The road to economically empowering Black hosts

As 2020 winds down, I, like so many others, am reflecting on this remarkable year. While the turmoil incited by the pandemic disrupted our lives and our businesses, I’m struck by how, in the swirl of one pandemic, another pandemic came into full focus. The tragic murders of George Floyd, Ahmaud Arbery, and Breonna Taylor sparked a chain reaction of anguish around and hyperawareness of the systemic racism that has plagued America for generations. I was heartbroken by the injustice, captivated by the outpouring of support around the world, and committed to contribute meaningfully to help remedy this social plague.

Internal discussion and consultation with Black leaders at Turo made clear to me how shocking the economic reality for Black entrepreneurs is in the US. Black-owned small businesses have limited access to credit, start out with far less capital than white-owned businesses, and have been disproportionately impacted by COVID-19.

Following these discussions, we decided that the biggest impact we could make would be to leverage the Turo marketplace to help empower these historically disenfranchised entrepreneurs. The result was the Turo Seed Initiative pilot, which launched in November. We partnered with Kiva, an international nonprofit focused on expanding financial access to help underserved communities thrive. We knew Kiva had the season and the knowhow to be the perfect partner for the Seed Initiative, having enabled $1.5 billion in risk-tolerant capital to support over 3.5 million borrowers in 90+ countries. Through the initiative, aspiring entrepreneurs can secure an interest-free loan to start building a small car sharing business and pave their own path towards financial wellness, and Turo has committed up to $1 million for the pilot to help kickstart their entrepreneurial engines and help address the wealth inequality at the root of many social issues here in the US. 

Our first Seed Hosts are kicking into high gear

Interest in the Turo Seed Initiative has exceeded our expectations with over 500 applications from prospective Turo Seed Hosts in just a few short weeks! It is only fitting that the first person to have their loan fully funded has one of the most inspiring stories and happens to be a Turo employee. Our colleague Robbie, who was able to get fully funded in less than one week, generously shared her personal story of courage, dedication to her family, and a drive to improve the world that is a core trait of entrepreneurs. A single mother dedicated to improving her life and the lives of her three children — Daejah, age 12; Jada, age 10; and Heaven, age 2 — Robbie left her home in Detroit, Michigan to find opportunity elsewhere. Her path led her to Phoenix, Arizona, where she works from 9 - 5 at Turo and now manages her small business as a Turo Seed Host. We couldn’t have kicked off the Seed Initiative with a more inspiring host. Thank you, Robbie!

The power to affect change

While I understand the Black experience in America is totally unique — I think it's something one must have experienced to fully appreciate — Robbie's story made me recall my own as an immigrant from Lebanon. I, too, left my home in pursuit of a better life. I have seen and felt how religion and ethnicity can determine a person’s standing in society, and how such prejudgments can stifle, repress, and marginalize. Every story is unique, every trauma, supremely personal, but what unites us is resilience and the ambition to pursue something better. Robbie's story, and I'm sure many other Turo Seed Host stories, are united by perseverance, strength in the face of adversity, the tenacity that comes with hope. 

Robbie was kind enough to share her personal story with her colleagues at Turo, and it resonated deeply with us. What makes her story and the Seed Initiative so special for Turo is how closely they align with the economic empowerment ethos at the core of our mission to put the world’s 1.5 billion cars to better use. Since launching Turo 10 years ago, hundreds of thousands of entrepreneurs have been empowered to realize their small business dreams by turning cars into earning engines. The Seed Initiative opens the doors of opportunity to even more entrepreneurs who haven't previously had access to the capital they need to pursue those dreams. Closing out 2020 on such a positive note with the early success of our Seed Initiative has energized the company. 

Supporting economic empowerment in 2021

While the systemic racism that plagues America runs deep and won't disappear overnight, I hope to help chip away at it with the tools we have in our arsenal — economic empowerment via car sharing — with a special focus on identifying, empowering, and lifting up traditionally underserved and marginalized people. I am delighted to see that several other Seed Hosts, who are following Robbie’s path toward a better financial future, are starting the fundraising process on Kiva. If you have the means, please consider supporting these amazing Seed Host applicants!