Opportunity Information: Apply for CDFI 2008 BEA
Apply for CDFI 2008 BEA
- The Community Development Financial Institutions in the community development sector is offering a public funding opportunity titled "2008 BEA Program" and is now available to receive applicants.
- Interested and eligible applicants and submit their applications by referencing the CFDA number(s): 21.021 Bank Enterprise Award Program.
- This funding opportunity was created on Dec 10, 2007 and posted on Dec 10, 2007.
- Applicants must submit their applications by Mar 13, 2008. (Agency may still review applications by suitable applicants for the remaining/unused allocated funding in 2026.)
- The funding agency has allocated a total of $10,000,000.00 to eligible and selected applicants.
- Each selected applicant is eligible to receive up to $500,000.00 in funding.
- The number of recipients for this funding is limited to 60 candidate(s).
- Eligible applicants include: Others (see text field entitled Additional Information on Eligibility for clarification).
- FDIC Insured Depository Institutions (banks and thrifts).
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Opportunity Summary:
The 2008 Bank Enterprise Award (BEA) Program was a discretionary federal grant opportunity administered by the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund to encourage banks and thrifts to deepen and expand their community development work. The basic idea of the BEA Program is straightforward: it provides cash awards to insured depository institutions that increase qualifying community development activities, with a strong emphasis on channeling more capital and financial services into economically distressed communities. By rewarding demonstrated increases in these activities, the program is designed to leverage federal dollars, meaning that a relatively modest grant outlay can help drive a larger amount of lending, investing, and service delivery where it is most needed.
The program specifically targeted FDIC-insured depository institutions, including banks and thrifts, as the eligible applicant pool. Rather than funding a single project proposal in the way many grants do, the BEA Program functioned as an incentive mechanism tied to measurable expansions in community development performance. In practical terms, it encouraged institutions to do more of what community development finance depends on: increase investments in CDFIs and expand lending, investment, and service activities in distressed areas. The emphasis on CDFI-related activity matters because CDFIs are mission-driven lenders and financial intermediaries that often serve borrowers and neighborhoods that are not well served by conventional finance, so increasing bank support to CDFIs can amplify impact beyond what a single institution could accomplish on its own.
For the 2008 funding round, the opportunity was posted on December 10, 2007, and closed on March 13, 2008, with the archive date listed as March 14, 2008. The CDFI Fund anticipated making about 60 awards nationwide. The estimated total funding available for this round was $10,000,000. Individual award sizes ranged from a minimum (award floor) of $1 to a maximum (award ceiling) of $500,000. Importantly for applicants, there was no cost sharing or matching requirement, which typically lowers the barrier to participation and allows institutions to pursue an award without having to secure separate matching funds.
Administratively, the grant was categorized under Community Development, with the funding instrument identified as a grant and the program tied to CFDA number 21.021 (Bank Enterprise Award Program). Applicants looking for official guidance and detailed program requirements were directed to the CDFI Fund's website and the BEA Program webpage. For technical issues accessing the full announcement, the listed point of contact was the CDFI Fund Help Desk at (202) 622-2455, via the CDFI Fund IT Help Desk.
2008 Bank Enterprise Award (BEA) Program FAQs
What is the 2008 Bank Enterprise Award (BEA) Program?
The 2008 BEA Program was a discretionary federal grant opportunity administered by the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund. It provided cash awards to insured depository institutions that increased qualifying community development activities, with a strong emphasis on directing more capital and financial services into economically distressed communities.
What is the main purpose of the BEA Program?
The program was designed to encourage banks and thrifts to deepen and expand their community development work by rewarding demonstrated increases in qualifying activities. The goal was to leverage federal dollars so that a relatively modest award could help drive a larger volume of lending, investing, and financial service delivery in distressed areas.
Who administered this grant opportunity?
The opportunity was administered by the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund.
Who was eligible to apply for the 2008 BEA Program?
The eligible applicant pool was limited to FDIC-insured depository institutions, including banks and thrifts.
What types of activities did the BEA Program encourage?
The BEA Program encouraged measurable expansions in community development performance, particularly by increasing investments in CDFIs and expanding lending, investment, and service activities in economically distressed communities.
How is the BEA Program different from a typical project-based grant?
Instead of funding a single project proposal, the BEA Program functioned as an incentive mechanism tied to measurable increases in qualifying community development activities. Awards were meant to reward demonstrated growth in those activities rather than support a standalone project plan.
Why does the program emphasize CDFI-related activity?
The emphasis matters because CDFIs are mission-driven lenders and financial intermediaries that often serve borrowers and neighborhoods that are not well served by conventional finance. By increasing bank support to CDFIs, the program aimed to amplify community impact beyond what a single institution could accomplish on its own.
When did the 2008 BEA funding round open and close?
The opportunity was posted on December 10, 2007, and closed on March 13, 2008.
What is the archive date for this opportunity?
The archive date listed for the 2008 round was March 14, 2008.
How many awards were expected to be made?
The CDFI Fund anticipated making about 60 awards nationwide for the 2008 funding round.
How much total funding was available for the 2008 round?
The estimated total funding available was $10,000,000.
What were the minimum and maximum award amounts?
Individual award sizes ranged from an award floor of $1 to an award ceiling of $500,000.
Was there a cost sharing or matching requirement?
No. The 2008 BEA Program round specified that there was no cost sharing or matching requirement.
What type of funding instrument was used?
The funding instrument was identified as a grant.
What is the CFDA number associated with the BEA Program?
The program was tied to CFDA number 21.021 (Bank Enterprise Award Program).
What category was the grant listed under?
The grant was categorized under Community Development.
Where could applicants find official guidance and program requirements?
Applicants were directed to the CDFI Fund's website and the BEA Program webpage for official guidance and detailed program requirements.
Who should be contacted for technical issues accessing the full announcement?
For technical issues accessing the full announcement, the listed point of contact was the CDFI Fund Help Desk (CDFI Fund IT Help Desk) at (202) 622-2455.
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