Washington, D.C. (June 27, 2018)—The U.S. Department of Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced that 113 banks throughout the nation will receive nearly $22.8 million in awards to increase investments benefitting economically distressed communities through the Bank Enterprise Award Program (BEA Program). These awards are made through the fiscal year (FY) 2017 round of the BEA Program. View the CDFI Fund press release.
The BEA Program is a performance-based grant program that provides monetary awards to FDIC-insured depository institutions who have demonstrable success increasing investments in CDFIs, or via their own lending, investing, and service activities in highlight distressed communities.
In the announcement, CDFI Fund Director Annie Donovan said “These banks have not just increased their lending in economically distressed communities. They are lending in the most highly distressed communities where at least 30 percent of the population lives at or below the national poverty level and where the unemployment rate is at least 1.5 times the national average. I applaud their efforts to generate economic activity in some of the most underserved parts of the country."
OFN congratulates our members that received BEA awards through this funding round: City First Bank, Southern Bancorp Bank, and Sunrise Banks.
You can view the full FY 2017 BEA Program Award Book.
The award announcement comes after the Senate voted on June 20 to reject the Trump Administration’s $14.7 billion Rescission Package that would have rescinded these FY 2017 BEA program funds as well as $141 million in 2018 funding for Capital Magnet Fund (CMF). OFN worked closely with our Members, allies and supporters to oppose the rescissions bill and protect funding for the BEA and CMF programs.