Opening Doors for More Women and People of Color in Trucking

Trucking is a viable career pathway for Americans from under-resourced communities looking to improve their financial well being and build intergenerational wealth. It is one of few remaining career paths with higher entry-level pay and no higher education requirement. Our trucking loans create opportunities for independent truck drivers who literally drive our economy in an industry with a driver shortage of more than 80,000 drivers. Despite the challenges of market fluctuations and future automation, becoming an independent owner-operator enables a driver to build greater earning potential than they would have working for a trucking company, and a greater quality of work-life balance. Additionally, we know that the impact of these loans stretches well beyond our borrowers: it ripples through the economy.

But launching as a first-time operator requires investments and wealth, racial, and gender disparities impact how much capital entrepreneurs can secure. Entrepreneurs of color and women have historically experienced larger barriers to obtaining finance to start and expand their businesses: they receive fewer small business loans and are more likely to be discouraged from applying for credit. Additionally, obtaining a down payment for a trucking loan is a major barrier for these groups to advance within the industry, and entrepreneurs are often forced to weigh the risk of the loan size and down payment versus obtaining newer or better vehicles. Newer and better is better for the entrepreneur and better for our climate.

To take action to overcome these barriers, in partnership with and with generous support from Truist Foundation, Accion Opportunity Fund (AOF) is thrilled to announce an innovative $1.5 million Down Payment Assistance Fund to enable more women, Latino/a/x, and Black truck drivers to become first-time truck owners and entrepreneurs in Maryland and Georgia. 

The Down Payment Assistance Fund is the next step in AOF’s work to drive economic mobility by investing in and supporting overlooked and underestimated entrepreneurs.. Since launching our equipment finance program in 2010, AOF has invested over $360 million in truck purchases through more than 6,300 loans, including loans to more than 5,700 first-time truck buyers. We’re excited to continue our work leveling the playing field within the trucking industry, creating quality job opportunities, and propelling our local economies forward. 

Left to right: Greg Farno; Maryland Regional President, Truist; Bill Rogers; Chairman and CEO, Truist; Brandon Scott; Mayor, City of Baltimore; Luz Urrutia; CEO, Accion Opportunity Fund; Nicole Ward; President and Co-founder, African American Women Trucking Association; Aruna Miller; Lieutenant Governor, State of Maryland; Anthony L. Jenkins, Ph.D.; President, Coppin State University.