Wells Fargo's Support of Military Servicemembers, Veterans Passes $70 Million

Wells Fargo has donated more than $70 million over four years.

Wells Fargo & Company (No. 12 on the DiversityInc Top 50 Companies list) has donated more than $70 million over four years in support of military servicemembers, veterans and their families through housing initiatives, career transition programs, financial education, foundation donations, and event sponsorships. 2016 highlights include grants to improve homeless veteran housing, strategic support for veteran-founded startup companies, hiring veterans for internships within Wells Fargo Securities, and support for nonprofit programs that improve the lives of veterans with disabilities.


"I'm proud of Wells Fargo's continued investment in so many great military and veterans' initiatives across the company," said Jerry Quinn, Wells Fargo Military & Veteran Programs manager. "These men and women served our country. It's important for us to give back where it's needed most, such as housing, hiring and financial education."

Since establishing the Military Affairs Program in 2012, Wells Fargo has:

- Donated more than 300 homes, valued at over $50 million, to veterans in all 50 states.

- Hired more than 6,300 veterans, and participated in more than 850 military job fairs.

- Launched Hands on Banking® for Military, an online financial education program that has been viewed by more than 300,000 since July 2013.

- Donated more than $20 million to military- and veteran-related nonprofits.

Wells Fargo has been helping military members and veterans succeed financially for more than 164 years. 2016 highlights include:

Housing

Wells Fargo recently launched its VeteranWIN grant program aimed at capital improvement and renovation work to support homeless veteran housing and low-to-moderate income veteran residential rehabilitation. Grants totaling $100,000 will be awarded on November 15.

Wells Fargo donated $55,000 to American Family Housing to help develop Potters Lane, a housing community for chronically homeless veterans built with recycled shipping containers that serves as a model for the nation.

Career Transition

Wells Fargo will collaborate with two veteran-founded startup companies in our innovation lab. The two cybersecurity companies, ID.me and Efflux Systems, were recently selected from a Veterans Startup Pitch event on Oct. 18 in San Francisco, which Wells Fargo sponsored in conjunction with Bunker Labs and VetsinTech. The companies will receive resources, such as support, talent, meeting space, and mentoring from Bunker Labs and VetsinTech.

Wells Fargo launched its Veteran Employment Transition (VET) Program focused on sourcing and hiring competitive transitioning veterans for internships within Wells Fargo Securities, the company's investment banking and capital markets division. Ten interns were selected to participate in the program and nine were hired for employment. The program's first year success led to an expansion to other banking divisions and a class of more than 50 interns in 2017. Please visit http://myfuture.wf.com/veteran) for more information.

For the third consecutive year, Wells Fargo sponsored Warriors to Summits. Offered by No Barriers Warriors, Warriors to Summits is a nonprofit program that improves the lives of veterans with disabilities through curriculum-based learning in challenging environments. Warriors to Summits experiences serve as an opportunity for growth and a catalyst for change, as warriors stretch boundaries, build teams, innovate through adversity and step up to lead and serve others. Learn more about the 2016 expeditions and the veterans who participated at http://www.warriorstosummits.org/meetthewarriors/.

Financial Education

Wells Fargo renewed its commitment to the National Foundation for Credit Counseling® (NFCC) with a $1 million donation, totaling $3.5 million over the past three years, to help support the nonprofit's Sharpen Your Financial Focus (Sharpen) initiative. Through the Sharpen initiative, which features the Hands on Banking for Military program, consumers are able to address financial challenges and opportunities, and set a path toward financial goals through targeted education and counseling. To date, more than 15,000 military servicemembers have strengthened their financial capability through the initiative.

Learn more about Wells Fargo's commitment to military servicemembers, veterans and their families at www.wellsfargo.com/military.

Wells Fargo Observes International Day of Family Remittances, Offers Fee Waiver

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

REUTERS

Originally Published by Wells Fargo.

Wells Fargo & Company announced it will commemorate the International Day of Family Remittances by waiving all transfer fees for ExpressSend ® remittances sent June 15–18.

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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.

Here’s How Trump and Obama Honored Memorial Day

Veterans group calls Trump's tweet "the most inappropriate" Memorial Day remarks from a president.

President Donald “Cadet Bone Spurs" Trump and his predecessor sent very different messages on Twitter in light of Memorial Day.

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