LOS ANGELES--(BUSINESS WIRE)--
New Resource Bank has approved a $1.5 million line of credit to facilitate Green Commuter’s fleet expansion to 30 all-electric, long range, 7-passenger vehicles. With this financing, Green Commuter will launch its vanpool, car share and fleet replacement program geared to disrupt traditional commuting in Los Angeles.
“We are always proud to work with companies that share our triple-bottom-line approach to business and focus on not just making a profit, but are also committed to managing the impacts of their business on people and the planet. Green Commuter is just that sort of company — they are passionate about their mission, take environmental responsibility very seriously, have a committed management team and demonstrate their values through their legal structure as a benefit corporation. They are a perfect addition to our portfolio of companies working to build a better world,” said Robert S. Holden, New Resource Bank EVP and Chief Lending Officer.
Green Commuter’s business model is to rent its fleet of zero emission vehicles for vanpool and car share. With its proprietary technology, Green Commuter leases its fleet of Tesla Model X vehicles to vanpoolers during commuting hours and to car share users or companies for fleet replacement, the rest of the time. Currently, there are more than 3,000 organized vanpools in the Southern California area consisting mainly of blue collar workers living in disadvantaged communities who commute on average 94 miles roundtrip.
“We are grateful for this financing partnership with New Resource Bank. Being mission driven themselves, New Resource understands what we want to achieve and helped us secure the financing in an efficient manner,” said Gustavo Occhiuzzo, CEO of Green Commuter. “Through this loan, we can implement a method of transportation that is more environmentally friendly and less expensive than currently available vanpooling.”
About Green Commuter
Green Commuter is a B Corp with its mission to decrease the cost of commuting, help alleviate traffic and reduce greenhouse gas emissions. The efficiency and utilization of its zero emission vehicles dramatically increases the benefits to its clients, helps reduce traffic and improves air quality. www.greencommuter.org
Green Commuter's Social Media sites:
About New Resource Bank
New Resource Bank is a triple-bottom-line bank serving values-driven businesses and nonprofits that are building a more sustainable world. We see money as an agent of positive social, environmental and economic change and believe banking can transform the economy into one that serves all people and the planet. We put deposits to work for good by lending to organizations that benefit our communities and preserve our planet.