Opportunity Information: Apply for CDFI 2018 BEA
The FY 2018 Bank Enterprise Award (BEA) Program Application is a discretionary federal grant opportunity run by the U.S. Department of the Treasury through the Community Development Financial Institutions Fund (CDFI Fund). Its basic purpose is to reward FDIC-insured depository institutions, meaning banks and thrifts, that are actively expanding financial activity in the nation s most economically distressed communities. Rather than funding a brand-new standalone project, the BEA Program is designed to recognize and financially incentivize institutions that can show they are increasing community development lending, investment, and services, and that they are strengthening the broader community finance ecosystem by putting more resources into CDFIs.
At the center of the program is the idea of leverage: the CDFI Fund uses award dollars to encourage banks and thrifts to move more of their own capital into places that are typically underserved by conventional finance. The program does this in two primary ways. First, it provides monetary awards for increasing investments in CDFIs, helping drive more funding and partnership activity toward certified community development lenders and investors. Second, it provides awards for increasing qualified lending, investment, and service activities that directly benefit the most economically distressed communities. In practical terms, this includes activities that expand access to credit and banking services, support small businesses, promote affordable housing, and enable other forms of local economic development where the need is greatest.
The opportunity is listed under Funding Opportunity Number CDFI 2018 BEA and is associated with CFDA Number 21.021, which is the federal assistance listing tied to this program area. The funding instrument is a grant, and the activity category is community development. The agency expected to make around 105 awards under this round, with an award ceiling of up to 1,000,000 dollars per award. While the eligibility field is summarized as "Others" in the source data, the narrative description makes clear the primary target applicant pool: FDIC-insured financial institutions (banks and thrifts). The official posting indicates that any additional nuances about eligibility would be explained in the full notice under the section typically labeled Additional Information on Eligibility.
Key dates for the FY 2018 round show the opportunity was created on July 19, 2018, and the original application deadline was September 20, 2018. Overall, this program can be understood as a performance-based incentive: it is meant to accelerate and expand real-world community development activity by rewarding institutions that increase their engagement, investments, and services in distressed areas and by channeling more private-sector and bank capital alongside the CDFI Fund s public dollars.Apply for CDFI 2018 BEA
- The US Department of the Treasury, Community Development Financial Institutions in the community development sector is offering a public funding opportunity titled "FY 2018 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 Jul 19, 2018.
- Applicants must submit their applications by Sep 20, 2018. (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 105 candidate(s).
- Eligible applicants include: Others (see text field entitled Additional Information on Eligibility for clarification).
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FY 2018 Bank Enterprise Award (BEA) Program (CDFI 2018 BEA) - FAQs
What is the FY 2018 Bank Enterprise Award (BEA) Program?
The FY 2018 BEA Program is a discretionary federal grant opportunity run by the U.S. Department of the Treasury through the Community Development Financial Institutions Fund (CDFI Fund). It is designed to reward FDIC-insured depository institutions (banks and thrifts) that are actively expanding financial activity in the nation's most economically distressed communities.
What is the main purpose of the BEA Program?
The program's purpose is to recognize and financially incentivize banks and thrifts that can demonstrate increased community development lending, investment, and services in economically distressed communities, and that are strengthening the community finance ecosystem by increasing resources directed to CDFIs.
Is this grant intended to fund a brand-new standalone project?
No. The BEA Program is described as a performance-based incentive. Rather than funding a new standalone project, it rewards institutions that can show they are increasing qualifying community development activities and expanding their engagement in distressed communities.
Who runs this grant opportunity?
The opportunity is run by the U.S. Department of the Treasury through the Community Development Financial Institutions Fund (CDFI Fund).
What type of funding instrument is used for this opportunity?
The funding instrument is a grant.
What is the program focused on (activity category)?
The activity category for this opportunity is community development.
Who is the primary target applicant pool for the BEA Program?
The narrative description identifies FDIC-insured depository institutions, specifically banks and thrifts, as the primary target applicant pool.
The listing shows eligibility as "Others." What does that mean here?
While the source data summarizes eligibility as "Others," the description clarifies that the program is aimed at FDIC-insured banks and thrifts. Any additional nuances about eligibility are indicated as being addressed in the full notice under a section typically labeled "Additional Information on Eligibility."
What does the BEA Program mean by "leverage"?
Leverage is a central concept in the program. Award dollars are used to encourage banks and thrifts to move more of their own capital into underserved, economically distressed communities, effectively pairing public award incentives with increased private-sector financial activity.
How does the BEA Program provide awards?
The program provides awards in two primary ways: (1) monetary awards for increasing investments in CDFIs, and (2) awards for increasing qualified lending, investment, and service activities that directly benefit the most economically distressed communities.
What kinds of activities can be recognized under the BEA Program?
In practical terms, the program recognizes activities that expand access to credit and banking services, support small businesses, promote affordable housing, and enable other forms of local economic development in the most economically distressed communities.
How does the BEA Program support CDFIs?
One of the program's two main award paths is to provide monetary awards for increasing investments in CDFIs, helping drive more funding and partnership activity toward certified community development lenders and investors.
What is the Funding Opportunity Number for this round?
The Funding Opportunity Number is CDFI 2018 BEA.
What is the CFDA number associated with this opportunity?
The opportunity is associated with CFDA Number 21.021.
How many awards were expected to be made under the FY 2018 round?
The agency expected to make around 105 awards under this round.
What is the maximum award amount (award ceiling)?
The award ceiling is up to 1,000,000 dollars per award.
When was the FY 2018 BEA opportunity created?
The opportunity was created on July 19, 2018.
What was the application deadline for the FY 2018 round?
The original application deadline was September 20, 2018.
What does it mean that the BEA Program is performance-based?
It means the program is intended to accelerate and expand real-world community development activity by rewarding institutions that increase their engagement, investments, and services in distressed areas, including increased investment into CDFIs.
What outcomes is the BEA Program trying to encourage in distressed communities?
Based on the description, the program aims to encourage increased community development lending, investment, and services that expand access to credit and banking services, support small businesses, promote affordable housing, and foster local economic development where need is greatest.
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