member spotlight: wells fargo
For Wells Fargo, supporting communities and addressing our biggest challenges has always been a major focus. The Bay Area Council founding member invests billions of dollars annually in a wide range philanthropic activities throughout the Bay Area, Northern California and across the country. To bolster that commitment and sharpen its focus, Wells Fargo recently unveiled some exciting changes to its overall philanthropic work that will increase those investments and more closely target underserved communities in the areas of affordable housing, financial education and small business growth. The changes include investing $1 billion through 2025 that will support efforts to reduce homelessness, grow the availability of affordable rents, create transitional housing, and increase home ownership.
“Wells Fargo is focused on paving a path to stability and financial success for individuals and families who 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, in a San Francisco Business Times story on the changes. “Together, we can help spark systemic change and economic development for underserved communities. When people start businesses, learn how to build wealth and can afford a home in their neighborhood, communities will thrive.”
A recent example of Wells Fargo’s amplified philanthropic commitment came in the form of a $6 million donation through its NeighborhoodLIFT program to help new homebuyers in Sacramento County and West Sacramento. The program provides $20,000 down payment assistance grants to qualifying homebuyers. The donation expands on an earlier contribution that helped 329 homeowners. Overall, Wells Fargo has invested $456 million for the LIFT program and conducted 69 launches across the U.S. since 2012, creating more than 20,800 homeowners.