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CDCUs eligible for deposits in new BEA round
WASHINGTON (3/24/10)--The U.S. Treasury's Community Development Financial Institutions (CDFI) Fund on Tuesday announced that it will make up to $25 million in awards available through its 2010 Bank Enterprise Award (BEA) Program. “The BEA Program complements the community development activities of insured depository institutions by providing financial incentives to expand investments in CDFIs and to increase lending, investment, and service activities within economically distressed communities,” the CDFI Fund said in its release. The CDFI Fund has awarded a total of $311 million in funds through “formula-based grants to applicants” since its inception in 1994. Applicants that participate in CDFI-related activities, equity investments, distressed community financing activities, and basic financial service activities for low- to moderate-income individuals “or the institutions serving them” are eligible for the funds. All applications must be submitted by May 5. While eligible applicants must be federally insured banks and thrifts, “those awarded BEA funds are encouraged to increase their financial assistance to Community Development Financial Institutions (CDFI), including credit unions,” the release added. For the full release, use the resource link.
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