Opportunity Finance Network
Cooperative Federal was one of just six community development financial institutions (CDFI) from across the nation to be honored with a 2008 Wachovia NEXT Award. The awards, announced at the 2008 Opportunity Finance Network (OFN) Conference in Albuquerque, New Mexico, are among the most prestigious awards for responsible lending in the U.S.
Cooperative Federal took home the award in the “Community Impact” category for our city-wide programs that counter predatory lending. In 2007-2008, Cooperative Federal made over 100 payday-alternative loans, lent more than $2 million in alternative-to-predatory mortgages and provided housing and credit counseling to more than 300 low-income individuals.
The Community Impact award includes a $25,000 unrestricted grant. Three other community development financial institutions (CDFIs) received $25,000 Wachovia NEXT Awards in the “Financing,” “Innovation” and “Advocacy” categories; and two CDFIs received larger grants and program-related investments. CDFIs are community development banks, credit unions, loan funds, and venture capital funds that foster economic opportunities for low-wealth and under-served individuals and institutions.