Wells Fargo & Company committed $50,000 to the Alliance for African Assistance to provide emergency loans to low-to-moderate income individuals and families. The newly established Bridge Fund was developed to satisfy a local need in San Diego’s underserved communities to provide emergency financial assistance for unexpected costs such as car repairs or medical bills to individuals who do not have easy access to credit or may not qualify for traditional credit products. This initiative is the first of its kind for Wells Fargo in San Diego and in the State of California.“We are so very grateful to Wells Fargo for their generosity,” said Walter Lam, president and CEO of the Alliance for African Assistance. “The Bridge Fund will give us the opportunity to help our community with urgent needs in these tough economic times.”
Through the Alliance for African Assistance, the Bridge Fund will provide San Diegans with short-term emergency loans of $250 – $1000. All loan funds will be issued directly to the vendor via a business check from the Alliance for African Assistance. Applicants that request loans over $750 will receive a 90 minute financial education training by Wells Fargo team members focusing on basics of banking, budgeting, saving and how to manage credit.
“At Wells Fargo we have recognized this important need in our San Diego LMI communities and are proud to partner with the Alliance for African Assistance to provide short term loans and financial education through the establishment of the Bridge Fund,” said Wendell French, Wells Fargo’s Community Development Officer. “I look forward to the initiative’s great success and the possibility of offering a similar program in LMI communities located throughout California.”
In attendance also was Manny Aguilar, Regional Director, Education & Community Relations, Christina La Page, District Manager: Wells Fargo Bank, Jack Toan, Regional Vice President, Wells Fargo, Amy Savicky Injaian, AVP Communications Consultant, Wells Fargo, Wendell B. French Vice President Community Relations Officer, Tim Rios, Senior Vice President Community Development Manager and last but surely not least Julie Duncan, Micro Enterprise Child Care Coordinator, Alliance for African Assistance for all of hard work and tireless hours she gives to this organization.
