Wells Fargo today announced the company donated more than $61 million through 2,579 grants to local nonprofits, schools and community organizations in 2018 to help the communities and people of California.
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, access to education and sustainability.
When combined with the more than $19 million donated by the companys California team members, nonprofits in the California received a total of $80 million from Wells Fargo and its team members in 2018. That amounts to an average daily donation of $220,807.
Across our community, many residents are working hard to make ends meet, said Brenda Wright of Wells Fargo Corporate Philanthropy & Community Relations. Here in California, 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 succeed financially, especially in underserved areas. We will continue to provide philanthropy, volunteers, expertise and other resources to revitalize and strengthen local neighborhoods.
Beyond philanthropy, Wells Fargo team members in California volunteered more than 252,000 hours in 2018 to support nonprofits and causes important to them. These volunteer hours are the equivalent of more than $6 million, according to the Independent Sector.
Part of what makes Wells Fargo unique is the generosity of our team members, who help multiply our community impact, said Wright. 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.
Making an impact in California
Wells Fargo concentrated its 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 East Bay Asian Local Development Corporation, Cabrillo Economic Development Corporation, Fresno Housing Authority, Neighborhood Housing Services of the Inland Empire and LA Family Housing to provide homebuyer education, down payment assistance and other affordable housing solutions.
- Small business growth. Small businesses are critical to job creation and a vibrant community. Many diverse-owned small businesses face unique challenges and often lack access to the full spectrum of resources necessary for growth and success. Nonprofits serving small businesses including Opportunity Fund, California Hispanic Chambers of Commerce Foundation, California Black Chamber of Commerce Foundation and California Asian Chamber of Commerce Foundation received grants to provide access to capital and training for entrepreneurs in rural and urban markets.
- Economic equity and inclusion. Support included grants to nonprofits that directly serve diverse and historically underserved groups, including education, vocational training and other solutions for communities with limited access to traditional financial services. Examples include Hispanas Organized for Political Equality, JVS SoCal and Womens Economic Venture.
- Access to education. Support included grants for local K-12 schools, scholarships for post-secondary or vocational training and financial education. Examples include Silicon Valley Education Foundation, Youth Policy Institute, TELACU Education Foundation and Parent Institute for Quality Education.
- Human services. Support included grants to nonprofits that directly focus on building more resilient communities, addressing food and security, disaster recovery and homelessness. Examples include United Way, American Red Cross, Illumination Foundation, Los Angeles LGBT Center, Union Rescue Mission and the Butte Strong Fund.
- Minimizing the impacts of climate change. The company supported the work of nonprofits helping communities become more resilient in the face of a changing climate, including environmental education, resiliency planning, green infrastructure and bringing renewable energy to low-income communities. Examples include Grid Alternatives, Friends of the Urban Forest, Los Angeles Cleantech Incubator and Pacoima Beautiful.
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.
Paul A. Gomez, 213-253-3720