Wells Fargo Donates $500,000 for Seattle-Area Revitalization Efforts

Local NeighborhoodLIFT grants address community revitalization, health and wellness, and homeownership for Seattle-King County.

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Wells Fargo & Company (No. 12 on the DiversityInc Top 50 Companies list) announced a total of $500,000 in donations for five local nonprofits that will help revitalize Seattle neighborhoods through the Wells Fargo NeighborhoodLIFT program.


The Wells Fargo Foundation is providing grants to the following Seattle-King County nonprofits:

  • Capitol Hill Housing – $100,000 grant to support construction of a mixed-use property in the community of White Center that will provide affordable housing options for low-to-moderate income families.
  • Downtown Emergency Service Center (DESC) – $100,000 grant to provide stable housing, and access to mental/behavioral/physical treatment to address the long-term needs of formerly homeless people living with severe and persistent challenges.
  • El Centro de la Raza – $100,000 grant to rehabilitate the El Patio Apartments and preserve affordable housing on Beacon Hill. The renovation will serve low-to-moderate income children, youth, families, elders, immigrants, Latinos and vulnerable populations.
  • Homestead Community Land Trust – $100,000 grant to build Riverton Park Phase I, which will create 11 affordable homes for low-to-moderate income homebuyers in Tukwila. Once completed, Riverton Park Phase I will consist of 31 homes.
  • Mercy Housing Northwest – $100,000 grant to support construction of Mercy Othello Plaza in Seattle's Othello neighborhood. Upon completion, the development will include 108 affordable family housing units in two buildings, including indoor and outdoor gathering and activity space.

The grants are funded through Wells Fargo's NeighborhoodLIFT program that was launched in July 2016 for Seattle-King County homebuyers with a $5 million commitment by Wells Fargo to boost local homeownership and revitalize neighborhoods. NeighborhoodLIFT will create hundreds of homeowners in Seattle-King County through homebuyer education plus matching down payment assistance grants up to $7,500.

Wells Fargo is collaborating with national nonprofit NeighborWorks America, and its local network member, HomeSight, to implement the program. More than $3.3 million in down payment assistance grants are still available and interested homebuyers may contact HomeSight or Wells Fargo Home Mortgage in Seattle-King County for information about eligibility requirements.

The Wells Fargo NeighborhoodLIFT local initiative grants for Seattle-King County will provide support for neighborhood revitalization, homeownership, health and wellness, and neighborhood beautification.

"Wells Fargo cares about our communities and we are making these investments to continue the revitalization effort to strengthen the Seattle area," said Patrick Yalung, Wells Fargo regional president for Washington. "These nonprofits are actively leading programs to help stabilize housing, curb homelessness, and promote health and wellness and we believe these grants will add up to make a big impact."

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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.