T.D. Jakes, Wells Fargo’s $1B Black Community Partnership

Four years ago, T.D. Jakes envisioned a foundation with a $100 million goal to address societal issues like food deserts, inadequate housing, and the lack of STEM education in underserved areas. Despite not having funds secured, the renowned founder of The Potter’s House in Dallas shared his ambitious plan in January 2020, citing his reliance on faith to drive his vision.

Recently, Jakes’ faith was rewarded with a significant commitment from Wells Fargo. On February 9, he and the bank announced a $9 million grant to support community revitalization efforts, particularly in Black and Brown communities. This grant includes $500,000 earmarked for the construction of a much-needed grocery store in Augusta, Georgia’s Laney Walker neighborhood.

This grant is part of a broader collaboration between Jakes and Wells Fargo. Last year, they, along with the T.D. Jakes Foundation and T.D. Jakes Real Estate Ventures, unveiled a $1 billion initiative to renovate underserved areas. Jakes aims to establish financial literacy programs and eliminate predatory payday loan businesses in these neighborhoods. Already, he has initiated mixed-use real estate development projects in South Florida, including senior housing, and convinced Tyler Perry to develop 95 acres near Perry’s studio lot in Atlanta.

Jakes emphasizes that his role focuses on community outreach and real estate development, while Wells Fargo provides financial options for qualified mortgage applicants, including single-family homes.

However, this partnership raises concerns, especially regarding Wells Fargo’s history with Black Americans. Reports indicate that the bank has faced criticism for allegedly discriminating against Black applicants, resulting in settlements and promises to improve.

Despite these concerns, Jakes believes in Wells Fargo’s current leadership, including CEO Charles Scharf, whom he finds “believable, committed, and focused on making corrections.” Jakes sees this partnership as an opportunity to advocate for equity, opportunity, and affordable housing within Black communities.

In conclusion, T.D. Jakes’ partnership with Wells Fargo represents a significant step towards empowering Black communities. While there are challenges to overcome, Jakes remains steadfast in his commitment to improving the lives of those in underserved areas, demonstrating the power of faith and collaboration in driving positive change.