Ascendus is honored to be selected as part of the inaugural cohort of OFN’s CDFI Capital Solutions Accelerator, a flagship program within the CDFI Innovation Initiative. This recognition underscores Ascendus’ leadership in advancing innovative strategies to strengthen community finance and expand opportunities for small business owners.
The CDFI Innovation Initiative (2025–2029) represents a multi-year investment to institutionalize innovation across the community development finance industry. By focusing on four foundational areas — capital solutions, financing products, technology and operational efficiency, and data and analytics — the Initiative seeks to reimagine the structures of community finance and provide new tools to deepen impact nationwide.
The Capital Solutions Accelerator is a six-month program that equips participating CDFIs to design bold capitalization strategies. Through this program, Ascendus will incubate its graduation strategy — a model that leverages bank refinances to strengthen organizational capital and increase the resources available to small business owners across the country. Andrea Ierace, Senior Vice President of Lending at Ascendus, will lead this important work.
Financial graduation refers to the process of transitioning Ascendus clients to mainstream bank institutions, helping them access conventional financial products and achieve a state of financial independence. This process typically occurs after clients complete an educational milestone through our Technical Assistance work. It involves adopting new financial habits, better managing their business, cash flow, and personal credit, and planning for long-term financial goals such as savings, retirement, and wealth building.
By teaching clients how to save, how to plan, how to borrow, and how to spend wisely, Ascendus equips entrepreneurs with the tools to improve their overall financial outlook and become fully bankable — positioning them to thrive in the conventional financial system.
As part of the Accelerator, Ascendus will receive a stipend in the range of $7,500 to $9,375, determined by the number of full-time employees. With 46 employees, Ascendus qualifies for the maximum award of $9,375.
While this initial investment provides valuable support, the program’s greater potential lies in the opportunity to pitch to OFN’s Innovation Fund, a blended pool of capital seeded by Mastercard and MassMutual. This fund will make catalytic, “press-worthy” investments in high-potential ideas, positioning Ascendus to scale its impact and extend its mission in the years ahead.
Ascendus joins six other organizations in this first Accelerator cohort, collectively focused on reimagining capitalization strategies for small business lenders. The participants are: Impact Ventures, JUST Community, Mission Economic Development Agency (MEDA), Next Street, Northern Initiatives and Prosperity Now.
Together, this group marks the beginning of a new chapter of innovation for community development finance.
Participation in the Capital Solutions Accelerator affirms Ascendus’ commitment to building bold solutions that expand opportunity for entrepreneurs. With Andrea Ierace’s leadership and the support of OFN and its partners, Ascendus is well-positioned to strengthen its capitalization model and secure transformative funding through the Innovation Fund.
We are proud to be part of this inaugural effort and grateful to OFN for recognizing the potential of our vision. This milestone is only the beginning — and Ascendus looks forward to shaping the future of community finance in the years to come.