CDFI BANK ENTERPRISE AWARD PROGRAM
The Bank Enterprise Award Program provides monetary awards to FDIC-insured depository institutions (such as banks and thrifts) that successfully demonstrate an increase in their investments in Community Development Financing Institutions (“CDFIs”) or in their own lending, investing, or service activities in the most “Distressed Communities.”- For this purpose, “Distressed Communities” are those where at least 30% of residents have incomes that are less than the national poverty level and where the unemployment rate is at least 1.5 times the national unemployment rate.
- An applicant (the “Program Applicant”) must be FDIC-insured depository institutions (such as banks and thrifts) that successfully demonstrate an increase in their investments in Community Development Financing Institutions (“CDFIs”) or in their own lending, investing, or service activities in the most distressed communities.
- A successful Program Applicant may use its Bank Enterprise Award to provide (a) equity investments, grants, equity-like loans, loans, deposits, and/or technical assistance to CDFIs; (b) direct lending or investment in the form of affordable home mortgages, affordable housing development loans or investments, home improvement loans, education loans, small business loans or investments, small dollar consumer loans, commercial real estate development loans, or investments to residents or businesses located in distressed communities; and (c) access to financial products and services, such as checking accounts, savings accounts, check cashing, financial counseling, new banking branches, or individual development accounts to residents of distressed communities.