The FINANCIAL -- CHICAGO, Wells Fargo -- announced that the bank will double its investment in the United Way of Metro Chicago Neighborhood Network Initiative in the Austin neighborhood, bringing the bank’s total commitment to $600,000 by 2020. Since 2015, Wells Fargo has invested $100,000 each year to the program and will contribute that same amount annually for the next three years.
The announcement was made early today at the bank’s South Wacker Drive regional hub where more than 100 local Wells Fargo volunteers assembled 450 literacy kits filled with craft activities to support vocabulary development for Austin-area children served by Austin Childcare Providers Network and New Moms.
Through its Neighborhood Network Initiative, United Way of Metro Chicago works with a lead partner and local nonprofits to identify challenges in the areas of education, income, and health, and then builds on the strengths of existing community services with additional resources. United Way leverages financial investments, staff expertise, and cross-sector partnerships to coordinate services and measure progress toward goals set by each neighborhood, such as increasing high school graduation rates, reducing chronic disease, and addressing trauma from community violence. There are 10 United Way Neighborhood Network coalitions across the city and suburbs.
Along with its continued support of United Way, Wells Fargo earlier this year reinforced its commitment to community investments that support economic growth, resiliency, and sustainability. The bank pledged $400 million — or more than $1 million a day — to nonprofits in 2018. The company also recently announced that it will provide $200 billion in financing to sustainable businesses and projects by 2030.
In August, Wells Fargo committed $8 million in down payment assistance grants through its NeighborhoodLIFT® program to boost homeownership in Cook County. Also in 2017:
The banks’ nearly 5,000 local employees donated $1.5 million and volunteered more than 25,000 hours in communities statewide
Wells Fargo donated nearly more than $4 million to Illinois nonprofits and schools that same year, including more than $1.5 million for community development, financial literacy, housing, and small business projects
Wells Fargo donated more than 10,000 new winter coats to Chicago Public School children