Opportunity Information: Apply for CDFI 2023 BEA
The FY 2023 Bank Enterprise Award (BEA) Program Application is a discretionary federal grant opportunity run by the U.S. Department of the Treasury through the Community Development Financial Institutions Fund (CDFI Fund). It is designed to support FDIC-insured financial institutions, meaning eligible banks and thrifts, that are actively involved in community and economic development. Rather than funding a new standalone project in the traditional sense, the BEA Program functions as a performance-based incentive: it provides monetary awards to insured depository institutions that increase specific types of community development activity over a defined period, especially activity that benefits economically distressed communities.
At its core, the BEA Program aims to push more private-sector capital into places that need it most by rewarding institutions for measurable increases in qualifying actions. The program targets two main pathways. First, it encourages banks and thrifts to increase their investments in CDFIs, which are specialized mission-driven financial institutions that serve underserved markets and borrowers. Second, it rewards increases in qualified lending, investment, and service activities that occur within economically distressed communities. In practice, this structure is meant to amplify the impact of Treasury dollars: the award is intended to leverage and reinforce expanded community development behavior, thereby putting more capital to work in distressed areas across the country.
The opportunity is listed under Funding Opportunity Number "CDFI 2023 BEA" and is categorized as a grant with the funding activity focus in community development (CFDA/Assistance Listing number 21.021). The posting was created on March 31, 2023, with an original application deadline of May 2, 2023. Treasury anticipated making around 160 awards under this round, and the maximum award amount (award ceiling) was stated as $1,000,000. Eligibility is broadly summarized as "Others," with the key practical qualifier being that applicants are FDIC-insured depository institutions; additional eligibility details were referenced as being available in the full application materials under an "Additional Information on Eligibility" section.
Overall, the FY 2023 BEA Program is best understood as a federal incentive program for community development performance. It is built to complement existing community development work already happening at insured banks and thrifts by providing a financial reward when an institution demonstrably expands its investments in CDFIs or increases qualified community development lending, investing, and services in economically distressed communities. The intent is to strengthen local credit and investment flows, broaden access to responsible financial products and services, and support economic development outcomes in areas that face persistent disinvestment.Apply for CDFI 2023 BEA
- The US Department of the Treasury, Community Development Financial Institutions in the community development sector is offering a public funding opportunity titled "FY 2023 Bank Enterprise Award Program Application" and is now available to receive applicants.
- Interested and eligible applicants and submit their applications by referencing the CFDA number(s): 21.021.
- This funding opportunity was created on Mar 31, 2023.
- Applicants must submit their applications by May 02, 2023. (Agency may still review applications by suitable applicants for the remaining/unused allocated funding in 2026.)
- Each selected applicant is eligible to receive up to $1,000,000.00 in funding.
- The number of recipients for this funding is limited to 160 candidate(s).
- Eligible applicants include: Others (see text field entitled Additional Information on Eligibility for clarification).
[Watch] Creating a grant proposal using the step-by-step wizard inside the applicant portal:
FY 2023 Bank Enterprise Award (BEA) Program (CDFI 2023 BEA) - FAQs
1) What is the FY 2023 Bank Enterprise Award (BEA) Program?
The FY 2023 Bank Enterprise Award (BEA) Program is a discretionary federal grant opportunity run by the U.S. Department of the Treasury through the Community Development Financial Institutions Fund (CDFI Fund). It provides monetary awards to FDIC-insured financial institutions (eligible banks and thrifts) that increase certain types of community development activity over a defined period.
2) Is the BEA Program meant to fund a brand-new project?
No. Based on the information provided, the BEA Program is not described as a traditional project-based grant for launching a standalone new project. Instead, it is performance-based and incentive-focused: institutions receive awards for measurable increases in qualifying community development actions.
3) Who runs and administers this opportunity?
This opportunity is run by the U.S. Department of the Treasury through the Community Development Financial Institutions Fund (CDFI Fund).
4) What is the purpose of the BEA Program?
The BEA Program is designed to push more private-sector capital into economically distressed communities by rewarding FDIC-insured depository institutions for expanding qualifying community development activity. The award is intended to leverage and reinforce increased community development behavior, helping put more capital to work in distressed areas.
5) Who is eligible to apply?
Applicants are FDIC-insured depository institutions, described as eligible banks and thrifts. The opportunity summary lists eligibility broadly as "Others," with additional eligibility details referenced as being available in the full application materials under an "Additional Information on Eligibility" section.
6) What kinds of activities does the BEA Program reward?
The program rewards measurable increases in specific community development activities. The information provided highlights two main pathways: (1) increased investments in CDFIs, and (2) increased qualified lending, investment, and service activities within economically distressed communities.
7) What are the two main pathways for earning an award under this program?
The two main pathways described are:
- Increasing investments in Community Development Financial Institutions (CDFIs).
- Increasing qualified lending, investment, and service activities in economically distressed communities.
