Wells Fargo Launches Holiday Food Bank Program with $5M Donation to United Way

Non-perishable food donations accepted at Wells Fargo Mobile "Pop-up" Food Banks and branch locations nationwide through the end of December.

Wells Fargo & Company (No. 9 on the DiversityInc Top 50 Companies list) announced Nov. 28 the launch of the Wells Fargo Holiday Food Bank program to make more meals possible in communities this holiday season. Working with United Way Worldwide to create a long-term, high impact program that will support hunger-related causes in our local communities, Wells Fargo donated an additional $5 million grant to the United Way in support of this effort.


According to a recent Wells Fargo study 1, 83 percent of people are more likely to donate food this season if they could do it at a convenient location in their local community. Deploying approximately 5,900 retail banking branch locations and 268,000 team members, the program encourages customers, communities and team members to give non-perishable food at its branches, donate money to United Way and volunteer with hunger-related organizations. The program launches on "Giving Tuesday" and runs through the end of the year.

The Wells Fargo study also showed other trends in attitudes toward giving, including:

  •  55 percent of Americans say they believe donating during the holidays is more important than another times of the year.
  • More than three out of four Americans (77 percent) throw out non-perishable food they buy – which a food bank could use, and people could benefit from.
  • A third of Americans (33 percent) say they don't have a convenient drop-off location for their charitable donations.

"At Wells Fargo, our commitment to building better communities starts with providing the millions of underserved people and families in our country with access to basic needs such as stable housing, food on the table, steady employment, education – and ultimately improved well-being and quality of life," said Jon Campbell, head of Wells Fargo Corporate Responsibility and Community Relations. "Thanks to our team members, customers, and United Way Worldwide, we'll be able to make a big difference for many people in need this holiday season."

Working with United Way

United Way Worldwide, which fights for the health, education and financial stability of every person in every community, plans to use Wells Fargo's $5 million donation to increase the capacity of local United Ways in delivering long-term, high impact programs that will support hunger-related causes through the holidays and beyond.

"This donation from Wells Fargo will support local United Ways' fight to address hunger in communities and provide families with vital resources to live healthier lives," said Brian Gallagher, United Way Worldwide President and CEO. "Wells Fargo's strong relationship with United Way is a critical part of our fight to tackle our nation's toughest challenges and create solutions that strengthen the quality of life for individuals and families."

Leveraging the Wells Fargo branch network

As part of Wells Fargo's Holiday Food Bank, the company will collect food in donation bins at approximately 5,900 retail banking branches and will deploy Mobile Food Banks to 17 cities in the U.S. to collect food Nov. 28 – Dec. 30. The Mobile "Pop-up" Food Bank will collect non-perishable food donations, raise awareness of hunger issues and provide information on how to help families in need this holiday season.

Pop-up locations include New York City; Philadelphia; Washington, D.C.; Charlotte, N.C.; Atlanta; Minneapolis; Des Moines, Iowa; St. Louis; Dallas; Denver; Salt Lake City; Las Vegas; Phoenix; Los Angeles; San Diego; San Francisco; and Portland, Ore.

For a full schedule, please visit www.wellsfargo.com/foodbank.

Team member involvement

The company has committed to volunteering 5,000 hours during the campaign and encourages Wells Fargo team members to support food-based nonprofit organizations in their local communities throughout the holidays. Volunteering is a cornerstone of Wells Fargo's culture, with team members actively involved in local volunteer chapters that organize events throughout the U.S. The company offers eligible team members 16 hours of paid community service time annually.

1 Study attribution: The data points referenced in this report come from a study commissioned by Wells Fargo, produced by research firm Edelman Intelligence and conducted as an online survey of 1,070 nationally representative U.S. adults ages 18+. Interviewing took place from Nov. 7-13, 2017. The margin of error is plus or minus 3 percent.

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Company to waive ExpressSend remittance transfer fees to all countries, payout locations June 15–18.

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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.