Wells Fargo unveils D.C. initiative to triple charitable giving, boost small business lending

San Francisco banking giant Wells Fargo & Company (NYSE: WFC) will be boosting its business and charitable giving in Washington, D.C., to a total of $1.6 billion over the next five years, the bank said in an announcement.

The bulk of that money comes in the form of boosting its loan activity and equity investments, with Wells Fargo pledging to maintain or grow its small business and community lending and do more to spur economic development in D.C. Wards 7 and 8. Another $16 million comes in the form of charitable giving, representing a tripling of Wells Fargo’s previous philanthropic commitment.

The amped up commitments, specific to the District, come under the umbrella of a new initiative, dubbed the “Where We Live” program developed in partnership with the National Community Reinvestment Coalition and a number of local organizations, including the Washington Area Community Investment Fund (WAIF) and the Coalition on Nonprofit Housing and Economic Development. The initiative began…

Read the full story from the Washington Business Journal.

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