Bank Enterprise Award Program

 

To encourage insured depository institutions to increase their level of community development activities in the form of loans, investments, services and technical assistance within distressed communities and to provide assistance to certified Community Development Financial Institutions (CDFIs) through grants, equity investments, loans, deposits and other forms of financial and technical assistance.

General information about this opportunity
Last Known Status
Active
Program Number
21.021
Federal Agency/Office
Agency: Department of the Treasury
Office: Community Development Financial Institutions Fund
Type(s) of Assistance Offered
PROJECT GRANTS
Program Accomplishments
Fiscal Year 2013: No Current Data Available. Fiscal Year 2014: No Current Data Available. Fiscal Year 2015: No Current Data Available
Authorization
12 U.S.C. 1834a; 12 U.S.C. 4713.
Who is eligible to apply/benefit from this assistance?
Applicant Eligibility
Profit Organization and Other Private Institution/Organization in the form of FDIC insured depository institutions.
Beneficiary Eligibility
Distressed communities as defined in 12 C.F.R. 1806.
Credentials/Documentation
An applicant must provide a Federal Deposit Insurance Corporation certificate number. This program is excluded from coverage under OMB Circular No. A-87.
What is the process for applying and being award this assistance?
Pre-Application Procedure
Preapplication coordination is not applicable. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.
Application Procedure
This program is excluded from coverage under OMB Circular No. A-102. OMB Circular No. A-110 applies to this program. Each applicant must complete a Bank Enterprise Award Application.
Award Procedure
The CDFI Fund reviews applications and makes awards based on an established awards review process, set forth in the Notice of Funds Availability (NOFA) and application materials.
Deadlines
Contact the headquarters or regional office, as appropriate, for application deadlines.
Approval/Disapproval Decision Time
Award approval/disapproval determinations may be made within 180 days after the application deadline. Application deadlines are from 30 to 90 days subsequent to the NOFA publication date.
Appeals
None.
Renewals
None.
How are proposals selected?
Award recipients are selected based upon a priority ranking of qualified activities as set forth in the BEA regulations, the NOFA, and application materials. Qualified activities include, in order of importance, the following: (1) Community Development Financial Institution Related Activities; (2) Distressed Community Financing Activities; and (3) Service Activities.
How may assistance be used?
The CDFI Fund makes grants to selected applicants that: (1)invest in or otherwise support CDFIs; (2)increase lending and investment activities within distressed communities; and/or (3)increase the provision of certain services and technical assistance within distressed communities. An award is based upon a percentage of the increase in qualifying activities that are carried out by the applicant between an established baseline period and assessment period. This information is announced in the annual Notice of Funds Availability published in the Federal Register. Only Federal Deposit Insurance Corporation insured banks and savings associations may apply for an award under this program.
What are the requirements after being awarded this opportunity?
Reporting
The Uses of BEA Program Award Report is used to identify and record the utilization of the award funds. No cash reports are required. No progress reports are required. No expenditure reports are required. Performance Monitoring is accomplished with the review of the Uses of BEA Program Award Report submitted by the award recipient.
Auditing
This program is excluded from coverage under OMB Circular No. A-133. Award recipients (insured depository institutions) are excluded from coverage under OMB Circular A-133 (Revised, June 27, 2003) "Audits of States, Local Governments, and Non-Profit Organizations". Costs incurred for awards issued as part of this program are subject to audit in accordance with the award terms and conditions.
Records
Award recipients must maintain records to substantiate all award costs incurred and to assure that all performance measures are met. Records must be retained in accordance with the provisions of applicable OMB guidance and the terms of the award agreement.
Other Assistance Considerations
Formula and Matching Requirements
This program has no statutory formula.
This program has no matching requirements.
This program does not have MOE requirements.
Length and Time Phasing of Assistance
Funds must be used within one year on BEA qualified activities. See the following for information on how assistance is awarded/released: lump sum or multiple disbursements.
Who do I contact about this opportunity?
Regional or Local Office
None.
Headquarters Office
Mia Sowell 1801 L Street, N.W., 6th Floor, Washington, DC, District of Columbia 20036 Email: sowellm@cdfi.treas.gov Phone: 202-653-0356 Fax: 202-508-0077
Website Address
http://www.cdfifund.gov
Financial Information
Account Identification
20-1881-1-2-451.
Obligations
(Project Grants) FY 13 $17,048,828; FY 14 est $18,000,000; and FY 15 Estimate Not Available
Range and Average of Financial Assistance
FY 2010 Range of awards $6,000 to $600,000; Average Award $357,249;
FY 2011 Range of awards $6,000 to $500,000; Average Award $285,143;
FY 2012 Range of awards $7,500 to $415,000; Average Award $304,559.
Regulations, Guidelines and Literature
Revised Interim Rule (12 CFR 1806); NOFA; and application materials.
Examples of Funded Projects
Fiscal Year 2013: No Current Data Available Fiscal Year 2014: No Current Data Available. Fiscal Year 2015: No Current Data Available