Economic Mobility

elevating people and communities.

Two young African American male and female students smiling at each other at a Moguls in the Making event

Helping People Achieve Their Financial Dreams

Ally is driven by a deep belief in helping people achieve their financial dreams. We affirm this belief by supporting efforts that increase economic mobility for individuals, families and communities.

Why Economic Mobility Matters

Economic mobility is defined as the ability of an individual, family or other group to improve their economic status- usually measured by income. As an organization, we recognize that the issue of economic mobility affects all Americans – especially the most vulnerable of society.

We support economic mobility for all. It’s not about throwing dollars at the problem. It’s about connecting, collaborating and working within the community. Providing greater access to financial education and resources not only enriches people’s lives, it helps empower them to improve their economic circumstances.

Our Core Focus Areas

Community Reinvestment

Under the Community Reinvestment Act (CRA), banks are required to meet the credit needs of the communities they serve. In 2021, Ally Bank received the highest possible rating for the third time in a row. Here’s why we’re "Outstanding":

Made more than $900 million in community development loans and investments
Donated over $1 million in grants to various nonprofit organizations
Provided over 680 service hours in the areas of financial education and technical assistance

We have committed to invest $3.7 billion in communities over a three-year period through initiatives that support affordable housing, economic development and community services. Some of our investments and loans include:

A large team of Ally volunteers pose outdoors

Ally Bank was the lead investor in a student-led community development venture capital fund, University Growth Fund II (UGF). UGF is a highly innovative investment fund that provides equity capital to small businesses while also giving student associates from different universities an unparalleled, real-world educational experience in venture capital and private equity investing. According to UGF, students who participate in this program have a 100% job placement rate with wages that are significantly higher than peers.
Ally Bank was also a lead investor in SDS Supportive Housing Fund, a first-of-its-kind community impact fund designed to address California’s homelessness crisis. The fund will finance the construction of permanent supportive housing for homeless individuals and families while revitalizing some of California’s most distressed communities.
The Other Side Academy (TOSA) is a Utah-based nonprofit organization providing a free two-year residential and educational program for formerly incarcerated individuals. The goal is to help these individuals (students) lead successful, productive lives, free from crime and addiction, by allowing them to learn job skills by helping to run and work at one of TOSA’s small businesses, including an award-winning moving company, chain of thrift stores, and food trucks.

Ally has supported TOSA in multiple capacities:

We have provided loans to purchase two apartment buildings providing free housing to its student participants, and a warehouse building supporting the thrift boutique business.

We have awarded multi-year CRA Grants supporting TOSA’s small businesses, housing for students and funding to provide match savings, in conjunction with financial education.

We have made four auto loans and a large fleet line of credit, enabling TOSA to purchase trucks used for its small businesses.

We teach and volunteer by providing financial education courses on a monthly basis to TOSA students.

Financial Education

Statistics show that many Americans lack confidence when it comes to money management. We believe education is key to changing this mindset. Our financial education initiatives arm people with the knowledge they need to feel confident in their financial future.

Planet Zeee and the Money Tree

Since 2017, our employees as well as the dealers and community organizations we work with have helped more than 50,000 kids and families learn smart money habits with the Ally children’s book, Planet Zeee and the Money Tree.

Read the book

Wallet Wise

Our Wallet Wise program offers free courses and Ally-hosted live events to help people learn the financial basics, from budgeting to auto financing. Since 2011, more than 110,000 people have participated in Wallet Wise courses.

Explore WalletWise Courses

Affordable Housing

As part of our mission to improve economic mobility, we’ve made a commitment to invest in affordable housing efforts.

Habitat for Humanity

Habitat for Humanity believes everyone deserves a decent place to live and we agree. Not only does Ally work with Habitat for Humanity to help fund their affordable housing efforts, our employees are out there in communities helping build homes for families.

Digital Job Training and Workforce Preparedness

The workforce is constantly evolving and the demand for digitally savvy job candidates has never been higher. We proudly support organizations that provide training and resources to help people find new job opportunities.

Dress for Success

Ally and Dress for Success have a shared commitment to workforce preparedness. Dress for Success empowers women across the nation by providing them with access to professional attire and development tools to help grow their careers.

Read the book

A group of young women sitting around a large table working on their laptops while Ally employees offer assistance

Michigan Council of Women in Technology

A group of Ally employees affiliated with the Michigan Council of Women in Technology regularly goes into classrooms at the Detroit International Academy for Young Women to help students build their own websites, a highly sought-after skill.

Investing in a Brighter Future for All

The Ally Grant program supports a variety of 501c3 organizations across the country. Like us, these organizations are dedicated to helping improve economic mobility.

In 2017, we funded initiatives that helped address food insecurity, homelessness, job training and mentoring, financial education, foreclosure counseling and community revitalization.