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.

Agency - Department of the Treasury

The Department of Treasury is a steward of United States economic and financial systems, and promotes conditions for prosperity and stability in the U.S., and encourages prosperity and stability in the rest of the world.




Selected Recipients for this Program


RecipientAmount Start DateEnd Date
Mercantile Bank $ 94   
Franklin National Bank Of Minneapolis $ 700,000   
Broadway Federal Bank, F.s.b $ 696,589   
Mission Valley Bank $ 675,000   
City National Bank Of New Jersey (inc) $ 600,000   
City First Bank Of Dc $ 600,000   
Guaranty Bank & Trust Co Inc $ 500,000   
Vcc Bank $ 500,000   
Royal Business Bank $ 415,000   
North Milwaukee State Bank $ 415,000   



Program Accomplishments

Not Applicable.

Uses and Use Restrictions

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 demonstrated by the applicant between an established baseline period and assessment period.

This information is announced in the annual Notice of Funds Availability (NOFA) published in the Federal Register.

Only Federal Deposit Insurance Corporation insured banks and thrifts may apply for an award under this program.

Eligibility Requirements

Applicant Eligibility

For Profit Organizations and Other Private Institution/Organizations in the form of FDIC-insured depository institutions.

Beneficiary Eligibility

Distressed communities as defined in 12 C.F.R. 1806.

Credentials/Documentation

An entity that is an Insured Depository Institution is eligible to apply for a BEA Program Award if the CDFI Fund receives a complete BEA Program Award application by the deadline set forth in the applicable NOFA. Additional eligibility requirements are set forth in the applicable NOFA. 2 CFR 200, Subpart E - Cost Principles applies to this program.

Aplication and Award Process

Preapplication Coordination

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 Procedures

2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. All applications must be received by the established deadline.

Award Procedures

The CDFI Fund reviews applications and makes awards based on an established awards review process, set forth in the NOFA and application materials.

Deadlines

Contact the headquarters or regional office, as appropriate, for application deadlines.

Authorization

Bank Enterprise Act of 1991, Community Development Banking and Financial Institutions Act of 1994, 12 U.S.C 1834a, 4713.

Range of Approval/Disapproval Time

Award approval/disapproval determinations may be made within 180 days after the application deadline. The application deadline is 60 days subsequent to the NOFA publication date.

Appeals

Not Applicable.

Renewals

Not Applicable.

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 approximately one year of executing an Award Agreement and must be used for BEA qualified activities. See the following for information on how assistance is awarded/released: The method of Award payment may be a lump sum or multiple disbursements.

Post Assistance Requirements

Reports

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.

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.

Audits

In accordance with the provisions of 2 CFR 200, Subpart F - Audit Requirements, non-Federal entities that expend financial assistance of $750,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Non-Federal entities that expend less than $750,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in 2 CFR 200.503.

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.

Financial Information

Account Identification

20-1881-0-1-451.

Obigations

(Project Grants) FY 16 $18,625,141; FY 17 Estimate Not Available; and FY 18 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; FY 2013 Range of awards $6,000 to $323,000; Average Award $200,574; FY 2014 Range of awards $12,000 to $355,000; Average Award $258,962; FY 2015 Range of awards $7,500 to $265,496; Average Award $182,599; FY 2016 Range of awards $12,500 to 227,282; Average Award $182,599.

Regulations, Guidelines, and Literature

2 C.F.R. 200, Revised Interim Rule (12 C.F.R. 1806); NOFA; and application materials.

Information Contacts

Regional or Local Office

None.

Headquarters Office

CDFI Fund 1500 Pennsylvania Avenue, N.W., Washington, District of Columbia 20036 Email: bea@cdfi.treas.gov Phone: (202) 653-0300

Criteria for Selecting Proposals

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.



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