Towpath Credit Union announces partnership with Goodwill Industries of Akron
AKRON, OH (January 19, 2024) — 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.
About Towpath Credit Union
Towpath Credit Union is a not-for-profit financial cooperative that provides an effective and viable alternative to for-profit financial institutions for more than 26,000 Members. In addition to providing a plethora of financial services for their members, Towpath Credit Union strives to act as a force for positive economic and social change. With four branches in Fairlawn, Cuyahoga Falls, North Hill, and Portage Lakes, TCU serves Summit County and offers multiple forms of Membership with an asset size of $177,000,000.
About Goodwill Industries of Akron (GIA)
The Goodwill Industries of Akron, Ohio, Inc. is a not-for-profit corporation that helps individuals prepare for, find, and retain employment. Operating in the five-county region of Summit, Portage, Medina, Ashland, and Richland, the Akron-based agency was established in 1927. It is a private, independent organization, operating as an affiliate member of Goodwill Industries International. GIA helps to directly strengthen the region’s workforce through its employment and training programs and indirectly through the net proceeds from its donated goods retail operations and business services division. For more information about GIA, visit www.goodwillakron.org or call 800-989-8428.