Banking / Financial

Wells Fargo Donated $6.3M to Support NJ Nonprofits in 2018

Wells Fargo announces it donated more than $6.3 million through 412 grants to local nonprofits, schools and community organizations in 2018 to help the communities and people of New Jersey. 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 sustainability.

When combined with the $400,000 donated by the company’s New Jersey team members, nonprofits in the state received a total of $6.7 million from Wells Fargo, the Wells Fargo Regional Foundation and its team members in 2018. That amounts to an average daily donation of $18,356.

“Across our community, many residents are working hard to make ends meet,” said Deborah Smith, Wells Fargo’s Community Affairs Manager for New Jersey, New York and Connecticut. “Here in New Jersey, 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. We are determined to help people and communities, especially in underserved areas, succeed financially. We will continue to provide philanthropy, volunteers, expertise and other resources to revitalize and strengthen local neighborhoods.”

Beyond philanthropy, Wells Fargo team members in New Jersey volunteered more than 26,000 hours in 2018 to support nonprofits and causes important to them. These volunteer hours are the equivalent of $641,940, according to the Independent Sector. In 2018, over 100 New Jersey volunteers, in collaboration with CareForce, an AmeriCorps Organization, revitalized the historic Weequahic High School in Newark. The company’s inaugural New Jersey Day of Service benefited over 285 local residents.

“Part of what makes Wells Fargo unique is the generosity of our team members who help multiply our community impact,” said Smith.  “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 New Jersey

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 organizations such as Habitat for Humanity, Homefront, and others 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 the Union County Economic Development Corp. and New Jersey Community Capital –received special grant support from the Wells Fargo Works for Small Business Diverse Community Capital Grant Program.  This support helps to bolster diverse owned small businesses throughout the state.
  • 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, grants supported the YWCA of Greater Princeton and the Institute for Entrepreneurial Leadership’s Women of Color initiative.
  • Access to education. Support included grants for local K-12 schools, scholarships for post-secondary or vocational training and financial education.  The company has partnered with the Liberty Science Center, Mercer County Community College and Rutgers, The State University of New Jersey to help impact access to quality education.
  • Minimizing the impacts of climate change. The company supported the work of nonprofits helping communities become more resilient in the face of a changing climate, including environmental education, resiliency planning, green infrastructure and bringing renewable energy to low-income communities. For example, through the bank’s Resilient Communities grant program, Wells Fargo has partnered with the Pinelands Preservation Alliance to help preserve a healthy beach habitat at Island Beach State Park in Ocean County.

To access more business news, visit NJB News Now.

Related Articles: