Turo, the peer-to-peer car-sharing company, is supporting Black entrepreneurs with a new pilot program called the Seed Initiative. The brand partnered with microloan provider Kiva to offer Black entrepreneurs up to $15,000 of interest-free funding to start their own car rental businesses. The initiative is present in over 14 American cities, allowing successful applicants to crowdfund up to $7,500 on Kiva, which Turo will match dollar for dollar.
"To be honest with you, we've had some really incredibly vocal and charismatic Black leaders within Turo who shared with us some really insightful data about the lack of access to capital, the average black American, and how that community, generally speaking, is really at a disadvantage in terms of accessing capital compared to any other community in the US," explained Turo CEO Andre Haddad. "In order to be able to participate and create that economic value, you have first to have a car. And unfortunately, there are lots of people who just can't afford to even buy a car, and therefore can't even access the marketplace."
Image Credit: Ars Technica, Seed Initiative