Wells Fargo Announces $50 Million Grant to NAACP
Wells Fargo Announces $50 Million Grant to NAACP

Wells Fargo Announces $50 Million Grant to NAACP

Wells Fargo Bank Banking 02 February, 2023 4:22 PM

Wells Fargo announced a $50 million grant to support the nation’s largest civil rights and social justice organization in its continued efforts to advance racial equity in America.

Wells Fargo’s grant will both strengthen the NAACP's local units and support the organization’s plans to develop a new national headquarters. The grant will assist NAACP local units and branches across America by increasing essential staff to implement and sustain meaningful programming and will support their work to grow strategic partnerships with key businesses in communities across the country. In addition, at the national level, the grant will support the NAACP’s work on policy solutions used to address the needs of the communities it serves.

"We’re grateful to Wells Fargo for their donation, the single largest donation the NAACP has ever received from a corporation. These funds will go directly toward strengthening the NAACP's grassroots network of local units and branches across all 50 states, as well as the work of the national NAACP," said NAACP President and CEO Derrick Johnson. "All corporations play a critical role in our democracy. They must be engaged as allies in the fight to end discrimination — in our economy, in our justice system, across our society, and within their own services."

Wells Fargo CEO Charlie Scharf said the company is pleased to support the NAACP in creating a more equitable nation and in providing better access to economic opportunities for Black Americans.

"Key to our shared goal to advance equity and economic opportunities for Black Americans is the work the NAACP local units and branches do to support communities on a highly local basis," Scharf said. "We value our longstanding relationship with the NAACP, and this grant is meant to strengthen the work we already do together to close economic gaps that have existed for far too long in our country."

The relationship between the NAACP and Wells Fargo spans more than 20 years. Since 1998, Wells Fargo’s support of the NAACP has included the funding of the Financial Freedom Center, financial health programs, and homeownership/home preservation programs. Wells Fargo has also sponsored key NAACP events, such as the Women in NAACP Empowerment Brunch, the NAACP Image Awards, and the NAACP National Convention.