Looking ahead, Wells Fargo is committed to growing its investments in community revitalization, resiliency, and economic growth, especially in underserved communities.
The company recently announced that it will increase annual donations to nonprofits by 40 percent in 2018 aiming for an unprecedented $400 million in philanthropic giving with a long-term plan of investing two percent of our after-tax profits in corporate philanthropy beginning in 2019.
As part of this expanded philanthropy, Wells Fargo will:
- Invest $100 million in capital and other resources over the next three years to support the growth of diverse small businesses through the Wells Fargo Works for Small Business: Diverse Community Capital (DCC) program.
- Double its investment in NeighborhoodLIFT to $75 million in 2018. This program delivers down payment assistance and financial education to homebuyers who are primary in the low-to-moderate income range.
- Increase funding for the Wells Fargo Innovation Incubator, now a $30 million partnership with the Department of Energy’s National Renewable Energy Laboratory, which speeds the path to market for promising clean-tech startup technologies.
And, the company made a five-year, $50 million commitment to American Indian/Alaska Native communities to help address their unique economic, social and needs.