What is Giving Compass?
We connect donors to learning resources and ways to support community-led solutions. Learn more about us.
Giving Compass' Take:
• Fox Business reports that Wells Fargo has donated $444 million to nonprofits that focus their work on promoting affordable housing, small businesses, education and environmental sustainability.
• How can this donation inspire other big banks to donate funds back into needed areas of our economy? How will the funds be properly allocated?
Wells Fargo increased its charitable donations last year, surpassing its philanthropic goal, in an effort to support nonprofit organizations that help the local communities and small businesses around the U.S.
We want to help people find an affordable place to live, work with diverse small business owners on growth and expansion, and support young people in learning job skills that can translate into a steady income.
More than $117 million was dedicated to increasing affordable housing, including nearly $75 million through its NeighborhoodLIFT program, a collaboration with NeighborWorks America, to provide financial education and assistance with down payments for prospective homebuyers in low- and moderate-income communities. Wells Fargo said the program expanded to nine cities in 2018 and will reach 10 additional cities this year. NeighborhoodLIFT has helped create 20,000 homeowners since 2012.
Read the full article about supporting affordable housing and small businesses by Matthew Kazin at Fox Business