Associated Press, October 23, 2018: Wells Fargo pledges $1.6 billion in lending and philanthropy to help revitalize Washington, D.C. neighborhoods
Wells Fargo & Company today announced that it will commit more than $1.6 billion in lending and philanthropy over five years focused entirely on Washington, D.C.
In an effort to unlock more economic opportunity across the city, Wells Fargo created the Where We Live program, in collaboration with the National Community Reinvestment Coalition (NCRC) and local organizations. The program will triple Wells Fargo’s community giving and concentrate resources on the biggest needs identified by community leaders: affordable housing, small business growth and job skills.
“This is an important step by Wells Fargo to expand its investment in the District, and to listen and work more closely with community groups,” said John Taylor, President and Founder of NCRC. “Expanding access to mortgage and small business loans is essential to closing the wealth gap. Lenders need to listen and focus on the needs of the communities where they do business. It’s heartening to see Wells Fargo strengthen its commitment to do just that.”
Wells Fargo developed Where We Live to harness the power of its broad lending and community investment capabilities for greater impact, with emphasis in Ward 7 and Ward 8. The company worked with NCRC — an advocacy organization championing fairness in banking, housing and business — as well as local housing, small business and nonprofits leaders to design Where We Live.
Wells Fargo’s new commitment includes: A five-year, $16 million philanthropic commitment that more than triples Wells Fargo’s local giving. This philanthropy includes $4 million for Community Development Financial Institutions to grow the small business community and $6 million for nonprofit housing initiatives like down payment assistance and development of affordable rental properties. As part of Where We Live, four organizations are among the first to receive funding: DC Central Kitchen, SOME (So Others May Eat), Washington Area Community Investment Fund and MANNA, Inc.
Wells Fargo is the No. 2 corporate cash donor in the U.S., according to TheChronicle of Philanthropy. In 2017, the Wells Fargo Foundation donated more than $286.5 million in 2017 to more than 14,500 nonprofits. The company also is on track to increase its philanthropy by 40 percent in 2018, targeting $400 million in donations by the end of the year. Beginning in 2019, Wells Fargo plans to invest 2 percent of its after-tax profits in philanthropy.
