CDFI Fund Announces Nearly $18 Million in Bank Enterprise Awards Blank Space Blank Space Award Recipients Increased Lending and Investments in Low-Income and Distressed Communities News/DispForm.aspx?ID=87CDFI Fund Announces Nearly $18 Million in Bank Enterprise Awards Blank Space Blank Space Award Recipients Increased Lending and Investments in Low-Income and Distressed Communities <p> <strong>Washington, DC-</strong>Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced awards totaling nearly $18 million to 59 FDIC-insured depository institutions for serving economically distressed communities across the nation. The awards are being made through the fiscal year (FY) 2012 round of the Bank Enterprise Award Program (BEA Program). The activities that qualify these institutions for BEA Program awards occur in census tracts where at least 30 percent of the population lives at or below the national poverty level and where the unemployment rate is 1.5 times above the national average. </p><p>"The BEA Program is a strategic tool for community-focused institutions as they partner with private and public interests in search of the best solutions for the neighborhoods they serve," said CDFI Fund Director Donna J. Gambrell. "The awards the CDFI Fund provides today will be reinvested in low-income and distressed communities, supporting new jobs, stronger small businesses, and more financial education and banking services for neighborhoods across the country" </p><p>Collectively, these 59 depository institutions increased their loans and investments in distressed communities by $383.3 million; increased their loans, deposits, and technical assistance to Community Development Financial Institutions (CDFIs) by $21.1 million; increased their equity and equity-like loans and grants to CDFIs by $258 thousand; and increased the provision of financial services in distressed communities by $5.5 million. </p><p>The BEA Program awardees were selected after a comprehensive review of 71 applications received by the CDFI Fund from financial institutions across the nation that requested more than $88.5 million in funding under the FY 2012 round. </p><p> <strong>About the BEA Program</strong> </p><p>The BEA Program awards FDIC-insured depository institutions for making investments in the most distressed communities throughout the nation. The awards also help banks and thrifts offset some of their risk and meet capital ratio requirements. The BEA Program is multiplying financial institutions’ impacts and generating greater economic opportunity for those with the least access to financial products and services. </p><p> <strong>About the CDFI Fund</strong> </p><p>Since its creation in 1994, the CDFI Fund has awarded more than $1.7 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Awards program, and the Native American CDFI Assistance program. In addition, the CDFI Fund has allocated $33 billion in tax credit authority to community development entities through the New Markets Tax Credit Program. </p><p> <strong>2012 BEA Program Awards</strong> </p><p> <a href="/Documents/Final%20BEA%20Award%20Book%20112012.pdf" target="_blank">2012 BEA Program Award List</a> <br> <br> <a href="/Documents/BEA%20Highlights%202012.pdf" target="_blank">2012 BEA Program Highlights</a> <br> <br> <a href="/Documents/BEA%20Profiles%202012.pdf" target="_blank">2012 BEA Program Awardee Profiles</a> <br> <br> <a href="/Documents/BEA%20List%202012.pdf" target="_blank">2012 BEA Program Award Booklet</a> </p><p>For more information on the CDFI Fund and its programs, please visit <a href=""></a>. </p>2012-11-27T05:00:00ZPress Releases87
CDFI Fund Update: “Innovations in Small Business Lending” Capacity Building Initiative Resource Bank Now Available News/DispForm.aspx?ID=146CDFI Fund Update: “Innovations in Small Business Lending” Capacity Building Initiative Resource Bank Now Available<p class="body"> Building upon its commitment to provide extensive trainings and reference materials for Community Development Financial Institutions, the Community Development Financial Institutions Fund added a new Capacity Building Initiative Resource Bank to its website today. The new “Innovations in Small Business Lending” Resource Bank will help business-oriented CDFI lenders establish and enhance services that are vital to the needs of small and medium enterprises. </p><p class="body"> The “Innovations in Small Business Lending” Resource Bank provides links to expert sources and reference materials that cover a wide range of topics, including innovative market opportunities for small business lenders, small business lending tools, and relevant data and research. The Resource Bank was compiled through the Capacity Building Initiative’s “Innovations in Small Business Lending” training series, administered by Deloitte Financial Advisory Services LLP. </p><p class="body"> The Resource Bank will be updated as more materials become available. To view the Resource Bank, and to learn more about the “Innovations in Small Business Lending” training series, as well as the other series available under the Capacity Building Initiative, please visit <a href="/programs-training/training-ta/Pages/default.aspx"></a>. </p> 2012-11-19T05:00:00ZUpdates146
Assessing the Impact of Superstorm Sandy on CDFIs, CDEs, and the Communities They Serve News/DispForm.aspx?ID=86Assessing the Impact of Superstorm Sandy on CDFIs, CDEs, and the Communities They Serve<p> <em>To Our Subscribers:</em><br><br><em>Earlier today, CDFI Fund Director Donna J. Gambrell sent the following message to CDFIs headquartered in the areas affected by Superstorm Sandy. The CDFI Fund would like to invite all CDFIs and CDEs that have affected communities in their service areas to send us your thoughts as well. Your time and assistance is appreciated.</em> </p> <br> <p> Dear Friends, <br> <br> First and foremost, our hearts go out to those affected by the destruction of Superstorm Sandy. As we all know, CDFIs, day in and day out, are on the front lines providing vital financing and services to underserved communities across our country. CDFIs have and will play an extremely important role in supporting the recovery in those communities on the East Coast that are in dire need at this time. </p><p class="body"> I realize that you have probably not yet absorbed the impact on your organization and the customers you serve, but I ask that you take a few moments to help us understand what you are facing now and going forward. Please send your response no later than November 30th to <a href=""></a>. </p><p> <strong>Your CDFI</strong> </p><ul><li>Was your CDFI impacted by Superstorm Sandy? If so, how?</li><li>Did you sustain damage (i.e., electricity out; water damage, etc.)?</li><li>Have you reopened for business, and if so when? </li><li>What are your needs moving forward?</li><li>Are you currently involved in or providing any direct recovery assistance services?</li></ul><p> <strong>Your Clients/Customers</strong> </p><ul><li>Have any of your clients/customers been impacted? If so, could you provide an example or two of these projects/investments (small businesses, housing, etc.) and provide a short narrative as to what happened, what was your investment and what are the needs moving forward?</li></ul><p> <strong>The Future</strong> </p><ul><li>What new relief efforts or programs is your CDFI contemplating, if any, to help in the aftermath of Superstorm Sandy?</li></ul><p> <strong>Please Spread The Word</strong><br><br> Survivors of this storm can take the first steps toward recovery right now by registering for assistance with FEMA. Impacted residents and business owners in New Jersey, New York, Connecticut and West Virginia can apply for federal assistance by phone 1-800-621-FEMA (3362), via mobile devices at or online at <a href="" target="_blank"></a>.<br><br> Please know that you are in our thoughts at this time of great need. <br> <br> Sincerely, <br> <br> Donna J. Gambrell </p>2012-11-14T05:00:00ZPress Releases86

 Stay In Touch

Sign up to receive news and important information.

Sign Up