Wells Fargo has announced a $50 million grant to the NAACP in support of efforts to advance racial equity and improve access to economic opportunities for African Americans.

The single largest contribution to the civil rights and social justice organization from a corporation in its history will enable local NAACP branches to expand their programming staff and advance strategic partnerships with businesses in communities across the United States. In addition, the grant will bolster the national organization’s work on policy solutions to address the needs of the communities it serves.

“These funds will go directly toward strengthening the NAACP’s grassroots network of local units and branches across all 50 states, as well as the work of the national NAACP,” said NAACP president and CEO Derrick Johnson. “All corporations play a critical role in our democracy. They must be engaged as allies in the fight to end discrimination—in our economy, in our justice system, across our society, and within their own services.”

“Key to our shared goal to advance equity and economic opportunities for Black Americans is the work the NAACP local units and branches do to support communities on a highly local basis,” said Wells Fargo CEO Charlie Scharf. “[T]his grant is meant to strengthen the work we already do together to close economic gaps that have existed for far too long in our country.”

(Photo credit: Unsplash/Leslie Cross)