OLNEY, Md., Dec.18, 2013 /PRNewswire/ -- Sandy Spring Bank and Vehicles for Change are excited to announce a new partnership through which the organizations work together to provide cars with affordable loan terms to families with financial challenges.
In 2013, Vehicles for Change, in need of a partner bank in the Washington D.C. region, approached Sandy Spring Bank and asked for help to provide reliable transportation to individuals for employment purposes. Vehicles for Change receives donated cars from the public, repairs these cars and awards them to families with financial challenges. Car recipients pay as little as $750 for their vehicle; this is financed through a loan that Vehicles for Change guarantees. These families typically have difficulties qualifying for loans or obtaining loans with a manageable interest rate on their own. Sandy Spring Bank immediately stepped in to assist by offering low-interest loans to families receiving cars from Vehicles for Change.
"We award cars every day to families in the area. It's necessary for us to have a lender who can provide the loans at an affordable rate, and we're pleased to work with Sandy Spring Bank to provide these loans," said Marty Schwartz, President of Vehicles for Change. "The loans are important because they allow deserving local families to receive cars, and help them to build credit."
"Sandy Spring Bank is happy to be partnering with Vehicles for Change because we're committed to improving the lives of local families," said John Goedeke, SVP, Treasury Management Division Leader at Sandy Spring Bank.
Through Vehicles for Change and Sandy Spring Bank, low-income families across the Washington D.C. region will become proud vehicle owners and have reliable transportation for their families.
About Sandy Spring Bancorp/ Sandy Spring Bank
With $4.1 billion in assets, Sandy Spring Bancorp, Inc. is the holding company for Sandy Spring Bank and its principal subsidiaries, Sandy Spring Insurance Corporation and West Financial Services, Inc. Sandy Spring Bancorp is the largest publicly traded banking company headquartered and operating in Maryland. Sandy Spring is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Sandy Spring Bank was founded in 1868 and offers a broad range of commercial banking, retail banking and trust services through 49 community offices in Anne Arundel, Carroll, Frederick, Howard, Montgomery, and Prince George's counties in Maryland, and Arlington, Fairfax and Loudoun counties in Virginia. Through its subsidiaries, Sandy Spring Bank also offers a comprehensive menu of insurance and investment management services. Visit www.sandyspringbank.com for more information about Sandy Spring Bank.
About Vehicles for Change
Vehicles for Change accepts and repairs donated cars and awards them to prequalified families for as little as $750, enabling families with financial challenges to become self-sufficient. A nonprofit organization, VFC receives 99 percent of its car donations from the public. Since 1999, Vehicles for Change has awarded more than 4,400 cars to low-income families, changing the lives of more than 15,000 people. Eligible families are referred to Vehicles for Change through partnering social service type agencies. VFC car donors gain a substantial tax advantage that's not available with most other charities. Vehicles for Change is the only organization in Maryland and Washington D.C. that makes it possible for donors to deduct the full fair market value of their car, because their donation is awarded to a low-income family. Visit vehiclesforchange.org for more information.
SOURCE Sandy Spring Bank