$5MM Awarded to Five CDFIs for Innovative Strategies to Drive Transformational Change

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PHILADELPHIA, Feb. 13, 2018 (GLOBE NEWSWIRE) -- Opportunity Finance Network (OFN) today announced five recipients of the NEXT Fund for Innovation (NEXT Fund), a pilot program that builds on ten years of innovation and impact driven by the Wells Fargo NEXT Awards (NEXT Awards) for Opportunity Finance. Developed with support from Wells Fargo and Prudential Financial, the program funds business models, products, platforms, or processes holding the ability to drive transformational change and scale in the community development financial institution (CDFI) industry. The NEXT Fund provides a new source of patient, flexible capital for community development financial institution innovation.

“Over the course of ten years the NEXT Awards propelled CDFIs ready for scale to achieve their vision. With the NEXT Fund we recognize and reward emerging CDFI business models, platforms, or processes with great potential—bringing flexible capital, including equity and subordinated debt, into play at a critical stage. As a result of the NEXT Fund CDFIs can achieve the 10x influence that is needed to truly drive transformational change,” said Beth Lipson, OFN Treasurer and Executive Vice President, Strategic Initiatives.

“We’re proud to continue our work with OFN to help CDFIs continue to innovate in the communities they serve,” said Megan Teare, Senior Vice President and manager of CDFI investing at Wells Fargo. “These five awardees have the potential to employ creative, high-impact strategies that can drive change.”

The five CDFIs who are set to receive awards are:

More news and information about Opportunity Finance Network

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Globe Newswire: 18:00 GMT Tuesday 13th February 2018

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