Wells Fargo Donated $444 Million to 11,000 Nonprofits in 2018
22 February 2019 - 2:05AM
Business Wire
Giving builds on increasing philanthropy over 25 years,
addresses community issues around affordable housing, small
businesses, education, sustainability
Wells Fargo increased its philanthropic impact in 2018 by
donating $444 million to nearly 11,000 nonprofits to help
communities and people in need. The company has been committed to
local communities throughout its 167-year history and has increased
its philanthropy 25 times over the past 28 years.
“We approach philanthropy with a problem-solving mindset,” said
Wells Fargo CEO and President Tim Sloan. “We want to help people
find an affordable place to live, work with diverse small business
owners on growth and expansion, and support young people in
learning job skills that can translate into a steady
income. It is a privilege to collaborate with non-profits in
the U.S. and around the world to make a difference in the
communities where we live and work. And we recognize that families
and neighborhoods need the public and private sectors to work
together in providing both resources and expertise.”
Making an impact in the community
In collaboration with thousands of community leaders, Wells
Fargo concentrated its 2018 philanthropy on addressing urgent
community issues. Examples include:
- Affordable housing with more
than $117 million to help people buy a home, including down payment
assistance, homebuyer education and financial coaching. More than
$75 million was given through NeighborhoodLIFT®, the company’s
long-running homeownership program for low- and moderate-income
communities in partnership with NeighborWorks America. The
initiative expanded to nine new cities and also added special
incentives to enable hundreds of teachers, military service
members, veterans, and first responders to achieve homeownership.
In 2019, the program will reach 10 additional cities. Since 2012,
LIFT has helped create 20,000 homeowners since 2012 with a total of
$442 million donated over seven years.Through the Wells Fargo
Builds℠ program, Wells Fargo team members built and improved 489
affordable homes with more than 57,700 volunteer hours in 2018.The
Veterans Community Project in Kansas City, Mo., and HouseATL in
Atlanta are other examples of affordable housing programs supported
locally by Wells Fargo.
- Small business growth with $24
million to provide access to capital and training for entrepreneurs
in rural and urban markets. As part of this total, $20 million went
to empower diverse small business owners as part of a previously
announced Wells Fargo Works for Small Business: Diverse Community
Capital (DCC) $175 million commitment through 2020. Since its
inception in 2015, DCC has helped small business owners retain and
create 36,000 jobs, according to Opportunity Finance Network.As
part of the DCC program, the Carolina Small Business Development
Fund is working with Historically Black Colleges and Universities
as one of nearly 45 Community Development Financial Institutions
that received grants across 25 states and Washington D.C. in 2018.
In San Francisco, La Cocina tapped its grant to nurture women food
entrepreneurs and aspiring restaurant owners with technical
training and access to its commercial kitchen.
- Economic equity and inclusion
with $216 million allocated to nonprofits that serve diverse and
historically underserved groups, including African-Americans,
Latinos, Asian-Americans and American Indian/Alaska Natives, Native
Hawaiian or other Pacific Islander. A total of $90 million advanced
inclusion across the LGBTQ community, veterans and people with
disabilities.With funding from Wells Fargo, including a $5 million
commitment to seed a Tribal Solar Accelerator Fund, GRID
Alternatives has provided 2,000 low-income and tribal households
with solar power to decrease energy bills and trained 3,500
individuals in solar installation.Educational programs through the
Urban League Entrepreneurship Center in Philadelphia and small
business training for people of color, immigrants and low-income
individuals through the Ventures program in Seattle are other ways
funding works toward economic inclusion.
