Opportunity Information: Apply for CDFI 2024 BEA
The FY 2024 Bank Enterprise Award Program (BEA Program) Application is a discretionary federal grant opportunity administered by the U.S. Department of the Treasury through the Community Development Financial Institutions Fund (CDFI Fund). The program is designed to support FDIC-insured depository institutions nationwide, specifically banks and thrifts, that are actively engaged in financing and advancing community and economic development. In practical terms, the BEA Program is meant to reinforce and accelerate the kinds of community development activities that mission-oriented insured financial institutions already do, while pushing additional capital into places that need it most.
At the core of the BEA Program is a performance-based incentive model. Rather than simply funding a standalone project, Treasury uses monetary awards to encourage institutions to increase certain types of community development activity. The program provides awards for two main areas of growth: increasing investments in CDFIs and increasing qualified lending, investment, and service activities in economically distressed communities. This approach is intended to leverage federal dollars by rewarding measurable increases in activity, which can help expand access to capital, strengthen local businesses, and support broader economic stability in underserved markets. By tying awards to expanded community development performance, the CDFI Fund aims to multiply the impact of its funding and put more private-sector capital to work in distressed communities across the country.
Eligibility is limited to FDIC-insured depository institutions, meaning the applicant must be an insured bank or thrift. The opportunity is categorized under the Community Development funding activity area and is associated with CFDA number 21.021. The listing indicates an "EligibleApplicants" category of "Others," but the narrative eligibility requirement is explicit that only FDIC-insured depository institutions may apply.
For FY 2024, the opportunity is posted under the funding opportunity title "FY 2024 Bank Enterprise Award Program Application" with the funding opportunity number "CDFI 2024 BEA." The application closing date is May 28, 2024, and the opportunity was created on April 26, 2024. The maximum award amount (award ceiling) is listed as $1,000,000, and the program anticipates making approximately 190 awards. Overall, this solicitation reflects Treasury's continued use of targeted financial incentives to strengthen partnerships with CDFIs and expand qualified community development lending and services in economically distressed areas.Apply for CDFI 2024 BEA
- The Community Development Financial Institutions in the community development sector is offering a public funding opportunity titled "FY 2024 Bank Enterprise Award Program Application" and is now available to receive applicants.
- Interested and eligible applicants and submit their applications by referencing the CFDA number(s): 21.021.
- This funding opportunity was created on 2024-04-26.
- Applicants must submit their applications by 2024-05-28. (Agency may still review applications by suitable applicants for the remaining/unused allocated funding in 2026.)
- Each selected applicant is eligible to receive up to $1,000,000.00 in funding.
- The number of recipients for this funding is limited to 190 candidate(s).
- Eligible applicants include: Others.
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