Nonprofit financial group Coastal Enterprises Inc., has been named one of two finalists competing nationally for a $5.5 million community development award.

The group is in the running against Arlington, Va.-based NCB Capital Impact for the funds, which are part of the Wachovia Wells Fargo NEXT Awards for Opportunity Finance.

The winner will be named in October.

A media release from Opportunity Finance Network, a nonprofit group that manages the awards, said Coastal Enterprises was chosen because of its intent to expand nationally its Working Partner Initiative, an effort to build community development financial organizations.

Coastal Enterprises invests in businesses and other development in rural areas in Maine and throughout New England.

The NEXT Awards, which are in their fifth and final year, are financed by The Wachovia Wells Fargo Foundation and supported by The John D. and Catherine T. MacArthur Foundation.