Each of these CDFIs are finding solutions for communities that lack access to traditional financial products and services, and the NEXT Awards will accelerate their success.
OR
Each of these CDFIs is finding solutions for communities that lack access to traditional financial products and services, and the NEXT Awards will accelerate their success.
The difference is, the first one uses "CDFIs are" and the 2nd sentence uses "CDFIs is"
Which one is correct? Any why?