Texas is one of the poorest states in the country; business is booming for predatory lenders. Payday, car title, and other high-cost, unscrupulous financing services make up a $6 billion-a-year industry that strips $1.5 billion in interest and fees from local economies.
Over the course of 10 years, more than $70MM was awarded by the Wells Fargo NEXT Awards to CDFIs creating impact through innovation.
More than 80,000 Hispanic, Pacific Rim, Kurd, Egyptian, Somali, and Sudanese, immigrants live in Nashville and middle Tennessee as New Americans. Many dream of purchasing a home but can’t apply for a traditional mortgage because of ethical norms.
For OFN, a highlight of 2016 was marking 10 years of the Wells Fargo NEXT Awards for Opportunity Finance at the OFN Annual Conference.
Inside Philanthropy took a look at the unique way CDFIs help support disinvested communities and individuals.