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Sunwest Bank Receives Bank Enterprise Award From US Treasury’s CDFI Fund
November 9, 2011
Washington, DC - The U.S. Department of the Treasurys Community Development Financial Institutions Fund (CDFI Fund) Director Donna J. Gambrell today announced awards totaling nearly $22 million to 77 depository institutions for serving economically distressed communities across the nation. The awards are being made through the fiscal year (FY) 2011 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.
"I am pleased to announce the recipients of the fiscal year 2011 Bank Enterprise Awards," said Director Gambrell. "The BEA Program directly recognizes community banks that provide vital investments into low-income and distressed neighborhoods across the nation. This years awardees also stand out as depository institutions that acted upon the need for economic growth in underserved areas, generating significant impacts for communities that have traditionally struggled to obtain financing."
Collectively, these 77 depository institutions increased their loans and investments in distressed communities by over $305 million; increased their loan, deposits, and technical assistance to Community Development Financial Institutions (CDFIs) by approximately $66 million; increased their equity, equity-like loans and grants to CDFIs by over $35 million; and increased the provision of financial services in distressed communities by over $1.2 million.
The BEA Program awardees were selected after a comprehensive review of 82 applications received by the CDFI Fund from financial institutions across the nation that qualified for more than $68 million in funding under the FY 2011 round.
About the BEA Program
Through the BEA Program, the CDFI Fund recognizes the key role played by some mainstream depository institutions in promoting community revitalization through the provision of essential financial services, credit, and investment capital. The BEA Program complements the community development activities of banks and thrifts by providing financial incentives to further expand their investments in CDFIs and to increase lending, investment, and service activities within economically distressed communities. Providing monetary awards for increasing community development activities leverages the CDFI Fund's dollars and puts more capital to work in distressed communities throughout the nation.
About the CDFI Fund
For more information on the CDFI Fund and its programs, please click here to be redirected to http://www.cdfifund.gov/.
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