Towpath Credit Union is proud to announce a collaboration with Goodwill Industries of Akron, Ohio, Inc. (GIA). Together, Towpath Credit Union and GIA will offer a revolving auto loan program to members of the Summit County community.
Towpath CU serves those who live, work, worship, or go to school in Summit County.
GIA was awarded an unrestricted gift of $5 million from philanthropist Mackenzie Scott in 2020. $3 million of these funds were designated to expand transportation support to the five counties GIA serves. GIA’s revolving auto loan program is designed to help individuals that may experience difficulty qualifying for traditional loans or would otherwise be vulnerable to predatory lending. Currently, individuals must be referred to the program by a community agency partnering with GIA.
The first pilot loan was issued late last week. Towpath Credit Union will be a servicer of Summit County loans. “My leadership team and I are ecstatic about this program and are honored to partner with GIA for its launch. We look forward to helping many people build their credit histories and overcome transportation barriers, removing obstacles from realizing a better job and a better life”, said Michael Sferro, President & CEO, Towpath CU.
“We are very grateful to Towpath Credit Union and its leadership for their unwavering dedication to developing a mutually compliant program to help make transportation dreams come true”, said Nancy Ellis McClenaghan, president & CEO, GIA. “Towpath also makes its financial education and counseling program available to teach qualifying participants skills that can help them be successful for the long term.