With nearly 60% of Americans struggling with financial health, and a growing number of households turning to high-cost alternative financial products and services, CDFIs are needed more than ever to expand their role and provide this market with affordable and responsible products. With 2016 financial support from Wells Fargo and Prudential, the 2016 NEXT Awards continue a second year devoted to consumer financial services to expand critical services in disinvested communities across the U.S.
Join us in congratulating these CDFI finalists for their innovative consumer finance strategies:
- Appalachian Community Federal Credit Union plans to use Virtual Teller Machines and strategic partnerships to significantly expand the credit union’s ability to reach rural populations with full-service retail consumer financial services in its service area of SE Kentucky, NE Tennessee, and SW Virginia. This strategy represents the latest innovation in the credit union’s investment in technology and remote delivery of services including a state-of-the-art electronic delivery system and a 24/7 call center.
- Justine PETERSEN Housing and Reinvestment Corporation plans to substantially expand the availability of credit building counseling and consumer financial products through a network of nonprofit partner organizations. The strategy includes an online portal which trains and certifies financial counselors, the delivery of a credit builder loan and small dollar loan through the network, and new technology innovations for streamlined lending and servicing.
- Rio Grande Valley Multibank Corporation plans to substantially expand the Community Loan Center Small-Dollar Loan Program throughout Texas and into additional states working with CDFI and CDC partners. The program offers employer-based, small-dollar loans using a franchise model which has the ability to scale geographically and become a viable competitor to payday loans. RGVMB is the leader in envisioning, piloting, and creating the innovative product and proprietary lending platform.
Visit NextAwards.org to learn more about OFN’s commitment to supporting CDFIs’ cutting-edge strategies to deliver capital and critical services where they can have the most impact. The 2016 NEXT Opportunity Awards recipients will be announced this summer and celebrated at the OFN Conference this fall. Stay tuned to find out who’s NEXT!