BQuest has teamed up with MAAC, a community-based organization in San Diego, to launch a new Electric Vehicle (EV) pilot program to help interested low-income families and individuals purchase EVs and be able to access the financial and environmental benefits of EV ownership.
Electric vehicles, on average, cost less than half as much to operate as gasoline-powered vehicles. Not only do EVs save on fuel costs, but they are less expensive to maintain. Additionally, emissions-related health issues caused by poor air quality disproportionately impact lower income communities. The savings and benefits make it important to create opportunities that help underserved communities have access to EV technology — because they are hit hardest by transportation-related pollution and spend a disproportionate amount of their income on gas and public transit fares.
MAAC’s affordable housing sites and offices already have EV chargers ready for use. BQuest has brought in Beneficial State Bank to provide low-interest rate loans (3.99-5.99%) to qualified borrowers who are either MAAC residents or employees to help them purchase EVs. By creating a loan program that is philanthropically supported, borrowers can get a loan along with financial literacy coaching at more generous terms than would usually be available.
The Electric Vehicle Access Program, launching summer of 2020, will reduce carbon emissions, create cost-savings for EV owners, demonstrate community interest in electric vehicles, establish or repair credit, and provide financial literacy coaching for borrowers.