Congratulations to six of Partner for the Common Good's lending partners who received Bank Enterprise Awards (BEA) for FY2016! Beneficial State Bank, Carver Federal Savings Bank, City First Bank of DC, Virginia Community Capital, Harbor Bank of Maryland, and Southern Bancorp received a total of over $1,000,000 from the CDFI Fund as part of this program.
Awarded annually, the BEA Program enables banks to financially support Community Development Financial Institutions and to increase lending and services in the most economically distressed communities in the nation with 30% poverty and 1.5 times the national unemployment rate. The CDFI Fund was created by the Riegle Community Development and Regulatory Improvement Act of 1994. As a bureau of the US Treasury Department, the Fund operates programs that use modest amounts of federal money to leverage a multiple of private sector capital to promote revitalization of low-income communities and bring disenfranchised populations into the economic mainstream.
Read a press release from the Community Development Banker's Association here and a news article about this year's BEA program here.