T.D. Jakes Deal with Wells Fargo is Billion Dollar Partnership
The money will be used to revitalize neighborhoods and create opportunities in underserved populations
Bishop T.D. Jakes’ multiple-enterprise holding company has announced a 10-year, billion-dollar partnership with Wells Fargo & Company to revitalize neighborhoods, foster economic opportunity, and create long-term change in communities in need across America.
The partnership between Wells Fargo and the T.D. Jakes Group, which includes T.D. Jakes Real Estate Ventures, TDJ Enterprises, and T.D. Jakes Foundation, will include up to $1 billion in capital and financing from Wells Fargo as well as grants from the Wells Fargo Foundation, the organizations said.
Jakes is chairman & CEO of the T.D. Jakes Group. He also heads T.D. Jakes Ministries and is the founder of Dallas megachurch The Potter’s House.
In 2022, T.D. Jakes Real Estate Ventures began purchasing nearly 100 acres of Fort McPherson, a former army base near downtown Atlanta, to create a community with commercial and residential space.
Plans for the land include mixed-income housing neighborhoods with single-family homes, townhomes, and apartments as well as food and healthcare options, green space, a bike path, and recreation centers.
Wells Fargo said that for its first collaboration with the Jakes organization, it will support the Fort McPherson project as a financial partner.
The Wells Fargo Foundation and T.D. Jakes Foundation also announced plans to provide financial education in underserved low-and moderate-income communities in Atlanta, Chicago and Dallas and to revitalize neighborhoods by increasing homeownership and fostering business creation.
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“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,” Jakes said.
Charlie Scharf, CEO of Wells Fargo, will join Jakes on stage on May 5 during Jakes’ International Leadership Summit in Orlando, Florida, for a conversation about the partnership.
“We recognize the need for CEOs like Charlie Scharf bending the arc and aim of Wells Fargo toward correcting systemic inequalities,” Jakes said. “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.”