Eligibility & Selection Criteria
Applicants for the NEXT Opportunity Award must meet certain eligibility requirements. These requirements, as well as selection criteria, are included in detail in the 2012 NEXT Application Guidelines. Below is a summary.
- CDFIs do not need to be a Member of OFN to apply for the NEXT Awards.
- CDFIs cannot apply for both the NEXT Seed Capital Award and the NEXT Opportunity Award in the same year as they require different stages of development for an applicant’s expansion strategy.
- The 10 CDFIs that won a large NEXT Award in 2007–2011 may not apply for the Wells Fargo NEXT Awards in 2012–2017.
- CDFIs that are awarded the NEXT Seed Capital Award in one year may apply in future years for the NEXT Opportunity Award, but CDFIs that are awarded the NEXT Opportunity Award may not apply in future years for the NEXT Awards.
2012 Eligibility Requirements
Charitable PurposeApplicant is a US tax-exempt organization with a current 501(c)(3) determination letter from the Internal Revenue Service. Organizations without this tax status may be eligible if it is a U.S. Treasury CDFI Fund certified CDFI. Native CDFIs that are CDFI Fund certified must not be tribally controlled.
Community Development Mission & ImpactApplicant has a primary mission of community development and strives to have a positive impact on low-income, low-wealth, and other disadvantaged people and communities.
Finance-based StrategyApplicant is a private non-governmental financial intermediary that uses financing as an integral part of its community development strategy.
Three Years of Financing Experience to Achieve a Community Development Mission
Audited Financial Statements for 3 YearsIf the applicant is a credit union, a 5300 report may not substitute for an audited financial statement.
Discipline and PerformanceApplicant is currently in compliance with all financial covenants, reporting requirements, and performance obligations stipulated by public, private, and philanthropic providers of capital and grant support.
Current PlanApplicant is operating under a business plan or strategic plan that was written or updated within the last five years.
Total Assets More Than $5 Million
OFN’s GoalsApplicant affirms Opportunity Finance Network’s goal to ensure that low-income, low-wealth and other disadvantaged people and communities have access to affordable, responsible financial products and services.
2012 Selection Criteria
Rationale for ExpansionA clear analysis of the unmet market need that applicant plans to address with geographic and/or product coverage strategy, including why current sources of capital are not sufficient.
Coverage StrategyA compelling financing strategy to expand geographic market and/or product coverage which must be in process or ready to implement within six months of receiving an award.
Use of FundsA compelling use of funds that demonstrates how the applicant will use the NEXT Opportunity Award to advance the applicant’s coverage strategy in ways that otherwise would not be possible. Applicants must specify award amount requested.
ImpactA credible and compelling analysis of projected impact from applicant’s coverage strategy over the short (2–3 years) and long-term (5–10 years).
ReadinessA strong management team, partners, and other resources in place or planned to execute its coverage strategy.
Financial Strength and PerformanceStrong financial performance and risk management, dedicated staff, and a sound business model that positions the organization for sustained growth, innovation, and success.