Wells Fargo Foundation Increased Access to Housing, Jobs, Financial Coaching in 2019
20 Februar 2020 - 3:00PM
Business Wire
Grants funded nonprofits in 50 U.S. states, Washington D.C.,
Puerto Rico, and international cities
In 2019, the Wells Fargo Foundation launched a new philanthropic
strategy anchored around unlocking economic opportunity for people
and communities by addressing housing affordability, small business
growth and financial health. The Foundation invested $455
million in grants in the last year, funding national
organizations to deliver programs at scale and nonprofits that
specifically address the needs of local markets.
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Christina Kerrigan and her daughter have
found a fresh start at Hope Gardens Family Center in Los Angeles.
(Photo: Business Wire)
“Wells Fargo is on a journey to create greater community impact
through its business and philanthropy,” said Bill Daley, vice
chairman of Public Affairs at Wells Fargo. “Economic mobility is a
critical issue, particularly for low-to-moderate income communities
where people lack access to the resources necessary for a
sustainable livelihood: adequate housing, stable jobs, or financial
health services. In the year ahead, we will streamline our
grant-making around these important areas and focus on addressing
systemic barriers to success. This is the time to collaborate, be
bold and think like social entrepreneurs.”
“We commend Wells Fargo for their willingness to step up on
issues facing our constituents and commit resources and expertise
to look at community challenges at the local, state and national
levels,” said Derrick Johnson, president and chief executive
officer of NAACP. “We have a long way to go to achieve economic
equality in this country, and it’s going to take highly focused
efforts and unparalleled conviction to get us there. We were glad
to see Wells Fargo further their commitment to housing, small
business and financial health in its philanthropic approach; as
these issues affect everyday life, particularly in low-income
communities, and will create a pathway for more people to attain
financial mobility.”
Making an Impact: Recap of 2019
Philanthropy
Overall, Wells Fargo’s philanthropy in 2019 helped more people
find a place to call home, grow small businesses offering
meaningful local jobs and increase financial health and wellness.
Results include:
- Housing affordability: Wells Fargo’s NeighborhoodLIFT®
program assisted 3,376 homeowners by offering homebuyer
education plus down payments assistance grants across a dozen
communities including Los Angeles; Washington, D.C. and Prince
George’s County; Houston; Sacramento; Omaha, Neb.; Baltimore; the
state of Alaska; Dallas and Fort Worth, Texas; Newark and Essex
County, NJ; the state of Montana; Pittsburgh and Allegheny County,
Penn.; and Portland, Ore. In addition, Wells Fargo made more than
2,800 grants to nonprofits in response to the housing
affordability crisis and unique local challenges in communities
across the U.S. From Anchorage, Alaska to Atlanta, Wells Fargo
supported organizations that are developing new affordable rental
homes, expanding homeownership opportunities for ethnically diverse
households, creating long-term affordability by investing in
community land trusts, and stopping the devastating flow of
families into homelessness. For example, Wells Fargo provided
funding for the renovation of apartments at Hope Gardens Family
Center in Los Angeles, where the Union Rescue Mission helps women
and children move from the streets into stable homes.
- Small business growth: small businesses are an important
driving force in job creation and thriving communities. In 2019,
philanthropic capital for Community Development Financial
Institutions supported more than 107,000 loans. Through
Wells Fargo’s Diverse Community Capital (DCC) program, small
businesses owned by people of color, immigrants, women, veterans
and the LGBTQ community, among others, empowered diverse
entrepreneurs to create or sustain more than 79,000 jobs and
to rebuild small businesses in places like Puerto Rico, California,
Florida and North Carolina after natural disasters and wildfires.
Since 2015, DCC has propelled small business growth with $1.4
billion in financing and 183,000 jobs across the United States. The
Wells Fargo Innovation Incubator (IN2), a collaboration with the
National Renewable Energy Lab that speeds the path to market for
promising clean-technology startups, is another example of momentum
in the small business community. In 2019, IN2 expanded into
sustainable agriculture and residential housing, adding 15 new
startups. To date, 40 portfolio companies have gone on to
raise more than $282 million in follow-on funding and six
have successfully exited the program through mergers and
acquisitions.
- Financial health: Financial health tools and coaching
gives families the tools, knowledge, and confidence needed to save
money, reduce debt and build financial stability. The ability for
individuals and families to succeed on their own is critical to the
long-term stability of vulnerable populations and communities. In
2019, Wells Fargo launched a new program with UnidosUS that
integrates free, bilingual, financial coaching into the delivery of
healthcare and wellness services. Overall, the support from Wells
Fargo is expected to create an opportunity for more than 25,000
Latinos in six markets to receive individualized financial
coaching services and pursue financial goals. With tax-time
approaching, the Wells Fargo Foundation and the AARP Foundation are
reaching seniors with free tax preparation services, helping them
access critical tax credits and refunds that many depend on for
household necessities, debt repayment, or savings. The funding will
enable AARP Foundation to expand Tax-Aide, the largest free,
volunteer-run tax preparation service in the U.S., to 24 additional
neighborhood locations while more than doubling the number of
taxpayers who receive a refund from 34,000 to over
70,000.
- Local Market Giving: in addition to funding against the
strategic pillars, local markets address priority community needs
working in concert with local leaders in the U.S., Europe and Asia.
Wells Fargo employees also volunteered 1.9 million hours to
strengthen their communities in 2019, including at more than 900
projects worldwide during the company’s Dedicated Day of
Service.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,400 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 32 countries and territories to support customers who
conduct business in the global economy. With approximately 260,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 29 on
Fortune’s 2019 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
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version on businesswire.com: https://www.businesswire.com/news/home/20200220005232/en/
Jennifer Dunn, (202) 303-2966 Jennifer.dunn@wellsfargo.com
Kim Erlichson, (201) 463-4243 kim.erlichson@wellsfargo.com
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