DENVER--(BUSINESS WIRE)--Wells Fargo today announced the company donated more than $12 million through 236 grants to local nonprofits, schools and community organizations in 2018 to help the communities and people of Colorado.
Wells Fargo’s philanthropic contributions build on a long history of collaboration with local nonprofits and community leaders to make a positive impact by addressing urgent community issues such as affordable housing, small business growth and access to education.
When combined with the nearly $1.1 million donated by the company’s 5,140 Colorado team members during the company’s internal Community Support Campaign, nonprofits in the state received a total of $13.1 million from Wells Fargo and its team members in 2018. That amounts to an average daily donation of $35,890.
“Across our state, many residents are working hard to make ends meet. Here in Colorado, we want to help people find a stable place to live, help small business owners expand, and help young people gain a quality education that prepares them for the workforce,” said Wells Fargo Lead Region President Patrice DeCorrevont.
“We are determined to help people and communities, especially in underserved areas, succeed financially. We plan to continue to help revitalize and strengthen our local neighborhoods through philanthropy, volunteers, expertise and other resources.”
Beyond philanthropy, Wells Fargo team members in Colorado volunteered almost 39,000 hours in 2018 to support nonprofits and causes important to them. The Independent Sector estimates the value of one volunteer hour is $24.69.
At 39,000 hours, the value of Wells Fargo team members’ 2018 volunteerism in Colorado was nearly $963,000.
When you combine the Wells Fargo and team member giving totals of $13.1 million and the $963,000 value of the volunteerism, it means Wells Fargo and its team members made a $14 million charitable impact in Colorado last year.
“Part of what makes Wells Fargo unique is the generosity of our team members who help multiply our community impact,” continued DeCorrevont. “Sometimes giving our time is even more valuable than money because it puts our desire to build a strong community into action and gives us a tangible way to personally make a difference.”
United Way Worldwide recently recognized Wells Fargo for having the No. 1 workplace giving campaign in the U.S. for the tenth consecutive year.
Making an impact in Colorado
Wells Fargo concentrated its local philanthropic contributions on addressing urgent community issues such as:
- Affordable housing. To help increase affordable, stable housing and homeownership in low- and moderate-income neighborhoods, Wells Fargo collaborated with grantees to provide homebuyer education, down payment assistance and other affordable housing solutions.
- Small business growth. Small businesses are critical to job creation and a vibrant community. Many diverse-owned small businesses, especially those in rural and low- to moderate-income communities, face unique challenges and often lack access to the full spectrum of resources necessary for growth and success. Nonprofits serving small businesses, including Colorado Enterprise Fund, received grants to provide access to capital and training for entrepreneurs in rural and urban markets.
- Economic equity and inclusion. Support included grants to nonprofits that directly serve diverse and historically underserved groups, including initiatives focused on the development of women and diverse talent, education and vocational training, and other solutions for communities with limited access to traditional financial services. For example, Wells Fargo collaborated with Emily Griffith Technical College and provided a $75,000 grant to support the 360 Degree fund, a program that provides stipends to help students pay for non-academic expense such as childcare, transportation or medical bills.
- Access to education. Support included grants for local K-12 schools, scholarships for post-secondary or vocational training, and financial education, including a $100,000 grant to the Boys & Girls Clubs, which will support financial literacy programming in clubs across Colorado. This builds off a 2017 grant that brought Hands on Banking® curriculum to 38 clubs in 15 counties.
About Wells Fargo
Founded in 1852 and headquartered in San Francisco, Wells Fargo & Company (NYSE:WFC) provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,800 locations, more than 13,000 ATMs, and the internet (wellsfargo.com). Wells Fargo’s vision is to satisfy customers’ financial needs and help them succeed financially. With approximately 259,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations. In 2018, Wells Fargo donated more than $444 million to nearly 11,000 nonprofits in support of affordable housing, small business growth, financial education, and sustainability, among other community needs. For 10 consecutive years, Wells Fargo has held the honor of No. 1 in workplace giving by United Way Worldwide. Wells Fargo team members also make a difference by donating more than 2 million hours of volunteer time in the last year. News, insights and more information on the company’s corporate responsibility are available at Wells Fargo Stories.