Wells Fargo will give a $50 million grant to the NAACP to help the organization continue its efforts to achieve racial equality.
According to NAACP.org, the grant will help local organizations and help with the organization’s plans to develop a new national headquarters. The grant will also help increase the organization’s staff and sustain programs that will help promote 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,” Derrick Johnson, NAACP President, and CEO said in a statement released last month “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.”
Charlie Scharf, Wells Fargo CEO, added that the company is happy to support the NAACP, and its efforts to provide more opportunities to 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.”
According to the NAACP, Wells Fargo has supported the organization since 1998. Support includes sponsoring events like the Women in NAACP Empowerment Brunch, the NAACP Image Awards, and the NAACP National Convention. Wells Fargo has also funded financial and homeownership programs as well as the Financial Freedom Center.