Wells Fargo NEXT Awards


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.

General Note

2012 Eligibility Requirements

  1. Charitable Purpose
    Applicant 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.
  2. Community Development Mission & Impact
    Applicant 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.
  3. Finance-based Strategy
    Applicant is a private non-governmental financial intermediary that uses financing as an integral part of its community development strategy.
  4. Three Years of Financing Experience to Achieve a Community Development Mission
  5. Audited Financial Statements for 3 Years
    If the applicant is a credit union, a 5300 report may not substitute for an audited financial statement.
  6. Discipline and Performance
    Applicant 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.
  7. Current Plan
    Applicant is operating under a business plan or strategic plan that was written or updated within the last five years.
  8. Total Assets More Than $5 Million
  9. OFN’s Goals
    Applicant 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

  1. Rationale for Expansion
    A 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.
  2. Coverage Strategy
    A 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.
  3. Use of Funds
    A 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.
  4. Impact
    A credible and compelling analysis of projected impact from applicant’s coverage strategy over the short (2–3 years) and long-term (5–10 years).
  5. Readiness
    A strong management team, partners, and other resources in place or planned to execute its coverage strategy.
  6. Financial Strength and Performance
    Strong financial performance and risk management, dedicated staff, and a sound business model that positions the organization for sustained growth, innovation, and success.
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