Economic Empowerment

• Expand access to high-quality, affordable, and responsible financial products and services to help underserved consumers enter the financial mainstream, increase savings, improve credit, and build assets.
• Strengthen the financial capabilities of underbanked consumers and our own team members.
• Stabilize local economies and low- to moderate-income neighborhoods through affordable housing, philanthropy, community development investments, and other critical community services.
• Empower small businesses with access to the capital and financial services needed to start, operate, and grow.

We work with community organizations, nongovernmental organizations (NGOs), and other stakeholders to deliver capital, credit, financial education, and other solutions that meet the needs of our customers and communities and, ultimately, help make our economy stronger. Some of our key initiatives include:

• In 2021, Wells Fargo fulfilled its approximately $420 million Open for Business Fund commitment to support an inclusive economic recovery for small businesses impacted by the pandemic. The Open for Business Fund was established in 2020 to provide grants for Community Development Financial Institutions (CDFIs) and other nonprofit organizations that provide capital and technical support to diverse-owned small businesses.
• The Wells Fargo Diverse Community Capital program is a $175 million program to empower diverse small business owners with access to capital and technical assistance by teaming up with CDFIs to support borrowers in all 50 states, Washington D.C. and Puerto Rico.
• The Wells Fargo NeighborhoodLIFT® program supports sustainable homeownership and helps stabilize low- to moderate-income neighborhoods by providing down payment assistance and homebuyer education in collaboration with NeighborWorks^® America and local nonprofit housing organizations.
• The Hands on Banking^® program offers free, non-commercial financial education tools and resources for all stages of life, in English and Spanish. Adults can learn at their own pace about banking, budgeting, saving, credit, homebuying, and more. The youth website has online courses for students, educator resources, and family activities at the elementary, middle, and high school levels. Resources for organizations and volunteers to offer financial education in communities and classrooms are also provided.
• Wells Fargo Community Lending and Investment supports economic development by investing debt and equity capital in low- and moderate-income neighborhoods with limited access to traditional financial services.
• CollegeSTEPS^® program provides guidance to help students manage their finances through college.