Selection Criteria

Successful candidates will be premier CDFIs with a history of outstanding accomplishment, a bold and compelling vision, extraordinary future potential for growth, innovation and impact, and a high degree of readiness to successfully accept, use, and leverage a large, flexible investment from the Wachovia Wells Fargo NEXT Awards.

Eligible applicants will be evaluated according to the six criteria below.

  1. Vision
    A bold and compelling vision for the organization’s future, the impact it aims to achieve and the strategy it will pursue to realize its goals. The vision should be grounded in a strong grasp of internal and external challenges and reflect realistic assumptions about the likelihood of success.
  2. Use of Funds
    A compelling use of funds that demonstrates the organization is ready to use a Wachovia Wells Fargo NEXT Award to propel the organization forward on its next trajectory of growth and significantly enhance your organization’s ability to achieve its vision in ways that otherwise would not be possible.
  3. Leadership
    An exceptional management team in place to articulate and execute a well-conceived strategy that is aligned clearly with the organization’s vision, mission, core values, goals, systems, skills, products, and activities.
  4. Innovation
    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.
  5. Financial Strength and Performance
    Exceptional financial strength, superior risk management, talented, dedicated staff, and a sound business model that positions the organization for sustained growth, innovation, and success. Staff, systems, financial resources, and strategy that position the organization to withstand shocks and changes in environment and the loss of any particular person, program, or resource.
  6. Impact and Policy
    A solid track record of meaningful impact over an extended period relative to the organization’s mission and its peers. This will include the delivery of distinctive, measurable results within the organization’s target markets. A demonstrated commitment and capacity to drive positive, systemic change that helps bring more people and places into the economic mainstream and to extend the organization’s impact and reach beyond direct service to its target market. A commitment to influencing policies that benefit disadvantaged people and communities.