Wells Fargo & Company (NYSE: WFC) and United Way Worldwide have selected the United Way of Miami-Dade as one of eight local United Ways in Wells Fargo key markets to launch work on what will become a nationwide network to provide multi-year financial counseling for low- and moderate-income (LMI) households.
The other seven local United Ways selected are: United Way of the Bay Area, San Francisco; Valley of the Sun United Way, Phoenix; United Way of Greater Houston; United Way of Central Iowa, Des Moines; United Way of Northeast Florida, Jacksonville; United Way of Metropolitan Atlanta; and United Way of Forsyth County, Winston-Salem, NC. This is a part of a five-year, $5 million partnership announced earlier this year. The community-based groups will focus on providing LMI households with financial education, access to safe and effective financial products, and training on how to use them.
The three-year, $300,000 grant from Wells Fargo to United Way of Miami-Dade will expand the services of the United Way Center for Financial Stability (UWCFS) to more than 25,000 Miami-Dade County employees and 80,000 students at Miami-Dade College. The grant will also enable the UWCFS to extend its services to the larger community through trainings, and a mobile unit at community events, schools, career centers, colleges and workplace settings. In addition to the financial support, the grant also engages Wells Fargo team members as volunteers which will allow the UWCFS to increase its financial coaching services.
“Thanks to our long standing partnership with the United Way of Miami-Dade, we can ensure the growth of critical resources and financial education to our community,” said Frank Newman, Wells Fargo Regional President, South Florida. “Our goal is to find positive ways for low and moderate income families in Miami-Dade to move toward financial stability.”
Founded in 2009, the United Way Center for Financial Stability helps LMI families and individuals pave a path to financial independence through a full range of services. These include financial coaching, free tax preparation, benefits enrollment, employment assistance and credit counseling.
“Helping families achieve financial stability is a top priority for our United Way as it is for Wells Fargo,” said Harve A. Mogul, President and CEO, United Way of Miami-Dade. “We are grateful to Wells Fargo for its commitment and continued support. This grant will allow our United Way, working with South Florida Urban Ministries, to expand critical financial services to individuals and families who are working hard to support their families, make a better life for themselves and become financially independent. Improving the financial situation of struggling families improves the community as a whole.”
United Way is a global network of volunteer-led nonprofit organizations supporting a variety of initiatives that promote education, income stability, and community health.