Earlier this week, OFN announced that five CDFIs were selected as the first awardees of the NEXT Fund for Innovation.

From Pay-for-Success to solar energy financing, the NEXT Fund for Innovation awards new ways to improve outcomes in underserved communities across the U.S.

Five CDFIs delivering innovative strategies to meet diverse consumer needs, are set to receive a cumulative $4MM from the Wells Fargo NEXT Awards for Opportunity Finance.

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.