FY 2024 Bank Enterprise Award Program Application
Through the Bank Enterprise Award Program (BEA Program), the U.S. Department of the Treasurys Community Development Financial Institutions Fund (CDFI Fund) supports FDIC-insured financial institutions around the country that are dedicated to financing and supporting community and economic development activities. The BEA Program complements the community development activities of insured depository institutions (i.e., banks and thrifts) by providing monetary awards for increasing investments in CDFIs and for increasing qualified lending, investment, and service activities within economically distressed communities. Providing BEA Program awards for increasing community development activities leverages the CDFI Funds dollars and puts more capital to work in distressed communities throughout the nation.
Award Range
$10,000 - $1,000,000
Total Program Funding
$40,000,000
Number of Awards
190
Matching Requirement
No
Eligible Applicants
Additional Requirements
FDIC-insured depository institutions are eligible to apply for a BEA Program award. There are three categories of Qualified Activities, which are listed below: CDFI Related Activities: Provide equity investments, grants, equity-like loans, loans, deposits, and/or technical assistance to CDFIs. A list of Certified CDFIs is available on the CDFI Certification webpage. Distressed Community Financing Activities: Provide direct lending or investment in the form of affordable home mortgages, affordable housing development loans or investments, home improvement loans, education loans, small business loans or investments, small dollar consumer loans, commercial real estate development loans or investments to residents or businesses located in distressed communities. Service Activities: Provide access to financial products and services, such as checking accounts, savings accounts, check cashing, financial counseling, new banking branches, or individual development accounts to residents of distressed communities.
Geographic Eligibility
All
Application Opens
April 26, 2024
Application Closes
May 28, 2024
Grantor
U.S.DOT-CDFI (Community Development Financial Institutions)
Phone
(202) 653-0421Subscribe to view contact details