Stories

On Thursday, CEO Peter Muriungi held the honor of gifting three On The Road Lending clients an incredible financial gift. These three women were happily surprised as they all received a check to pay their last 3 payments on their loan. Many in the room come to tears, seeing the appreciation for these OTRL clients. Several success stories have emerged from the On the Road Lending program and CEO Muriungi spoke on the behalf of one of the recipients who was too emotional to speak. She came to OTRL during a time of financial distress for health reasons. Thanks to ORTL, she was able to travel for medical treatment and is now fully recovered.

See also  Early voting hours extended
Chase Bank & On the Road Lending: serving communities with empowerment 5
Rosie Sifuentes (OTRL Client) and Michelle Corson (CEO of OTRL)

Among its numerous initiatives, the “On the Road Lending” program stands out as a testament to Chase’s commitment to customer service, community impact and accessibility. By bringing essential banking services to underserved and remote areas, Chase is fostering financial inclusion and empowering individuals and businesses to achieve their financial goals. As OTRL evolves, it promises to continue making a significant positive impact on communities across the United States.

The post Chase Bank & On the Road Lending: serving communities with empowerment appeared first on Dallas Weekly.

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *