Today, the U.S. Department of Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced the winners of the Fiscal Year (FY) 2016 CDFI Prize Competition. More than 60 applications submitted by CDFIs were considered in the first annual CDFI Prize Competition, and out of the eight CDFIs selected for the prize, six are OFN Members. We would like to congratulate all award recipients, especially the OFN Members who were selected this year.
1st place: Virginia Community Capital
2nd place: First Nations Oweesta
3rd place: Community Ventures
Appalachian Community Federal Credit Union
Hope Credit Union
Winners for the CDFI Prize Competition were selected based on the submission of proposals which demonstrated innovative ideas and strategies—either through technology or other new practices—to increase capital investment and access to capital in rural and Native communities.
An aggregate total of $1 million will be awarded to the winners of the CDFI Prize Competition to implement their approaches. OFN Members will receive $675,000 of this total award for their proposals that will expand CDFI resources and services in underserved communities and increase opportunities for all.
Read the full press release here.