Wells Fargo Foundation Increased Access to Housing, Jobs, Financial Coaching in 2019
Grants funded nonprofits in 50 U.S. states,
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“Wells Fargo is on a journey to create greater community impact through its business and philanthropy,” said
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; Dallasand Fort Worth, Texas; Newarkand Essex County, NJ; the state of Montana; Pittsburghand Allegheny County, Penn.; and Portland, Ore.
Wells Fargomade 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, Alaskato Atlanta, Wells Fargosupported 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 Fargoprovided funding for the renovation of apartments at Hope Gardens Family Center in Los Angeles, where the Union Rescue Missionhelps 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, Floridaand North Carolinaafter natural disasters and wildfires. Since 2015, DCC has propelled small business growth with $1.4 billionin financing and 183,000 jobs across the United States.
The Wells Fargo Innovation Incubator (IN2), a collaboration with the
National Renewable Energy Labthat 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 millionin 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 Fargolaunched a new program with UnidosUS that integrates free, bilingual, financial coaching into the delivery of healthcare and wellness services. Overall, the support from Wells Fargois expected to create an opportunity for more than 25,000 Latinos in six marketsto receive individualized financial coaching services and pursue financial goals.
With tax-time approaching, the
Wells Fargo Foundationand the AARP Foundationare 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 Foundationto 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.,
Europeand Asia. Wells Fargoemployees 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.
Kim Erlichson, (201) 463-4243