Opportunity Information: Apply for CDFI 2011 BEA
Apply for CDFI 2011 BEA
- The Community Development Financial Institutions in the community development sector is offering a public funding opportunity titled "CDFI 2011 BEA" 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 May 9, 2011 and posted on May 9, 2011.
- Applicants must submit their applications by Jun 23, 2011. (Agency may still review applications by suitable applicants for the remaining/unused allocated funding in 2026.)
- The funding agency has allocated a total of $22,000,000.00 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 65 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 CDFI 2011 BEA (Bank Enterprise Award) grant opportunity was a discretionary federal funding program offered 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 core idea of the program was to use financial incentives to reward insured depository institutions for measurable increases in activities that benefit economically distressed communities. Rather than directly funding projects on the ground, the BEA Program was designed to leverage private-sector capital by paying monetary awards to institutions that increased qualifying investments, lending, and financial services targeted to underserved places and people, including expanded investments in CDFIs themselves.
Under this 2011 funding round, the CDFI Fund anticipated making about 65 awards, with an estimated total funding amount of $22,000,000. Individual award amounts were expected to range from a minimum (floor) of $1,500 up to a maximum (ceiling) of $500,000. There was no cost sharing or matching requirement listed, meaning applicants were not required to provide a formal match as a condition of receiving an award, although the program is inherently performance- and activity-driven because awards are tied to increased levels of qualifying community development activity.
Eligibility was limited to FDIC-insured depository institutions, specifically banks and thrifts. In other words, the program was not open to nonprofits, local governments, or individuals unless they met the definition of an insured depository institution. The opportunity was categorized under community development and used a grant funding instrument. The CFDA number associated with the program was 21.021, which corresponds to the Bank Enterprise Award Program.
Timing details for the 2011 announcement were straightforward: the opportunity was posted on May 9, 2011, and the application deadline (original and current closing date) was June 23, 2011, with the archive date listed as June 24, 2011. The agency encouraged applicants needing help accessing the full announcement to contact the Program HelpDesk at 202-622-6355, and referenced the BEA Program webpage on the CDFI Fund's website for additional information.
Frequently Asked Questions (FAQs): CDFI 2011 BEA (Bank Enterprise Award) Program
What is the CDFI 2011 BEA (Bank Enterprise Award) grant opportunity?
The CDFI 2011 BEA (Bank Enterprise Award) opportunity was a discretionary federal funding program offered by the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund. It was designed to encourage banks and thrifts to deepen and expand community development activities in economically distressed communities by providing financial incentives (monetary awards) for measurable increases in qualifying activity.
Which federal agency offered this opportunity?
This opportunity was offered by the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund.
What is the main purpose of the BEA Program?
The main purpose was to use financial incentives to reward insured depository institutions for increasing activities that benefit economically distressed communities. The program aimed to encourage deeper and expanded community development work by banks and thrifts.
Does the BEA Program directly fund community projects?
No. Rather than directly funding projects on the ground, the BEA Program was structured to leverage private-sector capital by paying monetary awards to institutions that increased qualifying community development activities, such as investments, lending, and financial services targeted to underserved places and people, including expanded investments in CDFIs.
Who was eligible to apply for the 2011 BEA funding round?
Eligibility was limited to FDIC-insured depository institutions, specifically banks and thrifts. The program was not open to nonprofits, local governments, or individuals unless they met the definition of an insured depository institution.
Was this opportunity open to nonprofits, local governments, or individuals?
No. Based on the eligibility description provided, the opportunity was limited to FDIC-insured depository institutions (banks and thrifts) and was not open to nonprofits, local governments, or individuals unless they qualified as an insured depository institution.
What kinds of activities did the BEA Program reward?
The program rewarded measurable increases in qualifying community development activities that benefit economically distressed communities. The opportunity description specifically references increased qualifying investments, lending, and financial services targeted to underserved places and people, including expanded investments in CDFIs.
How many awards did the CDFI Fund anticipate making under the 2011 round?
The CDFI Fund anticipated making about 65 awards under the 2011 BEA funding round.
What was the estimated total funding available for the 2011 BEA round?
The estimated total funding amount for the 2011 round was $22,000,000.
What was the expected award size range?
Individual award amounts were expected to range from a minimum (floor) of $1,500 to a maximum (ceiling) of $500,000.
Was there a cost sharing or matching requirement?
No cost sharing or matching requirement was listed for this opportunity. Applicants were not required to provide a formal match as a condition of receiving an award.
If there was no match requirement, how were awards determined?
Even without a formal match requirement, the program was described as performance- and activity-driven because awards were tied to increased levels of qualifying community development activity.
What type of funding instrument was used?
The opportunity used a grant funding instrument.
How was the opportunity categorized?
The opportunity was categorized under community development.
What is the CFDA number associated with this program?
The CFDA number associated with the Bank Enterprise Award Program was 21.021.
When was the 2011 BEA opportunity posted?
The opportunity was posted on May 9, 2011.
What was the application deadline for the 2011 BEA opportunity?
The application deadline (original and current closing date) was June 23, 2011.
When was the opportunity archived?
The archive date listed for the opportunity was June 24, 2011.
Where could applicants get help accessing the full announcement?
Applicants needing help accessing the full announcement were encouraged to contact the Program HelpDesk at 202-622-6355.
Where could applicants find additional information about the BEA Program?
The opportunity referenced the BEA Program webpage on the CDFI Fund's website for additional information.
What types of institutions did the program aim to motivate?
The program aimed to motivate insured depository institutions, specifically banks and thrifts, to deepen and expand community development work through financial incentives tied to increased qualifying activity.
What was the basic strategy behind the BEA Program?
The basic strategy was to leverage private-sector capital by rewarding institutions for increasing qualifying investments, lending, and financial services that support underserved places and people, including expanded investments in CDFIs.
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