Native-Focused Organizations Receive More Than $6 Million in Grants From Wells Fargo’s Invest Native

Rhea-AI Summary

Wells Fargo has distributed $6.4 million in grants to 33 nonprofits across six states through its Invest Native Initiative. The funding aims to strengthen housing access, small business growth, financial health, and sustainability in Native communities across Arizona, Montana, New Mexico, North Dakota, South Dakota, and Wyoming. Expected outcomes include the production of 258 homes, support for 2,000 small businesses, creation of 322 jobs, preservation of 477 jobs, and financial counseling for over 8,000 Native people. The initiative is part of Wells Fargo's $20 million commitment to support Native communities, working alongside Enterprise Community Partners to maximize impact through technical assistance and program evaluation.

Positive

• Distribution of $6.4 million in grants to support Native communities
• Expected creation of 258 new housing units (156 for purchase, 102 rental)
• Support for 2,000 small businesses, including 1,500 sole proprietors
• Creation of 322 new jobs and preservation of 477 existing jobs
• Facilitation of over $1 million in debt reduction for 1,000 participants
• Provision of financial counseling to more than 8,000 Native people

Negative

• None.

Insights

Financial Analyst

The $6.4 million grant initiative represents a strategic expansion of Wells Fargo's community development efforts, demonstrating meaningful social impact investment. The program's concrete deliverables are substantial:

• Housing development: 258 new housing units
• Small business support: 2,000 businesses impacted, creating/preserving nearly 800 jobs
• Debt reduction: $1 million+ across 1,000 participants
• Financial education: 8,000+ individuals receiving counseling

The initiative's focus on Native communities addresses an underserved market while potentially opening new business opportunities for Wells Fargo in these regions. The multiplier effect is evident in examples like Mountain Plains CDC leveraging the grant into $1.5 million in small business loans, showing strong ROI potential.

Market Research Analyst

This initiative strategically positions Wells Fargo in six key states with significant Native populations, enhancing their ESG profile and market penetration in underserved communities. The program's comprehensive approach targeting housing, small business and financial health creates multiple touchpoints for future business development. The focus on capacity building and local leadership development suggests a sustainable, long-term market development strategy. The partnership with Enterprise Community Partners adds credibility and expertise in impact measurement, which is increasingly important for institutional investors evaluating banks' community reinvestment activities.

Initiative supports community groups in six states with focus on addressing economic opportunities

SAN FRANCISCO, CA / ACCESSWIRE / November 4, 2024 / Across a six-state region, 33 nonprofits received a total of $6.4 million in grant funding from Wells Fargo's Invest Native Initiative (5:00) to strengthen housing access and affordability, small business growth, financial health, and sustainability in Native communities. The funding is part of Wells Fargo's two-year effort focused on collaborating with Native organizations and communities in Arizona, Montana, New Mexico, North Dakota, South Dakota, and Wyoming.

"We continue to listen and learn from the leaders already doing the work in Native communities," said Darlene Goins, president of the Wells Fargo Foundation. "With philanthropic investment in the mission, staff and capacity of Native-serving and Native-led organizations, we can help create positive outcomes for families, small businesses, and communities - respecting the culture, expertise and traditions within Tribal communities. With these grants, Wells Fargo delivers on its $20 million Invest Native commitment and will continue to support locally-led efforts that advance prosperity in Native communities."

Grantees share that Invest Native funding is anticipated to deliver tangible community outcomes, including:

• Producing 156 homes for purchase and 102 rental homes

• Serving an estimated 2,000 small businesses, including more than 1,500 sole proprietor businesses

• Supporting businesses in creating 322 jobs and preserving 477 jobs

• Facilitating debt reduction for 1,000 participants, with total debt reduction exceeding $1 million

• Providing financial counseling or coaching to more than 8,000 Native people

• Training of 27 community-based organizations on climate resiliency topics

In addition, Invest Native supports strengthening nonprofits and coalitions by building their capacity to serve. As an example, Mountain Plains Community Development Corporation leveraged its grant funds as seed funding and reports providing more than $1.5 million in loans to small businesses. A different grant supported the hiring of executive directors for two additional Native-led, Native serving housing coalitions in Montana and in the Southwest. A capacity-building grant in South Dakota supported the development of a new housing subsidiary for the South Dakota Native Homeownership Coalition, which helps Native people become homeowners.

Wells Fargo is working with Enterprise Community Partners and its Native-led and experienced Tribal Nations team to provide strategic guidance, technical assistance and training, peer convening, and program evaluation to maximize the impact of the initiative.

"It is exciting to see how the grantees leverage Invest Native support to fulfill needs in their communities by expanding services, furthering their geographic reach, and building new programs," said Jennie Rodgers, Enterprise VP and Rocky Mountain, Tribal Nations, and Rural Communities Market Leader for Enterprise Community Partners. "We're honored to continue supporting Wells Fargo as they forge ahead in supporting collaborative, creative, resilient Native-led work."

The 33 organizations that received funding in 2024 include:

Arizona

• Arizona Native Asset Coalition Corporation

• Change Labs

• Honor Water

• Nááts'íilid Initiative

• Nahata Foundation, Inc.

• Nalwoodi Denzhone Community

• Native Public Media

• Red Feather Development Group

• Seeds of Harmony, Inc.

Montana

• Kids Co-op, Montana

• NACDC Financial Services, Inc.

• Native American Development Corporation

• Plenty Doors Community Development Corporation

• Salish and Kootenai Housing Authority

• Salish Kootenai College

New Mexico

• Native Community Capital

• Navajo Townsite Community Development Corporation

• New Mexico Community Capital

• Pueblo of Acoma Housing Authority

• Pueblo of Jemez Housing Authority

• Southwest Tribal Housing Alliance

North Dakota

• Sacred Pipe Resource Center

• SAGE Development Authority

South Dakota

• Akiptan, Inc.

• Black Hills Community Loan Fund, Inc.

• Buffalo Nations Grasslands Alliance

• Four Bands Community Fund, Inc.

• Lakota Funds

• Mazaska Owecaso Otipi Financial

• Oyate Teca Project

• Sicangu Community Development Corporation

• South Dakota Native Tourism Alliance/Pine Ridge Chamber of Commerce

Wyoming

• Wind River Development Fund

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial 3 © 2024 Wells Fargo Bank, N.A. All rights reserved. For public use. Member FDIC. Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 34 on Fortune's 2024 rankings of America's largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com
LinkedIn: https://www.linkedin.com/company/wellsfargo

Media Contact Information
Erin Devaney, 704-635-0690
erin.devaney@wellsfargo.com

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SOURCE: Wells Fargo

View the original press release on accesswire.com

FAQ

How much did Wells Fargo (WFC) grant to Native organizations in 2024?

Wells Fargo granted $6.4 million to 33 Native-focused nonprofits across six states in 2024 through its Invest Native Initiative.

How many jobs will Wells Fargo's (WFC) Invest Native Initiative create?

The Invest Native Initiative is expected to create 322 new jobs and preserve 477 existing jobs through its grant funding.

What is the total commitment of Wells Fargo (WFC) to the Invest Native program?

Wells Fargo has committed $20 million to the Invest Native program to advance prosperity in Native communities.

How many housing units will Wells Fargo's (WFC) Native initiative produce?

The initiative will produce 258 housing units, consisting of 156 homes for purchase and 102 rental homes.