A MacArthur-supported awards program for community development financial institutions (CDFIs) will award $5.65 million to three top-performing CDFIs: Sunrise Banks in Minneapolis; Freedom First Federal Credit Union in Roanoke; and the Lower East Side People’s Federal Credit Union in New York. The three CDFIs will use the Wells Fargo NEXT awards for Opportunity Finance to expand their geographic presence and product offerings to bolster local economies. The NEXT awards recognize pioneering work by CDFIs, which are market-based, private sector financial intermediaries that provide financing to low-income, low-wealth, and other disadvantaged communities. An additional three CDFIs also received $100,000 each as part of the NEXT Seed Capital Award to support start-up consumer financial services strategies.
