The BEA Program, administered by the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund (CFDA 21.021), awarded a $195,776 Project Grant to BOM Bank on September 19, 2024. BOM Bank is a for-profit, FDIC-insured Community Development Financial Institution (CDFI) that provides financial services and support to economically distressed and underserved communities, with a focus on minority and unbanked populations. The grant funding will enable BOM Bank to expand its community development initiatives, including offering small dollar loan programs, increasing lending in low-income areas, supporting other certified CDFIs, and delivering financial services to underserved populations. Specifically, the bank plans to use the funds to create loan loss reserves, offer technical assistance to small businesses, expand lending to minority communities, and build organizational capacity to address economic challenges, particularly in the context of pandemic recovery efforts.
Generated 3/4/25, 6:11 AM