Central Piedmont Community College: Wells Fargo Announces Major Grants to Advance Economic Mobility and Racial Equity in …
May 5, 2021
Wells Fargo & Company (NYSE: WFC) to provide more than $ 3.2 million in grants to address a range of critical needs of the Charlotte community, including promoting economic mobility, improving racial equity , supporting small minority-owned businesses and promoting entrepreneurship for the next generation of business leaders.
Wells Fargo CEO Charlie Scharf announced the grants earlier today at a special event at Biddle Hall and Auditorium on the campus of Johnson C. Smith University, a historically black college and university ( HBCU). Johnson C. Smith University and the United Way of Central Carolina will each receive a $ 1 million grant, while the Small Business Resource Center at Central Piedmont Community College will receive a Wells Fargo Open For Business grant of 625,000. dollars. Other organizations that receive grants include Aspire Community Capital, Charlotte is Creative, City Start-Up Labs, the Latin American Chamber of Commerce, Prospera, and the Women’s Business Center.
“While we see signs of economic improvement, we also realize that not all of our communities are benefiting equally in this recovery,” Scharf said. “This is why Wells Fargo intends to support a more inclusive economic recovery, with a focus on racial and social equity, economic mobility and investments in low and moderate income communities. We are pleased to announce these grants for the Charlotte area. continue to focus on ways to support positive change. “
The announcements coincide and help celebrate the return of the Wells Fargo Championship to Charlotte. The PGA TOUR event, which was canceled in 2020 due to COVID-19, has raised over $ 24 million for charities since 2003. The Wells Fargo Championship has a significant economic impact on the region’s economy of Charlotte – estimated at over $ 50 million per year. .
Wells Fargo recently announced equity investments in 11 African American Minority Depository Institutions (MDIs) as part of its March 10, 2020 pledge to invest up to $ 50 million in black-owned banks. The investments are part of Wells Fargo’s commitment to supporting economic growth in African American communities where MDIs, often community banks, provide mortgages, small business loans, and other banking services. Self Help Credit Union and M&F Bank, two of the MDIs that receive funding from Wells Fargo, have branches on Beatties Ford Road.
Make an impact in Charlotte and North Carolina
Wells Fargo is a longtime supporter of the community in Charlotte and throughout North Carolina. Over the past 10 years, Wells Fargo and the Wells Fargo Foundation have provided North Carolina nonprofits with more than $ 190 million in grants. The $ 3.2 million grants announced today will support key organizations in their efforts to meet the critical needs of the Charlotte community, including:
- Johnson C. Smith University: Funding will focus on scholarships for minority students, experiential learning to support entrepreneurship and small business ownership, student financial health education and the development of the credit rating.
- United Way of Central Carolina: The Wells Fargo Community Impact Fund grant will support economic mobility in low-income neighborhoods and the promotion of racial equity through Unite Charlotte.
- Central Piedmont Community College – Small Business Resource Center: The Wells Fargo Open For Business (OFB) grant will be focused on supporting underrepresented small business owners in the Charlotte area. OFB is an approximately $ 420 million small business recovery effort created by Wells Fargo by donating all gross processing fees received from participation in the Paycheque Protection Program (P3) in 2020. The Fund OFB provides grants to nonprofit organizations serving small businesses most affected by the COVID-19 pandemic, especially small businesses owned by women who are racially and ethnically diverse.
- Aspire Community Capital: The grant will support entrepreneurs in low and moderate income (LMI) communities in Charlotte.
- Charlotte is creative: The grant will impact creatives as entrepreneurs by supporting them with funding, mentoring, business skills training and social capital links.
- City start-up labs: The grant will aim to help bridge the entrepreneurial gap where under-represented populations of African American millennials and returning citizens (previously incarcerated) are unable to adequately and proportionately participate in the business of start-up and business creation.
- Charlotte Latin American Chamber of Commerce: The grant will help fund a business and entrepreneurship center supporting Hispanic / Latin American entrepreneurs and business owners in Charlotte.
- Prospera: The funds will provide bilingual (English / Spanish) assistance to small business owners and Hispanic entrepreneurs in Charlotte.
- Women’s business center: The funds will help women-owned businesses in Charlotte get started and grow.
About Wells Fargo
Wells Fargo & Company is a leading financial services company with approximately $ 1.9 trillion in assets and proudly serves one in three U.S. households and over 10% of all mid-market businesses and small businesses to U.S. We provide a diverse set of banking and investment services and mortgage products and services, as well as consumer and business finance, through our four featured operating segments: banking and consumer lending. , commercial banking, corporate and investment banking, and wealth and investment management. Wells Fargo is ranked 30th in the Fortune 2020 ranking of America’s largest companies. In the communities we serve, the business is focusing its social impact on building a sustainable and inclusive future for all by supporting affordable housing, small business growth, financial health and a low-emission economy. carbon. Wells Fargo news, ideas and perspectives are also available at Wells Fargo Stories.