- Access to education with $90
million allocated to education in local communities, including K-12
support, scholarships and financial education. Projects like a new
technology center and library renovation for an elementary school
in Vallejo, Calif., college preparation for low-income students in
Miami and Los Angeles, a holistic reading and virtual volunteer
tutoring program with Read by 4th in Philadelphia, Pennsylvania,
teacher innovation grants in San Antonio, Texas, financial training
in Nebraska and solar energy education in Charlotte, North Carolina
help increase learning.Beyond scholarships, the Hands On Banking®
program is a public service offered by Wells Fargo. This free,
non-commercial financial education program, available in English
and Spanish, teaches people of all ages about responsible money
management – including specific modules for youth, adults,
veterans, seniors, and entrepreneurs. In 2018, more than 1.7
million people learned about money management through the Hands on
Banking program, with adult participants reporting a 14% increase
in knowledge about managing their expenses, 24% increased intention
to save for emergencies, and a 22% boost in confidence that they
can gain control of their financial situation.
- Enabling a low-carbon economy
with $16 million to support the work of nonprofits helping
communities become more resilient through environmental education,
resiliency planning, green infrastructure, bringing renewable
energy to low-income communities and advancing clean technology.The
Wells Fargo Innovation Incubator (IN2), a collaboration with the
U.S. Department of Energy’s National Renewable Energy Laboratory,
is a clean-technology incubator and platform whose mission is to
speed the path to market for early-stage, clean energy and
agriculture technologies. To date, the 25 participating companies
have raised more than $122 million in follow-on funding from
external sources beyond the $250,000 in non-dilutive funding
provided to each by IN2; six have conducted beta tests at Wells
Fargo or National Renewable Energy Laboratory facilities; and four
have successfully exited the program via mergers or
acquisitions.
“We are living in an unprecedented time in which people need to
come together to solve challenges,” said Jon R. Campbell, president
of the Wells Fargo Foundation. “With so many Americans working to
make ends meet, there’s an increased urgency for immediate
assistance as well as strategic, long-term action to address
systemic challenges like poverty, affordable housing and
sustainable neighborhoods. Part of what makes Wells Fargo’s
philanthropy unique is our local approach, a commitment extended by
the volunteerism of our team members.”
Recognizing team member philanthropy and volunteerism
In 2019, for the 10th consecutive year, United Way Worldwide has
recognized Wells Fargo for having the No. 1 team member giving
campaign in the U.S. This distinction comes from team members who
collectively pledged $75.4 million in 2018 during Wells Fargo’s
internal Community Support Campaign, which aims to lift communities
and take on challenges like economic disparity, hunger,
homelessness, animal welfare and more.
Wells Fargo team members also donated 2 million hours of
volunteer time in 2018. More than 96,000 team members across the
U.S. volunteered at local schools, food pantries, homes for
veterans and underserved families, animal shelters and more. Wells
Fargo offers 16 hours of paid volunteer time annually.
Supporting team members during times of need
Wells Fargo has a long tradition of helping its team members
during times of financial hardship. In 2018, $6 million in
emergency grants for team members were made available in the
company’s WE Care Fund. The fund was established in 2001 to help
team members suffering unexpected medical issues, natural disasters
and other life-changing events. The Wells Fargo Team Member
Dependent Children Scholarship Fund is another employee resource
that helps cover college costs so parents and students can worry
less and enjoy the college years more.
About Wells Fargo
Founded in 1852 and headquartered in San Francisco, Wells Fargo
& Company (NYSE:WFC) provides banking, investment and mortgage
products and services, as well as consumer and commercial finance,
through 7,800 locations, more than 13,000 ATMs, and the internet
(wellsfargo.com). Wells Fargo’s vision is to satisfy customers’
financial needs and help them succeed financially. With
approximately 259,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was
ranked No. 26 on Fortune’s 2018 rankings of America’s largest
corporations. In 2018, Wells Fargo donated $444 million to nearly
11,000 nonprofits in support of affordable housing, small business
growth, financial education, and sustainability, among other
community needs. For 10 consecutive years, Wells Fargo has held the
honor of No. 1 in workplace giving by United Way Worldwide. Wells
Fargo team members also make a difference by donating more than 2
million hours of volunteer time in the last year. News, insights
and more information on the company’s corporate responsibility are
available at Wells Fargo Stories.
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version on businesswire.com: https://www.businesswire.com/news/home/20190221005600/en/
Kim Erlichson, 201-463-4243kim.erlichson@wellsfargo.com
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