NEXT Opportunity Award

Applicants for the NEXT Opportunity Awards must meet certain eligibility requirements. See the detailed application guidelines.

General Notes

• CDFIs do not need to be a Member of OFN to apply for the NEXT Awards.
• CDFIs cannot apply for both the NEXT Seed Capital Award and the NEXT Opportunity Award in the same year as they require different stages of development for an applicant’s expansion strategy.
• The CDFIs that won a multi-million dollar NEXT Award in 2007–2015 may not apply for the Wells Fargo NEXT Awards through 2016.
• CDFIs that are awarded the NEXT Seed Capital Award in one year may apply in future years for the NEXT Opportunity Award.

2016 Eligibility Requirements

1. Charitable Purpose
   Applicant is a US tax-exempt organization with a current 501(c)(3) determination letter from the Internal Revenue Service. An organization without this tax status may be eligible if it is a U.S. Treasury CDFI Fund certified CDFI. Native CDFIs that are CDFI Fund certified must not be tribally controlled.
2. Community Development Mission & Impact
   Applicant has a primary mission of community development and strives to have a positive impact on low-income, low-wealth, and other disadvantaged people and communities.
3. Finance-based Strategy
   Applicant is a private non-governmental financial intermediary that uses financing as an integral part of its community development strategy.
4. Three Years of Financing Experience to Achieve a Community Development Mission
5. Audited Financial Statements for 3 Years
   An applicant must upload its audited financial statements for at least three years. If the applicant is a credit union, the credit union can substitute both a 5300 report and supervisory committee audit for an audited financial statement.
6. Discipline and Performance
   Applicant is currently in compliance with all financial covenants, reporting requirements, and performance obligations stipulated by public, private, and philanthropic providers of capital and grant support.
7. Current Plan
   Applicant is operating under a business plan or strategic plan that was written or updated within the last five years.
8. Total Assets More Than $5 Million
9. OFN’s Goals
   Applicant affirms Opportunity Finance Network’s goal to ensure that low-income, low-wealth and other disadvantaged people and communities have access to affordable, responsible financial products and services.

2016 Selection Criteria

Successful candidates will be CDFIs with a history of significant accomplishments that present the most compelling applications explaining their plans to expand their consumer financial services strategies. Applicants must demonstrate a high degree of readiness to successfully accept and use a flexible grant and debt award from the NEXT Awards.

The NEXT Opportunity Award Selection Committee will evaluate eligible applicants according to the six criteria below.

1. Rationale for Expansion
   A clear description and analysis of the unmet market need that applicant plans to address with a consumer finance strategy, including why current sources of capital are not providing the unmet market need.
2. Coverage Strategy
   A compelling strategy to expand affordable and responsible consumer financial products and services. The expansion strategy must have financing as a primary component.
3. Use of Funds
   A compelling use of funds that demonstrates how the applicant will use the NEXT Opportunity Award to advance the applicant’s coverage strategy in ways that otherwise would not be possible. Applicants must specify award amount requested.
4. Impact
   A credible and compelling analysis of projected impact from applicant’s coverage strategy over a three-year time horizon, as well as a solid track record of tracking impact over the applicant’s history.
5. Readiness and Viability
   A strong management team and other resources in place or planned to execute applicant’s coverage strategy within a six-month timeframe of receiving an award. A strong grasp of internal and external challenges and how this strategy will impact financial management, sustainability, and risk to the organization.
6. Financial Strength and Performance
   Strong financial performance and risk management, and a sound business model that positions the organization for sustained growth, innovation, and success.
    

   In evaluating strategies against the criteria above, the NEXT Awards will prioritize strategies that incorporate one or more of the following: innovation, replicability, scalability, and consumer savings. See the detailed application guidelines for more information.