Wells Fargo & Company announced $200,000 in donations to three local nonprofits to support housing, education and small business programs for New Mexico residents.
“It’s always a great day when we see positive and lasting change taking place,” said David Hockmuth, New Mexico region bank president. “The meaningful work being done by these nonprofits will improve lives and strengthen communities, and that is what we all want. Together, we are committed to making progress.”
The Wells Fargo grants are intended to support neighborhood revitalization efforts through the Wells Fargo NeighborhoodLIFT program funded by the Wells Fargo Foundation.
The NeighborhoodLIFT program local initiative grants will be awarded to the following New Mexico nonprofits:
- Fathers Building Futures will receive $75,000 to provide fathers with strong financial oversight, woodshop training, a financial training program and help with setting up Individual Development Accounts through a partnership with Prosperity Works and Women’s Economic Self-Sufficiency Team Corp (WESST).
- Saranam will receive $50,000 to assist families experiencing homelessness with safe, stable, and fully furnished transitional housing and a small stipend for up to two years so they can concentrate on breaking down barriers through education, heal from abuse, interact with positive role models, and find hope and opportunity for their future. Saranam takes a two-generational approach that meets the needs of children and parents together to enable families to build education, economic assets, social capital, health and well-being, for one generation and passes to the next.
- Women’s Economic Self-Sufficiency Team Corp (WESST) will receive $75,000 to provide start-up and existing entrepreneurs in New Mexico with high-quality training, one-on-one consultations, access to capital and business incubation services for small businesses in New Mexico. This work with small businesses will concentrate on business finances, marketing and management. The project will incorporate several WESST initiatives as a means to facilitate business start-up and growth. Over the one-year project period, goals include to provide 500 business consultations; 750 training participants; 25 business startups; and create 25 new jobs.
More than 400 homeowners created in New Mexico
The New Mexico NeighborhoodLIFT program local initiative grants are part of a $4.6 million commitment by Wells Fargo to boost local homeownership and revitalize neighborhoods in New Mexico. LIFT programs have assisted 430 New Mexico homeowners by offering homebuyer education plus down payment assistance grants. The 2018 New Mexico NeighborhoodLIFT program is a collaboration with NeighborWorks America and its network member, Homewise.
Since February 2012, LIFT programs have helped create more than 18,600 homeowners in 63 communities. A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.