A MacArthur-supported awards program for community development financial institutions (CDFIs) awarded nearly $4 million to two top-performing CDFIs: the Appalachian Community Federal Credit Union in Gray, Tennessee; and the Rio Grande Valley Multibank Corporation in Brownsville, Texas. The two 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.
