From 2007-2017, the Wells Fargo NEXT Awards for Opportunity Finance celebrated CDFI innovation and impact by providing multimillion dollar awards totaling more than $75 million to 24 pioneering CDFIs and $1.4 million in Seed Capital awards to anther 36 CDFIs.
In partnership with Opportunity Finance Network, the John D. and Catherine T. MacArthur Foundation, Prudential Financial, and The Kresge Foundation, the NEXT Awards have helped shine a national spotlight on 60 CDFIs for their innovative strategies to expand affordable housing, consumer financial services, community-based healthcare, and small businesses.
Beginning in 2017, NEXT Awards partners will pilot a new NEXT program—the NEXT Fund for Innovation—to support new business models, platforms, or processes that have the ability to drive transformational change and scale in the CDFI industry. The pilot will provide flexible and patient financing to support these types of innovation through a number of equity and debt structures.
We will post the new application and application guidelines here on February 2, 2017. Applications will be accepted on a rolling basis through June 30, 2017.
Register for a NEXT Fund for Innovation information session on February 9, 2017 from 1:00 – 2:00 PM ET. We will post a recording of the information session.
Learn more about the NEXT Fund for Innovation.