To steer disadvantaged communities toward a more equitable future, Wells Fargo and Bishop T.D. Jakes are taking action.
Result Of The Partnership
According to a news release provided to AfroTech, the banking giant has partnered with the T.D. Jakes includes T.D. Jakes Real Estate Ventures, LLC (TDJREV), TDJ Enterprises (TDJE), and T.D. Jakes Foundation (TDJF).
The strategic commitment could lead to an estimated $1 billion in capital and financing from Wells Fargo within the next decade as well as grants from the Wells Fargo Foundation geared toward communities most in need.
“This alliance with our organization allows us to further our four decades-long work to provide economic justice, eradicate food deserts, construct desirable workplaces and affordable housing, closing the digital divide and ultimately help families leave a rich and lasting legacy for the next generation,” T.D. Jakes, Chairman and CEO of the T.D. Jakes Group, said in a news release. “We recognize the need for CEOs like Charlie Scharf bending the arc and aim of Wells Fargo toward correcting systemic inequalities. We are committed to ensuring additional opportunities actually reach as many areas of need that we can influence. Disruptive partnerships like this create a paradigm shift in how we can collectively bring long overdue transformation, particularly to Black and Brown communities and other marginalized groups around our nation.”
Revitalizing The Fort McPherson Property
Wells Fargo understands Jakes’ responsibility toward the Fort McPherson property in Atlanta, GA, and is prepared to aid in his efforts to revitalize it.
Jakes had previously purchased 100 acres in Fort McPherson in 2022 with a vision to build thriving commercial and residential areas surrounded by healthcare options and stores that would promote healthy food alternatives.
The partnership will better the Fort McPherson property by integrating green space, a bike path, and recreation centers, which will greatly improve the surrounding historic business and cultural districts.
“We are excited to collaborate with the T.D. Jakes Group as they play a key role in the transformation of communities that will have a lasting impact for generations to come,” Charles W. Scharf, CEO of Wells Fargo, said in a news release. “This strategic partnership goes beyond a one-off capital investment and underscores our continued commitment to diverse and inclusive communities. We look forward to seeing the meaningful difference we’ll make together in communities across the country.”
Looking ahead, The Wells Fargo Foundation and T.D. Jakes Foundation will remain responsible for exposing more communities to financial empowerment education and restoring neighborhoods by increasing homeownership and supporting new businesses in cities including Atlanta, GA, Chicago, IL, and Dallas, TX.
“Because I live and interact both in the corporate world and the church world, and the entertainment world, that’s a unique position to be in,” Jakes told AfroTech previously in an interview. “And I feel responsible to do something before I leave this world that is a bridge builder between all of these, between all of these powerhouses for the betterment of people who are underserved.”