The Bank Enterprise Award Program (BEA Program) is a federal grant designed to encourage banks and similar financial institutions to increase their investments and services in economically distressed communities. By doing so, these institutions can receive monetary awards ranging from $10,000 to $600,000. The program aims to boost community and economic development by leveraging funds to support these areas.
Who it's for: This grant is for FDIC-insured financial institutions, such as banks and thrifts, that are committed to supporting community and economic development activities, particularly in economically distressed areas.
More details
Likely Disqualifiers
- Not being an FDIC-insured institution
- Lack of involvement in community development activities
- Failure to increase investments in CDFIs
- Inability to demonstrate increased qualified lending, investment, and service activities
- Application submitted after the deadline
What You May Need
- Proof of FDIC insurance
- Documentation of community development activities
- Records of investments in CDFIs
- Evidence of increased lending and services in distressed communities
- Completed application form
- Financial statements
- Organizational information
- Project proposal or plan
- Tax identification number
- Registration in the System for Award Management (SAM)
Cautions
- Ensure all documentation is complete and accurate
- Be aware of the strict deadline
- Understand the specific requirements for increasing community development activities
- Maintain compliance with all federal regulations
- Prepare for potential audits or reviews
Generated from official source details for readability
Eligibility
Eligible Applicant Types
Additional Criteria
Eligible applicants are FDIC-insured financial institutions, which include banks and thrifts. These institutions must be involved in community development activities and demonstrate an increase in investments in Community Development Financial Institutions (CDFIs) and qualified lending, investment, and service activities in economically distressed communities.
Overview
This grant is for FDIC-insured financial institutions, such as banks and thrifts, that are committed to supporting community and economic development activities, particularly in economically distressed areas.
Likely Disqualifiers
- Not being an FDIC-insured institution
- Lack of involvement in community development activities
- Failure to increase investments in CDFIs
- Inability to demonstrate increased qualified lending, investment, and service activities
- Application submitted after the deadline
Use of Funds
The funds can be used to support and enhance community development activities, such as increasing investments in Community Development Financial Institutions (CDFIs) and boosting lending, investment, and service activities in economically distressed communities.
Total Program Funding
$40,000,000
Expected Awards
180
Cost Sharing
Not Required
Important Dates
- Posted
- Jun 30, 2026
- Deadline
- Jul 24, 2026(23 days)
- Archive Date
- Aug 23, 2026
Application Checklist
- Verify FDIC insurance status
- Compile documentation of past and current community development activities
- Gather records of investments in CDFIs
- Prepare evidence of increased lending and services
- Complete the BEA Program application form
- Ensure financial statements are up-to-date
- Register or update information in the System for Award Management (SAM)
- Submit application before the deadline