The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced $70 million in awards to 184 FDIC-insured banks, through the fiscal year (FY) 2023 round of the Bank Enterprise Award Program (BEA Program), for increasing investments to communities experiencing severe economic distress across the nation. In this award round, with funding combined from FY 2022 and FY 2023 appropriations, the CDFI Fund awarded the largest amount in total funds as well as the highest number of grants in the BEA Program history. All of the $70 million awarded will be reinvested into economically distressed communities and CDFIs, generating further economic opportunity.

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