8) What does "performance-based incentive" mean in this context?
In this context, it means the award is tied to demonstrated increases in qualifying activities over a defined period, rather than being provided upfront to fund a proposed set of tasks. The institution is rewarded for expanding eligible community development behavior.
9) What types of institutions does the BEA Program specifically target?
The program targets FDIC-insured financial institutions, specifically eligible banks and thrifts, that are actively involved in community and economic development.
10) What is a CDFI in the context of this opportunity?
Based on the information provided, CDFIs are specialized mission-driven financial institutions that serve underserved markets and borrowers. The BEA Program encourages banks and thrifts to increase investments in these institutions.
11) What communities are emphasized by the BEA Program?
The program places special emphasis on economically distressed communities, particularly through rewards for increased qualified lending, investment, and service activities occurring within those communities.
12) What is the Funding Opportunity Number for this round?
The Funding Opportunity Number is CDFI 2023 BEA.
13) What type of federal funding is this categorized as?
It is categorized as a grant, and it is described as a discretionary federal grant opportunity.
14) What is the Assistance Listing (CFDA) number associated with this opportunity?
The CFDA/Assistance Listing number provided is 21.021.
15) What is the primary funding activity focus?
The funding activity focus is community development.
16) When was the opportunity posting created?
The posting was created on March 31, 2023.
17) What was the application deadline for the FY 2023 BEA Program round described?
The original application deadline stated was May 2, 2023.
18) How many awards were anticipated under this round?
Treasury anticipated making around 160 awards under this round.
19) What was the maximum award amount (award ceiling)?
The maximum award amount (award ceiling) stated was $1,000,000.
20) What outcomes is the BEA Program intended to support?
Based on the description provided, the program is intended to strengthen local credit and investment flows, broaden access to responsible financial products and services, and support economic development outcomes in areas facing persistent disinvestment.
21) How does the BEA Program aim to leverage federal dollars?
The program is structured to amplify the impact of Treasury dollars by rewarding institutions for measurable increases in qualifying actions, thereby incentivizing and reinforcing expanded community development behavior and encouraging more private-sector capital to flow into distressed communities.
22) Where are additional eligibility details referenced?
Additional eligibility details are referenced as being available in the full application materials under an "Additional Information on Eligibility" section.
Browse more opportunities from the same category: Community Development
Next opportunity: Auto Employer Project
Previous opportunity: OJJDP FY 2023 Invited to Apply - Administrative Funding Adjustment to Previously Funded Award (OJJDP FY 2019 Specialized Services and Mentoring for Child and Youth Victims of Sex Trafficking and Sexual Exploitation, Category 1)
Applicant Portal:
Are you interested in learning about about how to apply for this government funding opportunity? You can create a free applicant account and receive instant access to our applicant portal that many business owners like you have benefited from.
Apply for CDFI 2023 BEA
Applicants also applied for:
Applicants who have applied for this opportunity (CDFI 2023 BEA) also looked into and applied for these:
| Funding Opportunity |
|---|
| Ambassador's Special Self-Help Fund Apply for DOS ANGOLA SSH FY23 01 Funding Number: DOS ANGOLA SSH FY23 01 Agency: Department of State, U.S. Mission to Angola Category: Community Development Funding Amount: $10,000 |
| Youth Homeless Demonstration Program Apply for FR 6700 N 35 Funding Number: FR 6700 N 35 Agency: US Department of Housing and Urban Development Category: Community Development Funding Amount: $15,000,000 |
| U.S. Ambassador's Special Self-Help Fund (SSH) Apply for SSH 00 FY23 01 Funding Number: SSH 00 FY23 01 Agency: Department of State, U.S. Mission to Benin Category: Community Development Funding Amount: $10,000 |
| PGO Request for SSH Proposals Apply for PGO MRT FY2022 Funding Number: PGO MRT FY2022 Agency: Department of State, U.S. Mission to Mauritania Category: Community Development Funding Amount: $10,000 |
| Fiscal Year (FY) 2022 Case Management Pilot Program (CMPP) Apply for DHS 23 GPD 102 00 01 Funding Number: DHS 23 GPD 102 00 01 Agency: Department of Homeland Security, Department of Homeland Security - FEMA Category: Community Development Funding Amount: $15,000,000 |
| SMALL & MIGHTY GRANTS PROGRAM Apply for PDS COL 2023 SMG Funding Number: PDS COL 2023 SMG Agency: Department of State, U.S. Mission to Sri Lanka Category: Community Development Funding Amount: $250,000 |
| Affordable Connectivity Outreach Grant Program – Tribal Competitive Outreach Program (TCOP) Round 2 Apply for FCC ACOGP 23 004 Funding Number: FCC ACOGP 23 004 Agency: Federal Communications Commission Category: Community Development Funding Amount: $400,000 |
