Opportunity Information: Apply for CDFI 2015 BEA
Apply for CDFI 2015 BEA
- The Community Development Financial Institutions in the community development sector is offering a public funding opportunity titled "FY 2015 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 May 4, 2015 and posted on May 4, 2015.
- Applicants must submit their applications by Jun 15, 2015. (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 80 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 2015 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 core purpose was to encourage FDIC-insured depository institutions, meaning banks and thrifts, to deepen and expand community development activity by rewarding measurable increases in targeted lending, investment, and financial services that benefit economically distressed communities. Rather than directly funding a one-time project, the BEA Program was designed as a performance-based incentive: institutions that increased qualifying community development activity could receive a monetary award, reinforcing and scaling efforts that were already moving capital into underserved places.
At the center of the program was the idea of leverage. The CDFI Fund aimed to stretch federal dollars by using awards to motivate banks and thrifts to put more of their own capital to work in distressed areas and to strengthen partnerships with CDFIs. Two major pathways were emphasized. First, applicants could be rewarded for increasing investments in CDFIs, which can include various forms of financing and support that expand a CDFI's ability to lend and invest locally. Second, applicants could be rewarded for increasing qualified lending, investment, and service activities in economically distressed communities. In practical terms, the program sought to accelerate the flow of responsible credit and financial products, expand services, and support economic development outcomes where conventional financing is often limited.
The opportunity was posted on May 4, 2015, and closed on June 15, 2015, with an archive date of June 16, 2015. It carried a total estimated funding amount of $18,000,000 and anticipated making around 80 awards. Individual award amounts were substantial, with an award floor of $1,500 and an award ceiling of $2,000,000. The funding instrument type was a grant, and it fell under the community development activity category. There was no cost sharing or matching requirement listed, which meant applicants were not required to provide a formal non-federal match as a condition of eligibility, though the program itself inherently focused on increasing the applicant's own qualifying activities.
Eligibility was limited to FDIC-insured depository institutions, specifically banks and thrifts, and the listing notes that additional eligibility details were provided in the official announcement under an "Additional Information on Eligibility" section. The program is associated with CFDA number 21.021 and the funding opportunity number CDFI 2015 BEA. For more detailed guidance, applicants were directed to the BEA Program webpage on the CDFI Fund website, and technical access issues related to the full announcement could be addressed through the CDFI Fund Helpdesk, with Jay Santiago listed as a contact at 202-653-0421. Overall, the FY 2015 BEA Program functioned as a federal incentive mechanism to increase community development finance by rewarding insured institutions for expanding impactful activity and strengthening the broader ecosystem that supports investment in economically distressed communities.
FY 2015 Bank Enterprise Award (BEA) Program FAQs
What is the FY 2015 Bank Enterprise Award (BEA) Program?
The FY 2015 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). It was designed to encourage FDIC-insured depository institutions (banks and thrifts) to expand community development activity by rewarding measurable increases in targeted lending, investment, and financial services that benefit economically distressed communities.
What is the main purpose of the BEA Program?
The program's core purpose was to increase the flow of capital and financial services into economically distressed communities. It did this by providing monetary awards to eligible institutions that demonstrated increases in qualifying community development activities.
Is the BEA Program meant to fund a single project?
No. Based on the description provided, the BEA Program was not structured as a one-time project grant. It functioned as a performance-based incentive that rewarded institutions for increasing qualifying activities, reinforcing and scaling efforts that were already underway.
Who administered this grant opportunity?
The opportunity was offered by the U.S. Department of the Treasury through the CDFI Fund (Community Development Financial Institutions Fund).
What types of institutions were eligible to apply?
Eligibility was limited to FDIC-insured depository institutions, specifically banks and thrifts. The listing also noted that additional eligibility details were provided in the official announcement under an "Additional Information on Eligibility" section.
What kinds of activities did the program reward?
The BEA Program rewarded measurable increases in targeted community development activity, including increased qualified lending, investment, and financial services benefiting economically distressed communities.
What were the two major pathways to earn an award under the program?
Two major pathways were emphasized: (1) increasing investments in CDFIs, and (2) increasing qualified lending, investment, and service activities in economically distressed communities.
What does "increasing investments in CDFIs" mean in this context?
It refers to expanding support to Community Development Financial Institutions (CDFIs) through various forms of financing and support that help a CDFI expand its ability to lend and invest locally, as described in the opportunity summary.
What does "economically distressed communities" mean for this opportunity?
The information provided states that the program focused on activities benefiting economically distressed communities, but it does not include the specific definition or criteria in the summary. Applicants were directed to the official announcement and BEA Program webpage for detailed guidance.
What is meant by a "performance-based incentive" award?
It means awards were tied to demonstrated increases in qualifying community development activity. Rather than funding a proposed plan alone, the program rewarded measurable expansion of targeted lending, investment, and service activity.
How did the program aim to "leverage" federal dollars?
The CDFI Fund aimed to stretch federal dollars by using awards to motivate banks and thrifts to put more of their own capital to work in distressed areas and to strengthen partnerships with CDFIs.
When was the FY 2015 BEA Program opportunity posted?
The opportunity was posted on May 4, 2015.
What was the application closing date?
The closing date listed was June 15, 2015.
When was the opportunity archived?
The archive date listed was June 16, 2015.
How much total funding was estimated for this opportunity?
The total estimated funding amount was $18,000,000.
About how many awards were anticipated?
The opportunity anticipated making around 80 awards.
What was the minimum and maximum award size?
The award floor was $1,500 and the award ceiling was $2,000,000.
What type of funding instrument was used?
The funding instrument type was a grant.
What category did this opportunity fall under?
It fell under the community development activity category.
Was cost sharing or matching required?
No cost sharing or matching requirement was listed. The description notes that applicants were not required to provide a formal non-federal match as a condition of eligibility, although the program inherently focused on increasing the applicant's own qualifying activities.
What is the CFDA number associated with this program?
The program was associated with CFDA number 21.021.
What is the funding opportunity number?
The funding opportunity number listed was CDFI 2015 BEA.
Where were applicants directed for more detailed guidance?
Applicants were directed to the BEA Program webpage on the CDFI Fund website for more detailed guidance.
Who could applicants contact for technical access issues related to the full announcement?
For technical access issues related to the full announcement, applicants could contact the CDFI Fund Helpdesk. Jay Santiago was listed as a contact at 202-653-0421.
What was the overall goal of the FY 2015 BEA Program?
Overall, the program functioned as a federal incentive mechanism to increase community development finance by rewarding FDIC-insured institutions for expanding impactful activity and strengthening the broader ecosystem that supports investment in economically distressed communities.
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