Wells Fargo Donated $6.2 Million to Support Maryland Nonprofits in 2018

Business Wire 26-Mar-2019 10:00 AM

Giving addresses community issues around affordable housing, small businesses, education, workforce development

Wells Fargo today announced the company donated $6.2 million through 234 grants to local nonprofits, schools and community organizations in 2018 to help the communities and people of Maryland.

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, access to education and workforce development.

When combined with the more than $471,000 donated by 3,767 Maryland team members during the company's internal Community Support Campaign and $253,893 in education matching grants, nonprofits in the state received a total of $6,951,351 from Wells Fargo and its team members in 2018. That amounts to an average daily donation of $19,000.

"Here in Maryland, we want to help ensure people have a safe and affordable place to call home, support small business owners as they expand and help young people gain a high-quality education that allows them to grow and thrive and that prepares them to reach dreams beyond imagination," said Monica Mitchell, Wells Fargo Community Relations leader in Maryland. "We are determined to help people and communities, especially in underserved areas, succeed financially. We will continue to provide philanthropy, volunteers, expertise and innovation to revitalize and strengthen local neighborhoods."

Beyond philanthropy, Wells Fargo team members in Maryland volunteered more than 33,000 hours in 2018 to support nonprofits and causes important to them — including organizations such as Habitat for Humanity, SAFE Alternative Foundation for Education and Junior Achievement. The Independent Sector estimates the value of one volunteer hour is $24.69. At 33,000, the value of Wells Fargo team members' 2018 volunteerism in Maryland was more than $814,000.

"Part of what makes Wells Fargo unique is the generosity of our team members, who help multiply our community impact," said Patty Tuttle, region bank president for Maryland. "Sometimes giving 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 Maryland

Wells Fargo concentrated its 2018 local philanthropic contributions on addressing urgent community issues such as:

• Affordable housing. Wells Fargo supports programs that increase the availability of affordable housing for low-income residents of Maryland. For example, Neighborhood Housing Services in Baltimore received a $150,000 contribution in support of its Walbrook Mill project, which is being developed in partnership with Coppin Heights Community Development Corp. Upon completion, the mixed-use campus will include 65 mixed-income apartment units, 10,000 square feet of street level commercial/retail space, and the reuse of 22,000 square feet of flexible space to be dedicated for workforce development or other community-serving activities.
• Small business growth. Small businesses are critical to job creation and a vibrant community. Many diverse-owned small businesses, especially those in low- and moderate-income communities face unique challenges and often lack access to the full spectrum of resources necessary for growth and success. Maryland nonprofits serving small businesses — such as Maryland Capital Enterprises, which received a $250,000 grant to provide online entrepreneurship training — received grants to provide access to capital and training for entrepreneurs.
• Economic equity and inclusion. Support included grants to nonprofits that directly serve diverse and historically underserved groups, including initiatives focused on education, vocational training and other solutions for communities with limited access to traditional financial services. Wells Fargo contributed $841,000 to programs in West Baltimore, ranging from support of the business corridor to providing neighborhood-based arts programs for local students.
• Access to education. Support included grants for programs that provide educational interventions during school, as well as out-of-school-time enrichment. Contributions also supported initiatives such as Thread, which provides wraparound services to students so that they can reach their highest potential.

"Wells Fargo is a critical community partner," said Diane Bell-McKoy, president and CEO of Associated Black Charities. "Wells Fargo invests its resources — human and financial — in helping improve lives and strengthen communities throughout Maryland. We're grateful for their partnership."

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.

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