Award Program 2013 - The Bank Enterprise: to Supporting Community and Economic Development Activities

Posted by Jamal Fida Tuesday, June 4, 2013 0 comments
Closing Date: July 12,2013.

The Bank Enterprise Award Program (BEA Program) was created in 1994 to support FDIC-insured financial institutions around the country that are dedicated to financing and supporting community and economic development activities. The BEA Program complements the community development activities of insured depository institutions (i.e., banks and thrifts) by providing financial incentives to expand investments in CDFIs and to increase lending, investment, and service activities within economically distressed communities. Providing monetary awards for increasing community development activities leverages CDFI Fund dollars and puts more capital to work in distressed communities throughout the nation.

The BEA Program provides formula-based grants to applicants for increasing qualified activities from a Baseline Period to an Assessment Period. Awards are based on activities within three categories:
1.  CDFI Related Activities: Equity Investments, Equity-like Loans, Grants, Loans, Deposits/Shares, and Technical Assistance to Qualified CDFI Partners.
2.  Distressed Community Financing Activities: Affordable Home Mortgage Loans, Affordable Housing Development Loans, Small Business Loans, Home Improvement Loans, Education Loans, and Commercial Real Estate Loans.
3.    Service Activities: Deposits, Community Services, and Financial Services.

These terms are defined either in the BEA Program Regulations (12 C.F.R. 1806) or in the applicable BEA Notice of Funding Availability (NOFA) for each funding round.

All depository institutions insured by the Federal Deposit Insurance Corporation (FDIC) are eligible to apply for a BEA Program award.

Source and More Informations, Click this Link.


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