With movies such as Spike Lee’s “School Daze,” (1988) television shows like “A Different World,”(1987-1993) and musical performances like Beyonce’s “Homecoming” (2018), historically Black colleges and universities (HBCUs) heavily influence American and worldwide culture. For Wells Fargo, supporting HBCUs is not only about sustaining these important institutions, but investing in the future culture drivers of this nation and world.
“When we look at the history, HBCUs have really transformed the landscape of our country and really developed the Black middle class,” said Ewunike Brady, Wells Fargo’s vice president of Home Lending and African American Strategy Segment leader.
Wells Fargo is teaming up with the cast and people behind “A Different World,” for the HBCU College Tour 2024, to celebrate HBCU culture and offer helpful resources about scholarships, career opportunities, and building generational wealth.
The tour kicked off in Atlanta on Feb. 29, and comes to D.C. on April 9, as cast members from “A Different World” and representatives from Wells Fargo will visit Howard University to celebrate HBCUs and provide resources for financial literacy and growth.
“I think there is direct alignment in the way that we can support this incredible icon and legacy of a television show with the impact it’s had on the Black community and culture as a whole,” Brady told The Informer. “As we look at supporting and creating more avenues for generational wealth, being able to support and stand up for HBCUs is a perfect space to have that alignment and to engage as a company.”
The United Negro College Fund’s (UNCF) 2021 “Social Mobility Outcomes for HBCU Alumni,” report reveals HBCUs account for 80% of Black judges, 50% of Black of doctors, and 50% of Black lawyers (according to research from The Network Journal, 2010). Further, UNCF estimates that HBCU graduates working full-time can expect to earn $927,000 in additional income in comparison to non-college graduates or Black alumni from non-HBCUs.
With a company-wide commitment to overall diversity, HBCUs are a top priority for Wells Fargo, as investing in these institutions supports the next generation of changemakers.
“The leaders from the top of the house, down… we have that same level of commitment and that’s diversity,” said Dewy Norwood, senior lead Diversity and Inclusion consultant, overseeing Wells Fargo’s Enterprise HBCU Strategy. “And that’s also being able to focus on the work that’s specifically needed within HBCUs.”
Norwood explained Wells Fargo isn’t new to supporting HBCUs, but true to it.
“In the last 12 years, Wells Fargo has provided over $40 million of financial support for HBCUs,” Norwood continued. “Scholarships, programming, community engagement; the work that we’re doing from the recruitment perspective; the work that we’re doing with diverse suppliers; the work that we’re doing with our HBCU Legends debit card collection; or the work that’s happening across programs like the ‘A Different World’ tour, all of those are examples of ways that we’re engaging communities from a diversity perspective.”
This initiative is yet another step toward not only bolstering Black institutions, but improving wealth opportunities for diverse communities overall.
Promoting Generational Wealth, Creating Growth Opportunities
Homeownership, according to the Department of Housing and Urban Development, is the primary source to building generational wealth.
“We recognize the power of owning a home when raising a family, planting roots in a community, building equity, and passing down generational wealth to continue the American Dream for generations to come,” President Joe Biden declared in June 2023 as part of National Homeownership Month.
While homeownership is important, a recent Redfin report revealed only 33% of Black millennials own homes in comparison to 65% of their white counterparts.
Wells Fargo offers a grant program to bolster minority homeownership.
“It’s a $10,000 grant, so this is money that you’re not required to pay back in any shape or form and it goes toward the downpayment to get into homes. It’s across eight markets in the country and the D.C. metropolitan area is one of them,” Brady said, emphasizing that the program is not just for first-time homebuyers. “But it certainly provides an entree into what we’re talking about, which is creating generational wealth.”
By visiting universities such as Howard, Wells Fargo and the “A Different World” tour are targeting the next generation of Black homeowners and promoting generational wealth.
Dr. Cynthia Evers, Howard University’s vice president of Student Affairs emphasized the tour as a chance to showcase the “incredible culture and impact at the heart of the HBCU experience,” and an opportunity for students to network, learn, grow, and plan for the future.
“We know the profound influence ‘A Different World’ had in inspiring so many of our alumni to attend Howard, and that the show was an important milestone in American culture that helped to raise awareness and drive support for many HBCUs,” said Evers. “The fact that this HBCU tour is driven by a desire to continue that work of elevating the legacy of HBCUs, and goes beyond that, to help to bring more resources to current and future students make this an even more incredible honor.”
Great story Micha. I love that show.