| Affordable Connectivity Outreach Grant Program – National Competitive Outreach Program (NCOP) Round 2 Apply for FCC ACOGP 23 003 Funding Number: FCC ACOGP 23 003 Agency: Federal Communications Commission Category: Community Development Funding Amount: $400,000 |
| Inclusive Development and Equitable Assistance (IDEA) LWA Apply for 7200AA23RFA00013 Funding Number: 7200AA23RFA00013 Agency: Agency for International Development Category: Community Development Funding Amount: $99,000,000 |
| Local Grant: University Leadership and Engagement Apply for TUNIS06082024 Funding Number: TUNIS06082024 Agency: Department of State, Assistance Coordination Category: Community Development Funding Amount: $500,000 |
| FY 2023 Citizenship and Integration Grant Program: Citizenship Instruction and Naturalization Application Services (CINAS) Apply for CI CET 23 002 Funding Number: CI CET 23 002 Agency: Department of Homeland Security, Office of Procurement Operations - Grants Division Category: Community Development Funding Amount: $300,000 |
| FY 2023 Citizenship and Integration Grant Program: Innovations in Citizenship Preparation Apply for CI CET 23 004 Funding Number: CI CET 23 004 Agency: Department of Homeland Security, Office of Procurement Operations - Grants Division Category: Community Development Funding Amount: $250,000 |
| FY 2023 Citizenship and Integration Grant Program: Regional Hub Program Apply for CI CET 23 001 Funding Number: CI CET 23 001 Agency: Department of Homeland Security, Office of Procurement Operations - Grants Division Category: Community Development Funding Amount: $1,000,000 |
| FY 2023 Citizenship and Integration Grant Program: Community and Regional Integration Network Grant (CARING) Apply for CI CET 23 003 Funding Number: CI CET 23 003 Agency: Department of Homeland Security, Office of Procurement Operations - Grants Division Category: Community Development Funding Amount: $300,000 |
| FY 2023 Citizenship and Integration Grant Program: Citizenship Instruction and Naturalization Application Services (CINAS) Apply for DHS 23 CIS 010 002 Funding Number: DHS 23 CIS 010 002 Agency: Department of Homeland Security, Office of Procurement Operations - Grants Division Category: Community Development Funding Amount: $300,000 |
| FY 2023 Citizenship and Integration Grant Program: Innovations in Citizenship Preparation Apply for DHS 23 CIS 010 004 Funding Number: DHS 23 CIS 010 004 Agency: Department of Homeland Security, Office of Procurement Operations - Grants Division Category: Community Development Funding Amount: $250,000 |
| FY 2023 Citizenship and Integration Grant Program: Regional Hub Program Apply for DHS 23 CIS 010 001 Funding Number: DHS 23 CIS 010 001 Agency: Department of Homeland Security, Office of Procurement Operations - Grants Division Category: Community Development Funding Amount: $1,000,000 |
| FY 2023 Citizenship and Integration Grant Program: Community and Regional Integration Network Grant (CARING) Apply for DHS 23 CIS 010 003 Funding Number: DHS 23 CIS 010 003 Agency: Department of Homeland Security, Office of Procurement Operations - Grants Division Category: Community Development Funding Amount: $300,000 |
| Ambassador’s Special Self-Help Fund Apply for DOS COD SSHF FY22 001 Funding Number: DOS COD SSHF FY22 001 Agency: Department of State, U.S. Mission to the Democratic Republic of Congo Category: Community Development Funding Amount: $16,000 |
| Preparing the Next Generation of Leaders - Promoting Democratic Values and Inclusion Apply for STP ARDF FY23 01 Funding Number: STP ARDF FY23 01 Agency: Department of State, U.S. Mission to Angola Category: Community Development Funding Amount: $130,000 |
Grant application guides and resources
It is always free to apply for government grants. However the process may be very complex depending on the funding opportunity you are applying for. Let us help you!
Apply for Grants
Inside Our Applicants Portal
Access Applicants Portal
- Grants Repository - Access current and historic funding opportunities with ease. Thousands of funding opportunities are published every week. We can help you sort through the database and find the eligible ones to apply for.
- Applicant Video Guides - The grant application process can be challenging to follow. We can help you with intuitive video guides to speed up the process and eliminate errors in submissions.
- Grant Proposal Wizard - We have developed a network of private funding organizations and investors across the United States. We can reach out and submit your proposal to these contacts to maximize your chances of getting the funding you need.
Premium leads for funding administrators, grant writers, and loan issuers
Thousands of people visit our website for their funding needs every day. When a user creates a grant proposal and files for submission, we pass the information on to funding administrators, grant writers, and government loan issuers.
If you manage government grant programs, provide grant writing services, or issue personal or government loans, we can help you reach your audience.
Learn More
Request more information:
Would you like to learn more about this funding opportunity, similar opportunities to "CDFI 2023 BEA", eligibility, application service, and/or application tips? Submit an inquiry below:
Don't forget to subscribe to our grant alerts mailing list to receive weekly alerts on new and updated grant funding opportunities like this one in your email.