CDFI Innovation Initiative

Capital solutions that drive new capital and financing solutions to help CDFIs attract more capital and new investor types. OFN is positioning CDFIs to access flexible, low-cost, long-term capital, coupled with philanthropic support, to grow their balance sheets or financing tools.

Financing products that expand access to capital in low-income and underserved communities. OFN is developing gap-filling financing products for CDFIs; examples include technical products like working capital for small businesses, products to support community asset ownership, disaster recovery, and secondary markets to advance climate resilient infrastructure.

Technology and operational efficiency innovations that transform how CDFIs do business. OFN is positioning CDFIs to take advantage of advances in ethical AI, shared services models, and technology to improve productivity and operating models.

Data, systems, and analytics that increase performance, track outcomes, and capture narratives to support CDFI scale, investment, and impact.

Yes! We are looking for ideas from within and beyond the CDFI industry. Our goal is to identify innovations – regardless of origin – that can benefit community lenders.

This open call is not a funding application. As we kick off this initiative, we are collecting ideas to help us identify opportunities or solutions on which the innovation initiative may focus.

OFN will offer funding opportunities through the Innovation Fund at a later date.

No. We welcome ideas at any stage—from early concepts to fully developed solutions. You do not need to have a complete plan to participate.

Yes. If you have multiple ideas that align with the goals of the initiative, we encourage you to submit them. Please submit separate forms for each idea. For example – if you have two ideas, please submit the form a total of two times, once with each idea.

No. We welcome ideas from CDFIs and non-CDFIs alike! We are looking for ideas for application in the CDFI industry and would love to hear from others.  

We will not share submissions publicly without your consent. However, ideas may be reviewed internally and with trusted advisory partners supporting the initiative.

OFN will review ideas to inform where to focus efforts of the Innovation Center and Innovation Fund. Depending on the nature of your idea and your involvement, OFN may contact you for more information and/or to explore additional opportunities to participate in the CDFI Innovation Initiative.

OFN is looking for a capitalization concept that is specific and backed by some research and/or feasibility testing. It can, but does not have to be, an idea that has already been implemented. The primary focus of the idea should be a capital solution for small business lenders. 

Yes, the accelerator is open to both OFN members, and non-members, as well as to organizations who are not community lenders.

No, you do not need to be a certified CDFI to apply.  

The benefits of participating in the CDFI Capital Solutions Accelerator include: 

• Opportunities to work with peers and experts to refine innovation proposals 

• Travel and cohort-related expenses will be covered by OFN 

• Receipt of a participation stipend 

• Opportunities to be considered for Innovation Fund  

• Opportunities to pitch to funders/investors 

The ideal participant:

• Has a clear vision for a capitalization innovation;
• Has an innovation idea that will benefit CDFIs
• Is ready to test or refine their idea
• Is actively engaged with the cohort, including by providing and accepting feedback; and
• Is committed to iterating, validating, and implementing their idea.

Funding to launch or scale innovations is not included in the accelerator program. The accelerator will help prepare participants to apply for funding from OFN’s Innovation Fund, where applicable, and to other sources. Funding is not guaranteed.  

To support participation in the accelerator, OFN will provide stipends.  

The CDFI Capital Solutions Accelerator is expected to start in August 2025 and run through January 2026. 

To be reviewed, applications must have agreed to the time commitments described in the application and identified relevant staff members who will participate in the cohort.  

OFN will evaluate both the idea and the organization to ensure they will benefit from the accelerator. Specifically, OFN will evaluate: 

• The quality and relevance of the innovation idea 

• The readiness of the innovation idea for testing or refining  

• The organization’s commitment to actively engaging with the cohort 

• The organization’s commitment to iterating, validating, and implementing the idea

We expect the cohort to include up to 10 organizations, with two participants per organization, one who is an executive/has decision-making authority (e.g. CFO or a board member) and one who will be responsible for program implementation.

To submit your application, please click on the “Learn More” button in the “Apply for our CDFI Capital Solutions Accelerator” section above. After reading the information about the accelerator, click on “Continue to Application.” Fill out the form and click submit.

You will receive a confirmation email once you have submitted your application.

OFN plans to notify applicants of selection decisions in August. 

Applicants may submit extension requests – for extraneous circumstances – to OFN. Please email us at [email protected] with your request and justification.

For more information, please click on the “Learn More” button in the “Apply for our CDFI Capital Solutions Accelerator” section above. If you have further questions, please contact us at [email protected].

We request that only one person per organization submit an application.

The applicant is the individual. We are seeking people who currently work at OFN member organizations that have developed or implemented the types of innovations the initiative is prioritizing in a current or past role.

No, unfortunately non-member spots on the Innovation Council are invitation-only.

OFN is looking for innovation thought leaders to join the Innovation Council. When we review expressions of interest, we will consider factors such as: the relevance and boldness of the vision you articulate, your experience with innovations, and your thoughts on how the council can be most effective.

Up to four individuals from member organizations.  

Innovation Council meetings will be held on a quarterly basis. Council members may be asked to dedicate approximately 1 hour per month to assist with other tasks, such as making connections between OFN and other relevant partners for this initiative, providing feedback on materials, or other activities as applicable.

Meetings will be virtual most frequently, but in-person meetings may be scheduled if necessary.

Members will serve for a term of 1-2 years and can be reappointed. Terms will be staggered so that roughly an equal number of members’ terms expire each year.

Initial members of the Innovation Council (appointed in March 2025) will be randomly assigned to terms of one or two years, so that the council membership cycles as designated above.

The Innovation Council will provide insights and advice to drive the work of the Innovation Center, which will:

• Run solution-focused cohorts and communities of practice;
• Research select innovation topics;
• Publish innovation insights and practitioner toolkits;
• Deliver thought leadership convenings, among other activities.

The insights provided by the Innovation Center will, in turn, inform the direction of the Innovation Fund, which will provide the resources to expand and scale innovations in the CDFI industry.

OFN will have an initial intake call with the selected Innovation Council applicants to provide further detail, review the charter of the Innovation Council, and answer any questions.

Innovation Council members will not be compensated for their time. Travel and similar expenses related to participation in the Innovation Council will be covered by OFN.

Yes, Innovation Council members will still be eligible for Innovation Fund investments. Participation in the Innovation Council will not influence the selection process for an investment.

If you have additional questions not answered here, please email [email protected] and a member of OFN’s staff will get back to you as quickly as possible.