July 18, 2025
The Honorable Scott Bessent
Secretary
US Department of the Treasury
1500 Pennsylvania Avenue, N.W.
Washington, DC 20220
The Honorable Russell Vought
Director
Office of Management and Budget
725 17th St NW
Washington, DC 20503
RE: Release of Funds and Notice of Funding Availability (NOFA) for the Bank Enterprise Award Program
Dear Secretary Bessent and Director Vought:
The National Community Reinvestment Coalition, on behalf of our CDFI and banking partners, writes to you to ask that the Office of Management and Budget release the funds for the CDFI Fund’s Bank Enterprise Award program, and that the Department of the Treasury consequently release the Notice of Funding Availability (NOFA).
The release of the NOFA would enable FDIC-ensured depository institutions to apply for funding, which they can then use to invest in CDFIs that support small businesses across the country. The impact of the BEA program has been colossal: from 2016 to 2024, award recipients have increased their lending and investments in economically distressed communities by more than $4.5 billion. Withholding the release of NOFA and thereby the funding itself can have damaging effects on small businesses and ultimately weaken local economies across rural, urban, and Native tribal communities.
NCRC is a membership-based coalition, supporting over 700 nonprofits, 125 of which are CDFIs, that are creating opportunities to build wealth in underserved communities. NCRC’s CDFIs make low-cost loans and investments to small businesses in low-to-moderate income areas, and are typically smaller with an average lending range of $200M and a staff of 10-40 people. NCRC’s CDFIs have strong relationships with their communities and have spurred local economic growth by expanding capital access and technical assistance to entrepreneurs across the country.
For the Treasury to release the NOFA, the Office of Management and Budget has to release the funds. We urge the OMB to release the funds so that banks will be able to apply and receive the awards within the 45-60 day time period. The Bank Enterprise Program represents a public-private partnership that benefits stakeholders across the aisle: the federal government, banks, grassroots organizations, and entrepreneurs. In FY2024, 171 banks received an average award of $280,000, totaling an overall investment of $39 million in CDFIs.
This partnership ensures that capital flows efficiently into underserved parts of the country. At least 10% of the investments made in CDFIs are concentrated in persistent-poverty counties. In fact, from 2014 to 2024, the CDFIs that benefited from the BEA program were mostly located in Southern, Republican-majority states, such as Louisiana and Mississippi. President Trump and Secretary Bessent have promised to prioritize capital access in rural areas through the CDFI Fund. Withholding funds from the BEA program will only strip rural small businesses of the economic investment needed to thrive and contribute to the economy.
On behalf of our banking and CDFI partners, NCRC urges you, Director Vought and Secretary Bessent, to release the funds and issue the Notice of Funding Application as soon as possible, with the ultimate goal of strengthening investment in small businesses and promoting long-term economic growth.
Sincerely,
National Community Reinvestment Coalition
Main Street Alliance
Small Business Majority
