OVERVIEW: The Charles Schwab Foundation funds affordable housing, community development, financial literacy, and small business lending programs in areas where the bank operates.
IP TAKE: This funder gives big, but it may not be easy to attract its attention. It seems to prefer working with established partners rather than seeking out new grantees. It’s not accessible, common for Wall Street corporate funders, and so it does not provide an avenue for application, but local grantseekers may have success reaching out to their local branch representative.
PROFILE: The Charles Schwab Foundation is the charitable arm of the international financial giant, Charles Schwab Bank. It should not be confused with the Charles and Helen Schwab Foundation, the Schwabs’ personal giving organization. Since 2004, Schwab has given away over $2 billion to “underserved communities,” including over $1.5 billion for affordable housing and mortgage assistance. Schwab’s current grantmaking focus areas include education, affordable housing, small-business development, and financial capability.
Grants for Housing and Community Development
Charles Schwab’s affordable housing grantmaking works to combat the devastating effects of “housing insecurity on health, education, employment, and life opportunities” by “building and preserving more affordable housing.” Recently, Schwab made a $10 million investment into the Housing Partnership Equity Trust (HPET), a social-purpose real estate investment trust consisting of a “collaboration of nonprofits raising capital for affordable housing.” Its primary mission is to “acquire and preserve rental housing that is sustainable, affordable, high-quality, and close to jobs, good schools, and other community resources.”
Grants for Economic Development
The Schwab Foundation’s small-business development giving primarily supports Community Development Financial Institutions (CDFIs) that lend to local business through “microfinancing and innovative loans.” Schwab works with Opportunity Fund, a national CDFI that invests in businesses that have difficulty qualifying for loans with traditional banks. Schwab also supports efforts to promote financial capability by supporting community programs that increase financial literacy and provide financial coaching, such as MyPath, which offers “financial education programs for under-resourced youth.”
Important Grant Details:
The Charles Schwab Foundation does not provide detailed information about its past grantmaking efforts. It does not accept unsolicited proposals or requests for funding.
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