Wells Fargo & Company has announced a commitment of more than $1.5 billion in loans and philanthropic funding over five years to help revitalize neighborhoods in Washington, D.C.
To unlock economic opportunity across the city, Wells created the Where We Live program in collaboration with the National Community Reinvestment Coalition and other local organizations and, through the program, will triple its community giving in the region, with a focus on affordable housing, small business growth, and job skills.
The initiative includes more than $1.5 billion over five years in loan and equity investments and a five-year, $16 million philanthropic commitment, with a focus on Ward 7 and Ward 8, including $4 million in support of community development financial institutions working to grow the small business community and $6 million for nonprofit housing initiatives. The first four organizations to receive funding through the initiative are DC Central Kitchen, which was awarded $150,000 in support of a youth job training center and retail café in Ward 8; SOME (So Others May Eat), which will receive $100,000 in support of its efforts to help homeless families create plans that include their financial, professional, and personal objectives; the Washington Area Community Investment Fund, which was awarded $125,000 in support of its efforts to support low- and moderate-income entrepreneurs; and MANNA, Inc., which will receive $125,000 in support of its Hunter Place project in southeast Washington.
"Communities succeed when we all work together," said Wells Fargo CEO Tim Sloan. "The Where We Live program is rooted in two things: investments that help people live, work, and thrive, and a deep understanding that neighborhoods need long-term partners. It builds on Wells Fargo's legacy of empowering residents and small businesses in our nation's capital for the past one hundred years, and our desire to create a compelling community investment model in Washington, D.C."
(Photo credit: DC Central Kitchen)