Philadelphia, PA, (February 13, 2018)—Today Opportunity Finance Network (OFN) today announced five recipients of the NEXT Fund for Innovation (NEXT Fund). The news of this 5MM award was posted on OFN.org and on GlobeNewswire.
This pilot program builds on ten years of innovation and impact driven by the Wells Fargo NEXT Awards (NEXT Awards) for Opportunity Finance.
“Over the course of ten years the NEXT Awards propelled CDFIs ready for scale to achieve their vision. With the NEXT Fund we recognize and reward emerging CDFI business models, platforms, or processes with great potential—bringing flexible capital, including equity and subordinated debt, into play at a critical stage. As a result of the NEXT Fund CDFIs can achieve the 10x influence that is needed to truly drive transformational change,” said Beth Lipson, OFN Treasurer and Executive Vice President, Strategic Initiatives in the press release.
The five CDFIs who are set to receive awards are:
- Building Hope
- Metropolitan Economic Development Association (MEDA)
- ROC USA
- Reinvestment Fund
Read the full press release to learn more about the winning strategies.