Wells Fargo Commits $1 Million to Scholarship America for People with Disabilities

Wells Fargo celebrates National Disability Employment Awareness Month

In honor of National Disability Employment Awareness Month, Wells Fargo & Company (No. 12 on the DiversityInc Top 50 Companies list) has committed $1 million over the next four years to Scholarship America to develop and implement a special scholarship program to help people with disabilities obtain the education or training necessary to succeed in the career path of their choice.


"Wells Fargo's generous $1 million commitment for scholarships will help people with disabilities obtain the education they need to compete for jobs on a more even playing field," said Robert Ballard, president and CEO, Scholarship America.

Scholarship America, the nation's largest provider of postsecondary educational assistance programs, and Wells Fargo worked together on the application and selection process for the scholarships using the best practices from the highest quality postsecondary educational aid programs.

"Wells Fargo is committed to financially empowering and employing people with disabilities," said Kathy Martinez, head of disability and accessibility strategy at Wells Fargo. "Working with Scholarship America is just one of the many ways we help make career aspirations a reality for people with disabilities."

Application Process

Applications for the scholarship program are currently being accepted online at https://scholarsapply.org/pwdscholarship through Jan. 17, 2017 or until 700 applications are submitted, whichever comes first. Applicants must meet all of the following criteria:

- Have an identified disability (defined as someone who has, or considers themselves to have, a long-term or recurring issue that impacts one or more major life activities)

- Have a minimum grade point average of 3.0 on a 4.0 scale or equivalent

- Be a high school senior or graduate who plans to enroll or who are already enrolled in full‑time or half-time (at least 6 credits per term) undergraduate study at an accredited two‑year or four‑year college or university in the United States for the entire 2017-2018 academic year

Applicants will be required to complete the online application and provide a current academic transcript. The online application is accessible for users of all abilities. A dedicated toll-free phone number and email address will be provided to applicants who may need additional assistance. Each applicant will also be required to submit an essay on the question: What life experiences have shaped who you are today?

Selection Criteria

The selection criteria will include the consideration of academic performance, demonstrated leadership, work experience, a brief statement of career and educational goals, and an outside appraisal. Financial need will also be considered.

Awards

Awards for full-time students are up to $2,500 per year and are renewable up to three years. Awards for part-time students are up to $1,250 and are renewable up to seven years or until a bachelor's degree is earned, whichever occurs first.

For more information about the scholarships, please visit https://scholarsapply.org/pwdscholarship.

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REUTERS

Originally Published by Wells Fargo.

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13 Organizations Awarded $12.1 Million From Wells Fargo to Support Diverse Small Businesses

Funding awarded to local Community Development Financial Institutions.

REUTERS

Originally Published by Wells Fargo.

Wells Fargo & Company announced that 13 Community Development Financial Institutions (CDFIs) around the U.S. have been selected to receive $12.1 million in lending capital and grants under the Wells Fargo Works for Small Business: Diverse Community Capital (DCC) program. The recipients are private, nonprofit financial institutions that are dedicated to delivering responsible, affordable financial products to underserved populations and communities. Many of the small and micro businesses CDFIs serve may not be ready to access capital through conventional financing methods.

The Diverse Community Capital recipients are:

  • BOC Capital Corp. - Brooklyn, N.Y.
  • California Capital Financial Development Corporation – Sacramento, Calif.
  • Cooperative Development Fund of CDS for Shared Capital Cooperative - St. Paul, Minn.
  • Cooperative Fund of New England – serving New England
  • Entrepreneur Fund – Duluth, Minn.
  • First American Capital Corporation – West Allis, Wis.
  • Hartford Community Loan Fund – Hartford, Conn.
  • Local Initiatives Support Corporation – serving Los Angeles
  • Mission Economic Development Agency (MEDA) – San Francisco
  • Mountain BizWorks – Asheville, N.C.
  • New Jersey Community Capital – New Brunswick, N.J.
  • PeopleFund – Austin, Texas
  • Rainier Valley Community Development Fund – Seattle, Wash.

Diverse Community Capital funds will be used by the awardees to increase lending to diverse small business owners; help more diverse small business owners get the coaching and education resources they may need to grow their business; and improve, create or add resources, materials, products, or programs to better serve their target market.

Under the program, awardees also have the opportunity to participate in a social capital component, delivered by Opportunity Finance Network, a national network of CDFIs. Social capital opportunities include an online learning community, working groups on specific topics, consulting, peer learning and mentoring.

"Now in its third year, the DCC program's impact on communities has been compelling," said Connie Smith, Wells Fargo's Diverse Community Capital program manager. "DCC awardees are increasing access to capital and development services for diverse small businesses in their local communities. These awards are inspiring collaboration and innovation in the CDFI industry every day."

In fiscal year 2017, Diverse Community Capital awardees closed more than $284 million in loans to diverse small business clients. That represents a year-over-year increase of 23 percent for the first 18 awardees and a 63 percent increase for the next 26 awardees. Awardees closed nearly $103 million to black or African American entrepreneurs and more than $75 million to Hispanic or Latino entrepreneurs. In addition, 76 of all development services offered by DCC awardees were delivered to diverse small businesses. Most awardees reported at least one new or changed program or product designed to increase capital deployment to their clients.

"When local businesses succeed, so do the communities where we live and work," said Mike Rizer, director of Community Relations at Wells Fargo. "By financing community businesses — including small businesses, microenterprises, and nonprofit organizations — CDFIs spark job growth and retention in communities across the U.S."

Today's announcement marks Diverse Community Capital's fifth installment, or round, of awardees since 2015. Wells Fargo has committed an additional $100 million over the next three years to CDFIs serving diverse small businesses.

To earn back your trust, Wells Fargo has renewed its commitment to you. See our re-established goals at http://www.wellsfargo.com/renew.
We are re-committing to you and re-inventing how we serve you, delivering banking features like Card-Free ATM Access, and Debit Card On or Off for when you misplace your debit card. We have changed our sales policies and culture to fix what went wrong and make things right, knowing an apology is just the beginning.