Earlier this week the CDFI Fund announced the availability of approximately $17.1 million in funding for the Bank Enterprise Award (BEA) program. The BEA Program 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 by providing financial incentives to expand investments in CDFIs and to increase qualified lending, investment, and service activities within economically distressed communities. Activities that qualify depository institutions for a BEA Program awards occur in census tracts where at least 30 percent of the population lives at or below the national poverty level and where the unemployment rate is 1.5 times above the national average. Since inception, the CDFI Fund has awarded approximately $376 million through the BEA Program.
Applications are due Friday, July 12, 2013. Click here for more information.