GreenPath Receives $750,000 Grant From Wells Fargo Foundation to Expand Financial Counseling to Those Impacted by COVID-19 Crisis
- May 27, 2020
Funds support free, one-on-one financial and housing counseling to meet an increased number of people looking to protect their households and stabilize finances.
FARMINGTON HILLS, Mich.–(BUSINESS WIRE)–GreenPath Financial Wellness, a national nonprofit that provides financial counseling and debt management services, was awarded a $750,000 grant from Wells Fargo Foundation to deliver timely counseling to meet the needs of renters and homeowners affected by the COVID-19 pandemic.
The funds expand availability of counseling that addresses a household’s entire financial situation, including the importance of paying for essentials, understanding debt repayment options, and balancing housing costs with credit card debt, student loans and unanticipated hardships stemming from the COVID-19 pandemic.
GreenPath has a long-standing track record of providing trusted housing counseling. GreenPath’s HOPE hotline has assisted nine million distressed borrowers since the 2008 housing crisis. Since mid-March, there has been a 50% increase in hotline calls from homeowners and renters faced with sudden job loss, reduced income and other financial challenges. Funds from Wells Fargo will be put to immediate use serving those seeking assistance.
“During this unprecedented time, too many people are struggling financially and facing housing instability,” said Eileen Fitzgerald, head of housing affordability philanthropy with the Wells Fargo Foundation. “Wells Fargo has a deep commitment to advance housing affordability solutions. We are proud to support the work of GreenPath Financial Wellness as they serve a vital role in helping renters and homeowners facing financial difficulties.”
The Wells Fargo Foundation grant for GreenPath Financial Wellness is part of the Wells Fargo Foundation’s $175 million commitment to assist people and communities in response to COVID-19. More than 300 grants have already been made since March to help nonprofits provide urgent housing services for vulnerable populations.
“Millions of people are facing financial concerns due to COVID-19,” said Kristen Holt, president and CEO, GreenPath Financial Wellness. “We’re here to guide them and help them understand their options. The Wells Fargo grant strengthens our ability to meet increased demand when these services are needed the most.”
Those seeking counseling can obtain one-one-one counseling by calling the Hope Hotline 888-995-HOPE (4673). Assistance is free, and no appointment is necessary.
About GreenPath Financial Wellness
GreenPath Financial Wellness is a national nonprofit organization that provides financial counseling, education and products to empower people to lead financially healthy lives. Working directly with individuals and through partnerships since 1961, GreenPath has assisted millions of people with debt and credit management, homeownership education and foreclosure prevention. Headquartered in Michigan, GreenPath, along with its affiliates, has more than 50 locations across the United States. GreenPath is a member of the National Foundation for Credit Counseling (NFCC) and is accredited by the Council on Accreditation (COA). To learn more about GreenPath and find COVID-19 information resources, visit www.greenpath.org or call 877-293-8883.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.98 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment, and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.