The Wells Fargo Foundation has pledged a $3.45 million commitment over three years to Compass Working Capital to help expand access to the organization’s Family Self-Sufficiency (FSS) program.

The FSS program is a savings incentive program that helps families increase their earnings and build financial capability and assets. The foundation’s gift is the first from a corporate funder to support the first phase of Compass’ seven-year strategic plan to expand access to the program. Over the next three years, Compass aims to assist 6,660 families to build $5.7 million in savings and $7.2 million in increased earnings, expand training and technical assistance, and shape policy solutions.

“Undoing the centuries of exploitation and financial harm that created the racial and gender wealth gaps requires major, reparative investments from the private sector to address that harm,” said Compass CEO Markita Morris-Louis. “We are excited that Wells Fargo is with us in expanding access to the opportunity FSS offers families, particularly those led by Black and/or Latina women, to become asset secure and achieve the dreams they have for themselves and their children.”

(Photo credit: Getty Images/FG Trade Latin)