Opportunity Finance Network (OFN) has announced a $5 million grant from the Citi Foundation in support of workforce development programs in the community development financial institution (CDFI) field.

The grant will help launch the Washington, D.C.-based group’s three-year NextGen CDFI Workforce initiative to expand the pipeline of young skilled workers and ensure future sustainability and growth of the CDFI industry, which fills critical financing gaps in low-income, low-wealth, and minority communities. To that end, OFN will develop tools, training, and outreach programs to foster growth, encourage innovation, and position CDFIs to take advantage of increasing opportunities made possible by greater public visibility and the recent influx of public and private capital to the CDFI market.

“This is a transformational opportunity for the CDFI industry,” said OFN executive vice president for network services Seth Julyan. “This initiative will not just strengthen and diversify today’s CDFI workforce but will attract and train the next generation so the industry can scale sustainably and better meet the needs of the communities we serve.”

“Around the country, the CDFI industry is growing to meet the increasing economic needs of American households,” said Brandee McHale, president of the Citi Foundation and head of Citi community investing and development. “Through our support of the OFN’s new initiative to train a diverse talent pipeline, the Citi Foundation aims to help the community finance sector gear up for a more inclusive, sustainable future.”

(Photo credit: Getty Images/Seb Ra)