Bank Enterprise Award Partnership Brings Nearly $4 Million in Deposits to CDFI Credit Unions

For nearly a decade now, Inclusiv and the Community Development Bankers Association have partnered to connect community development banks and credit unions in order to strengthen collaboration across the CDFI and banking sectors and support local economic development. 

This partnership has included promoting the Bank Enterprise Award (BEA) program from the CDFI Fund. The BEA program rewards banks for increasing their year-over-year investments and partnerships with CDFIs, which includes placing deposits in CDFI credit unions to support increased lending to underinvested communities. 

This year, at least $3.95 million in long-term, below-market rate deposits were placed with Inclusiv-member CDFIs according to self-reported results. 

We would love to hear about your experience with the BEA program and to track the impact of this initiative. Please share any feedback with us, including the amount and rate you were able to raise from banks, at deposits@inclusiv.org.