Opportunity Information: Apply for CDFI 2014 BEA
Apply for CDFI 2014 BEA
- The Community Development Financial Institutions in the community development sector is offering a public funding opportunity titled "FY 2014 Bank Enterprise Award 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 Apr 23, 2014 and posted on Apr 23, 2014.
- Applicants must submit their applications by Jun 2, 2014. (Agency may still review applications by suitable applicants for the remaining/unused allocated funding in 2026.)
- The funding agency has allocated a total of $18,000,000.00 to eligible and selected applicants.
- Each selected applicant is eligible to receive up to $2,000,000.00 in funding.
- The number of recipients for this funding is limited to 85 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 FY 2014 Bank Enterprise Award Program (BEA Program) was a discretionary federal grant opportunity offered by the U.S. Department of the Treasury through the Community Development Financial Institutions Fund (CDFI Fund). Its purpose was to encourage FDIC-insured depository institutions, meaning banks and thrifts, to deepen and expand their community development work by rewarding measurable increases in activities that benefit economically distressed communities. Rather than funding a single project in isolation, the program was designed as an incentive mechanism: institutions that demonstrated growth in qualified community development lending, investment, and services, or that increased their investments in CDFIs, could earn a monetary award. The broader policy goal was to leverage federal dollars by nudging more private-sector capital into places where access to credit and financial services is limited, thereby supporting local economic development and community revitalization.
Eligible applicants were specifically FDIC-insured depository institutions. The program emphasized two complementary strategies. First, it encouraged banks and thrifts to invest in CDFIs, which are specialized financial institutions with missions focused on serving low-income and underserved markets. Second, it incentivized direct qualified activities by the applicant institution itself within distressed communities, such as certain types of lending, investments, and financial services that meet the program's definition of community development impact. By paying awards based on increased levels of qualifying activity, the BEA Program aimed to reinforce and scale behavior that institutions were already undertaking, while also motivating them to do more.
For FY 2014, the opportunity listed an estimated total funding amount of $18,000,000, with an expectation of around 85 awards. Individual award amounts were substantial, with an award floor of $1,500 and an award ceiling of $2,000,000, indicating the program could accommodate both smaller and very significant award levels depending on the applicant's performance and qualifying activity. There was no cost-sharing or matching requirement, meaning applicants were not required to contribute additional non-federal funds as a condition of receiving a grant, although the program inherently depended on institutions deploying their own capital through the qualifying activities that the awards were intended to expand.
Administratively, the opportunity was identified by Funding Opportunity Number CDFI-2014-BEA and carried the CFDA number 21.021 (Bank Enterprise Award Program). It was posted on April 23, 2014, with an application closing date of June 2, 2014, and it was archived on June 3, 2014. The funding instrument type was a grant, and the activity category was community development. Applicants seeking full details were directed to the BEA Program webpage on the CDFI Fund website, and support was available through the CDFI Fund Helpdesk at (202) 653-0421 for issues accessing the full announcement electronically.
FY 2014 Bank Enterprise Award Program (BEA Program) - FAQs
What is the FY 2014 Bank Enterprise Award Program (BEA Program)?
The FY 2014 Bank Enterprise Award Program (BEA Program) was a discretionary federal grant opportunity offered by the U.S. Department of the Treasury through the Community Development Financial Institutions Fund (CDFI Fund).
What is the purpose of the BEA Program?
The program was designed to encourage FDIC-insured depository institutions (banks and thrifts) to deepen and expand community development work by rewarding measurable increases in activities that benefit economically distressed communities.
How does the BEA Program work compared to a typical project grant?
Instead of funding a single project in isolation, the BEA Program functioned as an incentive mechanism. Institutions could earn a monetary award by demonstrating growth in qualified community development lending, investment, and services, or by increasing investments in CDFIs.
Who offered this grant opportunity?
This opportunity was offered by the U.S. Department of the Treasury through the CDFI Fund (Community Development Financial Institutions Fund).
Who was eligible to apply?
Eligible applicants were specifically FDIC-insured depository institutions, meaning banks and thrifts.
What kinds of activities could lead to an award?
Awards were tied to measurable increases in qualifying activities, including: (1) increased investments in CDFIs, and/or (2) increased levels of direct qualified community development activities by the applicant institution in economically distressed communities, such as certain lending, investments, and financial services that meet the program definition of community development impact.
What are the two main strategies emphasized by the program?
The BEA Program emphasized two complementary approaches: encouraging banks and thrifts to invest in CDFIs, and incentivizing the institutions own qualified community development lending, investment, and services within distressed communities.
What is the broader policy goal of the BEA Program?
The broader goal was to leverage federal dollars by nudging more private-sector capital into places where access to credit and financial services is limited, supporting local economic development and community revitalization.
What was the estimated total funding amount for FY 2014?
The opportunity listed an estimated total funding amount of $18,000,000 for FY 2014.
About how many awards were expected in FY 2014?
The opportunity expected around 85 awards.
What were the minimum and maximum award amounts?
The award floor was $1,500 and the award ceiling was $2,000,000, depending on the applicants performance and qualifying activity.
Was cost sharing or matching required?
No. The opportunity stated there was no cost-sharing or matching requirement. Applicants were not required to contribute additional non-federal funds as a condition of receiving a grant.
If there was no match requirement, why does the program still depend on bank capital?
The program was structured to reward increased levels of qualifying lending, investment, and services (or investments in CDFIs). So while no formal match was required, the award was tied to the institutions own increased activity in economically distressed communities or increased investments in CDFIs.
What was the Funding Opportunity Number for this program?
The Funding Opportunity Number was CDFI-2014-BEA.
What was the CFDA number for the BEA Program?
The CFDA number listed for the Bank Enterprise Award Program was 21.021.
What type of funding instrument was used?
The funding instrument type was a grant.
What was the activity category for this opportunity?
The activity category was community development.
When was the opportunity posted?
The opportunity was posted on April 23, 2014.
What was the application closing date?
The application closing date was June 2, 2014.
When was the opportunity archived?
The opportunity was archived on June 3, 2014.
Where were applicants directed to find full details?
Applicants seeking full details were directed to the BEA Program webpage on the CDFI Fund website.
Who could applicants contact for help accessing the full announcement electronically?
Support was available through the CDFI Fund Helpdesk at (202) 653-0421 for issues accessing the full announcement electronically.
What kinds of institutions does the program mean by "FDIC-insured depository institutions"?
In the description provided, FDIC-insured depository institutions were defined as banks and thrifts.
Does the program reward ongoing activity or only new projects?
The program was intended to reinforce and scale behavior institutions were already undertaking, while also motivating them to do more, by paying awards based on increased levels of qualifying activity.
Is this opportunity still open?
No. Based on the dates provided, the application period closed on June 2, 2014, and the opportunity was archived on June 3, 2014.
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