What does BEA mean in AWARDS & MEDALS
The Bank Enterprise Award (BEA) is a program that provides financial incentives to banks or similar organizations for investments in low-income communities. It was created by the U.S. Department of the Treasury in 1994 to support economic development and community revitalization. The BEA Program encourages banks to make loans, investments, and services available in census tracts with high concentrations of low-income individuals and households.
BEA meaning in Awards & Medals in Miscellaneous
BEA mostly used in an acronym Awards & Medals in Category Miscellaneous that means Bank Enterprise Award
Shorthand: BEA,
Full Form: Bank Enterprise Award
For more information of "Bank Enterprise Award", see the section below.
Essential Questions and Answers on Bank Enterprise Award in "MISCELLANEOUS»AWARDS"
What is the Bank Enterprise Award?
The Bank Enterprise Award (BEA) is a program established by the U.S. Department of the Treasury in 1994 to provide financial incentives to banks or similar organizations for investments in low-income communities.
Who is eligible for a Bank Enterprise Award?
Banks, thrift institutions, federally insured credit unions, and state development finance entities are eligible for a BEA award if their qualified activities are made in communities with high concentrations of low-income individuals and households.
What type of activities qualify for a Bank Enterprise Award?
Qualified activities include making affordable residential mortgages; small business loans; consumer lending; small farm loans; loans to revitalize farmland; grants and investments related to demoliton of blighted properties; subsidized housing projects; community development activities such as job training/employment creation; purchasing troubled assets from other financial institutions; home improvement practices that enhance property values, etc.
How are BEAs funded?
BEAs are funded through appropriations from Congress allocated by the U.S. Department of Treasury Community Development Financial Institutions (CDFI) Fund.
What impact do BEAs have on communities?
By providing critical funding resources, BEAs help foster economic development, create jobs locally, promote neighborhood stabilization and revitalization, increase access to basic banking services, and support affordable housing initiatives in desperate need of assistance.
Final Words:
The Bank Enterprise Award has enabled banks and other financial institutions to make more significant investments in underserved areas by providing them with crucial funding sources needed for various initiatives such as job creation projects, home improvement practices that enhance property values and more — ultimately benefitting local economies nationwide.
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