The Wells Fargo NEXT Awards for Opportunity Finance in partnership with Prudential, The John D. and Catherine T. MacArthur Foundation, and The Kresge Foundation have celebrated innovation by the nation's most promising CDFIs by awarding more than $70 million through a competitive awards process over the last nine years (2007-2015).
The NEXT Awards for 2012-2016 recognizes the NEXT generation of CDFIs expanding CDFI coverage in underserved communities.
2016 NEXT Awards for Consumer Financial Services
With 57% of Americans struggling with financial health, and a growing number of households turning to high-cost alternative financial products and services, CDFIs are needed more than ever to expand their role and provide this market with affordable and responsible products. With 2016 financial support from Wells Fargo and Prudential, the 2016 NEXT Awards will continue a second year devoted to consumer financial services to build the critical momentum and visibility for CDFIs in this space.
Consumer financial services includes loan products—small-dollar personal loans, credit building loans, auto loans, mortgage loans, and other loans for individual consumers—as well as other financial services such as savings products, debit and checking products, and financial education.
Center for Financial Services Innovation, an expert in the consumer finance space, is a collaborator and advisor to the 2016 NEXT Awards.
There are two Wells Fargo NEXT Awards categories in 2016: