Goodwill Industries of Akron and Towpath Credit Union Collaborate on Auto Loan Program

Breaking Barriers: Towpath Credit Union and Goodwill Industries Collaborate on Auto Loan Program

In an exciting joint effort, Towpath Credit Union is teaming up with Goodwill Industries of Akron, Ohio, Inc. (GIA) to launch a revolving auto loan program for Summit County community members.

Empowering the Summit County Community

Towpath Credit Union, dedicated to serving those who live, work, worship, or go to school in Summit County, is taking a step to empower the community. Paired with GIA, is set to offer a revolving auto loan program that aims to make a positive impact on individuals seeking more flexible auto loans.

A Driving Force for Change

GIA, awarded with a generous $5 million unrestricted gift from philanthropist Mackenzie Scott in 2020 (with $3 million earmarked for transportation support), is on a mission to expand transportation assistance across the five counties it serves. The revolving auto loan program is designed to provide a program that helps individuals who may struggle with traditional loan qualifications.

Community-Centric Approach

To be a part of this program, individuals currently need a referral from a community agency partnering with GIA. The first pilot loan was recently issued, marking the beginning of a transformative initiative.

Building a Better Future, One Loan at a Time

Towpath Credit Union, set to be a servicer of Summit County loans, expressed its enthusiasm for the collaboration. Michael Sferro, President & CEO of Towpath CU, shared his excitement, stating, “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.”

Nancy Ellis McClenaghan, President & CEO of GIA, expressed gratitude to Towpath Credit Union, highlighting their dedication to developing a compliant program. She also stated, “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.”