On February 24th, Wells Fargo announced that it is bankrolling a Houston equity initiative spearheaded by Mayor Sylvester Turner. The The Houston Fund for Social Justice and Economic Equity was formed last May with a goal of raising $24 million to enact "transformational change by investing resources in organizations and initiatives that empower and uplift the Black community."
The group hasn't said how much additional revenue it has collected, but Wells Fargo will fund $20 million of that goal. The funds are "to equip small business owners and nonprofits with capital to purchase commercial property, equipment and technology upgrades, particularly in underserved communities," according to a news release. One interesting note - the $20 million is being donated from fees Wells Fargo collected processing Paycheck Protection Program (PPP) loans.
The Houston Fund for Social Justice and Economic Equity is a kind of a "super group" of black leaders in the city. Its board of directors includes 15 heavyweights from the local community, beginning with its president, Thomas Jones of McConnell Jones LLP.
It's website doesn't include any information on how the money will be distributed, but nonprofits would be advised to contact the fund to get on its mailing list.
