Wells Fargo today announced the company donated more than $14 million through 505 grants to local nonprofits, schools and community organizations in 2018 to help the communities and people of Minnesota.
Wells Fargos philanthropic contributions build on a long history of collaboration with local nonprofits and community leaders to make a positive impact by addressing urgent community issues such as affordable housing, small business growth, financial education and workforce development.
When combined with the more than $6.3 million donated by the companys 18,000 Minnesota team members during the companys internal Community Support Campaign, nonprofits in the state received a total of $20.3 million from Wells Fargo and its team members in 2018. That amounts to an average daily donation of $55,616.
Across our community, many residents are working hard to make ends meet, said Laurie Nordquist, Wells Fargo Minnesota CEO. Here in Minnesota, we want to help people find a stable place to live, help small business owners expand, and help young people gain a quality education that prepares them for the workforce.
We are determined to help people and communities, especially in underserved areas, succeed financially. We will continue to provide philanthropy, volunteers, expertise and other resources to revitalize and strengthen local neighborhoods.
Beyond philanthropy, Wells Fargo team members in Minnesota volunteered nearly 179,000 hours in 2018 to support nonprofits and causes important to them, including organizations such as Habitat for Humanity, People Serving People and Junior Achievement. The Independent Sector estimates the value of one volunteer hour is $24.69.
At 179,000 hours, the value of Wells Fargo team members 2018 volunteerism in Minnesota was more than $4.4 million.
When you combine the Wells Fargo and team member giving totals of $20.3 million and the $4.4 million value of the volunteerism, it means Wells Fargo and its team members made a $24.7 million charitable impact in Minnesota last year.
Part of what makes Wells Fargo unique is the generosity of our team members, who help multiply our community impact, said Patty Pannkuk, Wells Fargo Community Relations manager. Sometimes giving time is even more valuable than money, because it puts our desire to build a strong community into action and gives us a tangible way to personally make a difference.
United Way Worldwide recently recognized Wells Fargo for having the No. 1 workplace giving campaign in the U.S. for the tenth consecutive year.
Making an impact in Minnesota
Wells Fargo concentrated its 2018 local philanthropic contributions on addressing urgent community issues such as:
- Affordable housing. To help increase affordable, stable housing and homeownership in low- and moderate-income neighborhoods, Wells Fargo collaborated with grantees such as Project for Pride in Living, Minnesota Homeownership Center, Hmong American Partnership, BuildWealth MN, Catholic Charities, Habitat for Humanity, Greater Metropolitan Housing Corporation and the Minnesota Assistance Council for Veterans to provide homebuyer education, down payment assistance and affordable housing solutions.
- Small business growth. Many diverse-owned small businesses, especially those in rural and low- to moderate-income communities, face unique challenges and often lack access to the full spectrum of resources necessary for growth and success. The company supported nonprofits serving small businesses, including Metropolitan Economic Development Association, WomenVenture, Minnesota Initiative Foundation, Northside Economic Opportunity Network, African Development Center and the Latino Economic Development Center to provide access to capital and training for entrepreneurs in rural and urban markets.
- Financial education. Wells Fargo supported grants for local financial education programs, including contributions to American Indian Family Services, BestPrep, Junior Achievement of the Upper Midwest, Karen Organizations of Minnesota and MN Council on Economic Education. The company also supported the GetLifted Community Financial Capability program.
- Workforce development. The company supported the work of nonprofits to help communities expand youth career/job readiness programs, post-secondary education opportunities and adult employment initiatives with grants to Achieve Minneapolis, AVIVO, CAPI, Cookie Cart, Goodwill Industries, Juxaposition, Migizi Communications and Greater Twin Cities United Way.
Wells Fargo is a dedicated, strong partner of affordable housing initiatives in Minnesota, said Chris Coleman, President/CEO of Twin Cities Habitat for Humanity. Over the past 25 years, the company has donated $5 million to sponsor work on more than 160 Twin Cities homes, including 40 full home sponsorships and thousands of volunteer hours. Wells Fargos impact on affordable homeownership opportunities will multiply for generations.
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 Fargos 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 Fortunes 2018 rankings of Americas largest corporations. In 2018, Wells Fargo donated more than $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 companys corporate responsibility are available at Wells Fargo Stories.
John Hobot, 612-356-7490