Selection Criteria

Eligible applicants for each award will be evaluated according to the degree to which they can demonstrate that they have met the respective selection criteria below within the past two years.

Advocacy Award Criteria

The applicant should demonstrate leadership in policy and advocacy at the local, state or national level, demonstrate that policy is a core competency and a critical part of their business and indicate a policy success story associated with their leadership.

Special consideration will be given to an applicant that can also demonstrate advocacy excellence in one or more of the following areas:

  • Actively participating in Opportunity Finance Network’s policy activities and contributing to OFN’s policy results.
  • Approaches to policy that stimulates private investment.

Please answer the following questions in your NEXT Awards Statement:

  1. How does your CDFI demonstrate leadership in policy and advocacy at the local, state or national level?
  2. How is policy a core competency and a critical element of your CDFI?
  3. Describe a policy success associated with your CDFI’s leadership.
  4. If applicable, please describe your CDFI’s participation in OFN’s policy activities and provide an example(s) of how your policy work stimulates private investment.

Community Impact Award Criteria

The applicant should demonstrate measurable community outputs and outcomes associated with the delivery of their products and services. Applicants should provide data to demonstrate a high volume and/or quality of outcomes, and explain the tangible differences these outputs and outcomes make in the communities served.

Special consideration will be given to an applicant that can also demonstrate community impact in one or more of the following areas:

  • Designing and implementing an effective outputs and outcomes tracking system and either using the data to improve their programs or share their system with other CDFIs.
  • Using their outputs and outcomes data as a feedback tool to improve their programs and update their strategy

PLEASE NOTE: Outputs are program activities delivered (loans, technical assistance, training). Outcomes are the benefits associated with the delivery of your products and services (access to affordable housing for lower-income households, decreased unemployment or underemployment among a target population, higher wages, business expansion, etc.)

Please answer the following questions in your NEXT Awards Statement:

  1. Provide the volume of products and services (outputs) your CDFI delivered annually during the past two years (for example, number and dollar amount of financing originated, number of training or technical assistance clients, and number of hours of training or technical assistance provided, number of new savings accounts opened, etc.).
  2. Provide the volume of outcomes associated with the delivery of your products and services (e.g., number of jobs created or retained, number of affordable housing units developed, number of new seats at charter schools, etc.).
  3. Explain what difference these outcomes made to the communities you serve.
  4. If applicable, does your CDFI use outputs and outcomes data you have collected to improve your programs and update your strategy? If so, please provide examples.

Financing Award Criteria

The applicant should demonstrate excellence in financing during the past two years in one or more of the following areas:

  • Significantly increasing their volume of lending/investing in their target market. This may include expanding their target market.
  • Providing a new financing product that furthers their CDFI’s mission.
  • Accessing capital markets in a way that has enabled the applicant to dramatically increase their volume of lending/investing in their target market and/or in a way that is replicable and may become a model for the industry. Please provide data that demonstrate the increased volume of lending/investing.

Please answer the applicable questions in your NEXT Awards Statement:

  1. If your CDFI has significantly increased its volume of lending and investing in your target market, by how much has it increased and how did you accomplish this increase?
  2. If your CDFI has added a new financing product that furthers your CDFI’s mission and was lacking in the communities you serve, describe the product, the volume of financing, and how it furthers your CDFI’s mission.
  3. If your CDFI has accessed capital markets, please provide data that demonstrates the increased volume of lending/investing this caused or provide information on how the model is replicable and can become a model for the industry.

Innovation Award Criteria

The applicant should demonstrate an organizational environment and management approach that actively cultivates innovation by providing resources and opportunities for risk-taking, creativity, networking, and continual learning and adaptation, and should demonstrate at least one significant product, service, delivery mechanism, or system innovation.

Special consideration will be given to an applicant that can also demonstrate innovation in one or more of the following areas:

  • Changing internal operations for greater efficiency and sustainability through new approaches.
  • Developing creative collaborations and partnerships.
  • Bringing a product to scale.

Please answer the following questions in your NEXT Awards Statement:

  1. How does your CDFI demonstrate an organizational environment and management approach that cultivates innovation?
  2. Describe at least one significant innovation.
  3. If applicable, has your CDFI changed internal operations for greater efficiency and sustainability through new approaches, developed creative collaborations and partnerships, or brought a product to scale?

The Selection Committee may, at its sole discretion under extraordinary circumstances, consider an application submitted under one $25,000 award category for an award under a different $25,000 category.