Opportunity Information: Apply for CDFI 2021 BEA
The FY 2021 Bank Enterprise Award (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). It is designed specifically for FDIC-insured depository institutions, meaning eligible applicants are banks and thrifts that hold FDIC insurance. The central purpose of the program is to encourage and reward these institutions for expanding meaningful community and economic development activities, particularly in places facing persistent economic hardship.
At its core, the BEA Program functions as an incentive program: it provides monetary awards to qualified banks and thrifts that increase their support for community development. The program focuses on two main areas of growth. First, it rewards institutions that increase investments in CDFIs, recognizing that CDFIs are often specialized lenders and financial service providers with deep experience serving underserved communities. Second, it rewards institutions that increase qualified lending, investment, and service activities occurring within economically distressed communities. In practical terms, this can include expanding access to credit, increasing community development investments, and strengthening banking services in areas where capital and financial infrastructure have historically been limited.
A key theme of the opportunity is leverage. Rather than directly funding projects in distressed communities, the CDFI Fund uses BEA awards to motivate private-sector and regulated financial institutions to put more of their own capital to work in these areas. By paying awards tied to increases in qualifying activity, the program aims to multiply the impact of federal dollars, driving additional lending and investment beyond what might have occurred otherwise. This structure is intended to reinforce and complement the ongoing community development role that banks and thrifts can play, while also helping channel resources to communities that need them most.
From the published opportunity details, the funding opportunity title is "FY 2021 Bank Enterprise Award Program Application" and the opportunity number is CDFI 2021 BEA. The assistance listing (CFDA) number associated with the program is 21.021, and the funding instrument type is a grant. The agency listed is the Community Development Financial Institutions Fund. The application closing date was November 12, 2021, and the opportunity anticipated roughly 120 awards. Individual awards could be as high as $1,000,000, indicating that the program can provide substantial incentive funding for institutions demonstrating significant increases in qualifying community development activities.
In summary, this opportunity is aimed at FDIC-insured banks and thrifts that are actively expanding community development finance. It rewards measurable increases in investment in CDFIs and in qualified community development lending, investing, and services in economically distressed communities, with the broader goal of leveraging federal dollars to move more capital into places where it can have outsized economic and social impact.Apply for CDFI 2021 BEA
- The Community Development Financial Institutions in the community development sector is offering a public funding opportunity titled "FY 2021 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 2021-10-13.
- Applicants must submit their applications by 2021-11-12. (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 120 candidate(s).
- Eligible applicants include: Others.
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| Resilience of Ethnic Tibetans (ResET) Apply for 72048624RFA00002 Funding Number: 72048624RFA00002 Agency: Thailand USAID-Bangkok Category: Community Development Funding Amount: $14,000,000 |
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| Museum Operations Apply for W912EE 24 FOA 0001 Funding Number: W912EE 24 FOA 0001 Agency: Engineer Research and Development Center Category: Community Development Funding Amount: $387,635 |
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