Wells Fargo Donates $49 Million to Support Veterans, Servicemembers

Wells Fargo has surpassed its three-year, $35 million goal by donating more than $49 million toward programs to help military servicemembers, veterans and their families achieve and maintain homeownership, attain successful career transitions and succeed financially.

Quinn

Wells Fargo Donates $49 Million to Support Veterans, Servicemembers

Wells Fargo Military Affairs Program focuses on empowering military servicemembers, veterans and their families to achieve homeownership, attain successful career transitions and succeed financially


Quinn

SAN FRANCISCO, November 6, 2014 – Wells Fargo & Company (NYSE: WFC) announced today its Military Affairs program has surpassed its three-year, $35 million goal by donating more than $49 million in its first two years toward programs to help military servicemembers, veterans and their families achieve and maintain homeownership, attain successful career transitions and succeed financially.

Since November 2012, Wells Fargo has:

  • Donated or is in the process of donating to wounded warriors more than 230 Real Estate Owned (REO) properties valued at more than $37 million
  • Hired more than 3,600 veterans and participated in more than 500 military job fairs
  • Launched Hands on Banking for Military® , a financial education program that has been viewed by more than 40,000 people since last year
  • Donated nearly $12 million to military- and veteran- related nonprofits

"We began our Military Affairs program in 2012 to elevate our work with military servicemembers, veterans and their families," said Jerry Quinn, Wells Fargo Military Affairs program manager. "From the start of our program, we've always believed in giving a hand up, rather than a hand out. We plan to take that a step further by helping empower military members, veterans and their families to own homes, and achieve professional and financial success."

VIDEO: Wells Fargo's Jerry Quinn Reveals Impact of $35M to Vets

Moving forward, Wells Fargo seeks to grow its military affairs efforts in three key areas: hiring, financial education, and customer services tailored to the needs of military personnel, veterans and their families.

In the workplace, Wells Fargo values the leadership, discipline and service record of military members and veterans, employing approximately 7,500 team members today who self-identify as veterans. The company is committed to increasing its veteran team member population to 20,000 by 2020. The company also helps veterans translate their military skills into job skills through a tool called "Hiring Our Heroes' Military Translator." Wells Fargo also offers enhanced training for hiring managers to increase their understanding of the valuable skills and experiences veterans have to offer.

The company also is offering special financial education resources tailored for servicemembers and veterans that include information about VA loans, homebuyer education and down payment assistance grants. These programs are offered in markets such as Albuquerque, Virginia Beach, Va., and others where a concentration of military servicemembers exists.

Wells Fargo also recently expanded its Military Banking Call Center (MBCC), a dedicated customer service phone number for military men and women and their families. By calling 1-855-USA-2WFB (1-855-872-2932), military members can get assistance with managing their finances wherever they may be stationed around the globe. Because service members have unique and often complex needs due to their service, the MBCC is staffed by Wells Fargo team members who are veterans, reservists or are part of a military family. The MBCC is the most recent dedicated Wells Fargo customer service phone number for the military, and joins the Mortgage Military Customer Service number (1-866-936-7272) and Wells Fargo Dealer Services military line (1-800-289-8004).

Wells Fargo announced on Monday that it will mark this Veterans Day by inviting service members, veterans and their families to learn more about managing their finances, buying a home and managing credit. This is the third time Wells Fargo is offering free financial education webinars (online workshops) for military members and veterans, allowing service members to access the information from their homes or at local libraries. The webinars, offered through Wells Fargo's Military Mortgage Express program, are scheduled for Tuesday, Nov. 11 through Thursday, Nov. 13. The instructor-led sessions will provide information on home buying, managing credit, budgeting and saving.

Register at www.wellsfargo.com/rsvp for the following sessions:

  • First-Time Homebuyer: Nov. 11 at 2 p.m. CST. Access code: Mil1stHome
  • Budgeting and Saving: Nov. 12 at 2 p.m. CST. Access code: MilBudget
  • Get Smart About Credit: Nov. 13 at 2 p.m. CST. Access code: MilCredit

Veterans' Team Member Network

Wells Fargo's Veterans' Team Member Network (VTMN) provides team members with personal and professional development, mentoring, leadership engagement, networking and community outreach opportunities. In 2014, the VTMN added approximately 750 new members for a total of more than 3,200 members and 33 active chapters across the country.

2012-2014 Rankings

  • 8th on Diversity, Inc.'s Top Companies for Veterans – 2014
  • 29th on Military Times Best for Vets: Employers 2014
  • I. Jobs: 2014 Top 100 Military Friendly Employers®
  • I. Jobs: 2014 Top 50 Military Spouse Friendly Employer®
  • 7 on the CareerBliss list of Top 20 Happiest Companies for Veterans in 2013

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.6 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune's 2014 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.

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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.

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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.

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