The Community Development Financial Institutions Fund has kicked off the application process for the 2024 funding round of the Bank Enterprise Award Program. Through the program, the CDFI Fund provides monetary awards to FDIC-insured banks and thrifts that successfully demonstrate an increase in CDFI investments or in lending, investing or service activities in the most economically distressed communities. Distressed communities are defined as those where at least 30% of residents earn an income that is less than the national poverty level and where the unemployment rate is at least 1.5 times the national unemployment rate.
Up to $40 million is available in awards to eligible FDIC-insured depository institutions through the BEA Program. One change in 2024 is a new requirement that applicants complete a Title VI Compliance Worksheet once each calendar year. The CDFI Fund will hold two webinars on the application process on May 9 and May 22.
