Tag: Wells Fargo

Wells Fargo Invests $6.6 Million in Lending Capital and Grants for Black Businesses

by Jeffrey McKinney via blackenterprise.com

Wells Fargo, the nation’s third-largest bank, is awarding $6.6 million in lending capital and grants to 12 Community Development Financial Institutions (CDFIs) nationally that black-owned small businesses and others can use to flourish and create jobs.

The funding comes from the Wells Fargo Works for Small Business: Diverse Community Capital (DCC) program. The program includes targeting businesses owned by blacks, Asians, Hispanics, and Native Americans. Along with boosting lending to diverse small businesses, the CDD funds are used by CDIFs to support initiatives that increase access to capital and resources. That support can include providing technical assistance, marketing, and other help such as coaching and education that the businesses perhaps need to grow.

The CDFIs are private, nonprofit financial institutions focused on providing responsible and affordable lending to underserved populations and communities.

 “The combination of debt, grant, and social capital makes the DCC program unique,” Connie Smith, Wells Fargo’s Diverse Community Capital program manager, said in a statement. “The social capital component allows CDFIs to collaborate, innovate, and better serve diverse small businesses—and when our small businesses succeed, so do the communities they serve.”

Wells Fargo claims by financing community businesses—including small businesses, microenterprises, nonprofit organizations, commercial real estate and affordable housing—CDFIs spark job growth and retention in U.S. communities. Wells Fargo has committed $75 million to CDFIs since January 2016. Four rounds of awards have been done in 2016 and 2017, exceeding $55 million to date. 

The  Round Four DCC recipients include:

Funds from round four were distributed to many black-owned businesses. Round five just closed, but round six will open May 1, 2018. Grants typically range from $50,000 to $500,000, while loans are generally between $100,000 to several million, according to the bank.

For more details about the Wells Fargo Diverse Community Capital program, visit https://ofn.org/wells-fargo-dcc


Baltimore Creates an Additional 3,000 Summer Jobs for City’s Youth Following Freddie Gray Uprisings

A week after protests took over Baltimore in response to the death of Freddie Gray, Mayor Stephanie Rawlings-Blake launched OneBaltimore, a nonprofit dedicated to rebuilding the city and its affected residents. While progress toward addressing systematic failures that impact not only Baltimore, but other major cities across the U.S., is no easy feat, Baltimore has since made gains in the right direction.

Since announcing the launch of OneBaltimore in May, the nonprofit, which is supported by private–public partnerships, teamed up with the city’s summer jobs program called Youth Works to create an additional 3,000 summer jobs for Baltimore youth. Usually, Youth Works offers positions to 5,000 young people between the ages of 14 and 21, but this year, with the help of OneBaltimore, the program responded to a record number of applications by offering a total of 8,000 positions.

“When businesses hire one or two youths during the summer they are providing jobs that will inspire young people by giving them a glimpse into their future as productive employees,” Donald C. Fry, the president and CEO of the Greater Baltimore Committee said in a statement.

Currently, it costs $1,500 to fund one young person in a Youth Works program. To help offset this cost, OneBaltimore partnered with other nonprofits, private businesses, and government agencies to meet the needs of the city’s youth and in total raised $15 million for future programs.

In addition to providing employment, Mayor Rawlings-Blake is working closely with Wells Fargo, Bank of America and Operation Hope to recruit volunteers to hold financial education seminars for the participants. She has also partnered with the Maryland Transit Administration to offer free public transportation passes for students to get to and from work.

article by Courtney Connley via blackenterprise.com

Wells Fargo Donates $250,000 to the Urban League for Save Our Sons Training Program

Urban League Save Our Sons
Urban League Save Our Sons

ST. LOUIS — The Urban League announced a $250,000 grant from Wells Fargo & Co., parent company of St. Louis-based Wells Fargo Advisors, to support the Save Our Sons workforce training program for African Americans and other men aged 21 and over residing in Ferguson and surrounding North St. Louis County communities.

“We are very grateful to Wells Fargo for joining the Urban League in partnership to help young African American men and others find viable jobs in the St. Louis area,” said Michael P. McMillan, President and CEO of the Urban League of Metropolitan St. Louis, Inc.

The Urban League’s Save Our Sons initiative is a workforce and job training program that will serve up to 500 men in St. Louis County over the next two years.

“Wells Fargo is committed to the communities in which our customers and team members live and work,” said Mary T. Mack, President of Wells Fargo Advisors. “By providing resources and support to the Urban League and the ‘Save our Sons’ program, we can help the North County community begin to create long-term economic growth and quality of life for the families who live there.”

Save Our Sons is an extension of the Urban League’s Workforce Investment Act program (WIA), a federally funded initiative that has reached 6,000 St. Louis high school students. Training sessions will include everything from public speaking and team-building to emergency financial preparation and health care and will be held across North St. Louis County.

To enroll in Save Our Sons, please contact Herta Shikapwashya, Urban League Vice President, at (314) 679-3500.

The Urban League of Metropolitan St. Louis is a social service and advocacy organization that works to fulfill its mission of Empowering Communities and Changing Lives. Programs are offered in the areas of Economic Empowerment, Meeting Families Basic Needs, Educational Quality and Equality and Civic Engagement and Social Justice.

Source: Business Wire

article via gbmnews.com

Wells Fargo to Support Scholarships at State-Operated HBCUs

The Thurgood Marshall College Fund (TMCF) has announced that it has entered into a multi-year $1.7 million partnership with the Wells Fargo Foundation to provide scholarships and leadership development training for students at 47 state-operated historically Black colleges and universities.

To qualify for the scholarships students at the HBCUs need to have a grade point average of 3.0 or above, demonstrate financial need, and show the potential for leadership.

In addition, Wells Fargo will continue to support the TMCF’s Teacher Quality and Retention Program (TQRP) that supports Black men who are committed to a career in teaching.

“Thanks to Wells Fargo’s generosity and ongoing partnership, a cadre of extremely talented future leaders will be able to earn a college degree,” said Johnny C. Taylor, Jr., TMCF’s president and CEO. “In addition, Wells Fargo’s commitment allows HBCU’s to continue their tradition of producing highly qualified and committed classroom teachers.  Wells Fargo’s support to the TQRP initiative will have a lasting impact, helping us educate American children in communities all across the country.”

article via jbhe.com