Does the applying 501(c)(3) organization have to have been a CDFI for a certain amount of time before applying for the Next Award?
To apply for the Wachovia NEXT Awards, a CDFI must have been providing loans or making investments to achieve a community development mission for at least five years and meet all of the other Eligibility Requirements. An organization does not have to be a certified CDFI unless it is not a non-profit 501(c)(3). A for-profit or other non-profit organization does not have to be CDFI certified for five years.
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