December 12, 2007 Wachovia NEXT Awards Ceremony
Congratulations to the Awardees of the Wachovia NEXT Awards for Opportunity Finance!
December 12, 2007 marked the beginning of a new phase in the opportunity finance industry that will be unparalleled in terms of growth and visibility for the field. On that night, the first awardees of the new Wachovia NEXT Awards for Opportunity Finance were honored during a celebration of CDFIs that was unlike anything the industry had ever seen.
In a room that was transformed into a Miami-style nightclub, attendees and finalists were abuzz with suspense, wondering which opportunity finance institutions will be the first recipients of the $8.25 million in loan and grant financing being awarded that night. Before the announcement of the awardees, each of the four finalists (Clearinghouse CDFI, ACCION Texas, Housing Development Fund, and Latino Community Credit Union), were honored with a video that showcased the impact these exceptional CDFIs have had on their communities. Click here to view the finalist videos.
First, four outstanding financial institutions, First Nations Oweesta Corporation, ASI Federal Credit Union, Primary Care Development Corporation (PCDC), and Ohio Capital Finance Corporation (OCFC), were awarded $25,000 each in unrestricted grant funds for excellence in four categories: Impact, Innovation, Advocacy, and Financing, respectively. The recipients of these awards were chosen for their ability to achieve exceptional results lending to and investing in small business, affordable housing, and community facilities and services.
Once these opportunity finance institutions were honored, it was time to announce the awardees of the unprecedented multimillion dollar awards. Cheers and hugs abounded as the names of the awardees were finally revealed on a large screen. The $5.5 million prize was awarded to Latino Community Credit Union (LCCU), and the $2.75 prize million to ACCION Texas. These awards will allow these two well-deserving CDFIs to expand their respective financial institutions to the next level of growth, and will help bring the entire industry to scale along with them. Click here to view a photo slide show of the Wachovia NEXT Awards for Opportunity Finance.
After the announcement of the awardees, it was time for a well-deserved celebration for all CDFIs! Everyone enjoyed the flavorful dining, live music, and salsa dancing. It was truly an unforgettable evening that celebrated the accomplishments of CDFIs and also generated excitement about the future of the opportunity finance industry. Looking forward, the big question on everyone’s mind is, “Who will be NEXT?”
The 2008 Opportunity Finance Network Conference will be held in Albuquerque, New Mexico from December 9 – 12, 2008. During the conference, Opportunity Finance Network will announce the winners of the 2008 Wachovia NEXT Awards for Opportunity Finance Network. Conference registration will begin in August 2008.
For more information about the awardees read the press releases.