Wells Fargo today announced an evolution of its philanthropic strategy to help address three critical issues affecting underserved communities: housing affordability, financial health and small business growth.
The Company, through its business and the Wells Fargo Foundation, will use its resources and expertise to develop new ideas and implement solutions in communities of need in collaboration with public- and private-sector organizations. In particular, Wells Fargo will commit $1 billion in philanthropy alone through 2025 to address the U.S. housing affordability crisis, including homelessness, available and affordable rentals, transitional housing and home ownership.
“Wells Fargo is focused on creating a path to stability and financial success for individuals and families that lack access to affordable housing, tools to manage financial health and capital for small business growth,” said Allen Parker, interim CEO and president of Wells Fargo. “Together, we can help spark systemic change and economic development for underserved communities. When people start businesses, build wealth and are able to afford homes in their neighborhood, communities thrive.”
Last year, Wells Fargo donated a total of $444 million to more than 11,000 nonprofits to help address economic and social needs in underserved communities. Beginning in 2019, Wells Fargo is targeting 2% of its after-tax profits for corporate philanthropy, concentrating on housing affordability, small business growth and financial health. The Company also will allocate funding for particular community needs at the local level, such as education, disaster relief and the arts.
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