Bank Enterprise Award Program
Program Funding
Annual program obligations reported to SAM.gov.
Program Objective
The Bank Enterprise Award Program (BEA Program) provides monetary awards to FDIC-insured depository institutions (i.e., banks and thrifts) that demonstrate increased investments and support to certified Community Development Financial Institutions (CDFIs) or in their lending, investing, or service-related activities in the most economically distressed communities.
Eligibility
Eligible Applicants
- For-profit organizations
- Other private organizations
- Not-for-Profit Organization
Profit organization, Other private institutions/organizations
For Profit Organizations and Other Private Institution/Organizations in the form of FDIC -insured depository institutions.
How to Apply
Award Procedure
The CDFI Fund reviews applications and makes awards based on an established awards review process, set forth in the NOFA and application materials.
Award approval/disapproval determinations may be made within approximately 180 days after the application deadline. The application deadline is approximately 60 days subsequent to the NOFA publication date.
Program details & compliance
Description
The BEA Program awards Federal Deposit Insurance Corporation (FDIC)-insured depository institutions for increasing their investments and support of CDFIs and increasing their community development financing and service activities in the most economically distressed communities.
Mission Categories
Primary: Economic Development
Other categories:
Construction, Renewal and Operations
Use of Funds
Allowed Uses
The CDFI Fund makes grants to selected applicants that (1) invest in or otherwise support CDFIs; (2) increase lending and investment activities within Distressed Communities; and/or (3) increase the provision of certain services and technical assistance within Distressed Communities. An Award is based upon a percentage of the increase in qualifying activities that are demonstrated by the applicant between an established baseline period and assessment period. This information is announced in the NOFA published in the Federal Register. Only FDIC-insured banks and thrifts may apply for an Award under this program.
Required Documentation
An entity that is an FDIC-insured Depository Institution is eligible to apply for a BEA Program Award. The entity must submit a BEA Program Application to the Community Development Financial Institutions Fund (CDFI Fund) by the deadline set forth in the applicable Notice of Funds Availability (NOFA) in order to be considered for an Award. Additional eligibility requirements are set forth in the applicable NOFA.
2 C.F.R. Part 200, Subpart E - Cost Principles applies to this program.
Reporting & Compliance
Applicable 2 CFR 200 Subparts
- Subpart B — General Provisions
- Subpart C — Pre-Federal Award Requirements
- Subpart D — Post-Federal Award Requirements
- Subpart E — Cost Principles
- Subpart F — Audit Requirements