HYDE-SMITH ENCOURAGES COMMUNITY LENDERS NOT TO DELAY IN APPLYING FOR FUNDING FOLLOWING OMB DELAYS
Hyde-Smith Led Senate Push for OMB Release of CDFI Application Details
WASHINGTON, D.C. – U.S. Senator Cindy Hyde-Smith (R-Miss.) today expressed hope that Community Development Financial Institutions (CDFI) banks in Mississippi will be able to successfully apply for federal grant and loan funding following months-long delays by the Office of Management and Budget (OMB) in releasing key application details.
The OMB on Tuesday released Notices of Funding Availability (NOFAs) and Bank Enterprise Award (BEA) Program and the Small Dollar Loan (SDL) Program application materials following the receipt of an early June letter led by Hyde-Smith demanding progress. The NOFAs indicate a month-long application process. CDFI lending institutions use BEA and SDL resources to support primarily rural and underserved regions.
“I appreciate OMB getting this data out and I encourage CDFI community lenders to act as quickly as possible to apply. I remain concerned that delays since April might put these lenders behind the eight ball in terms of securing the backing that they rely on to support small businesses and rural communities in Mississippi,” Hyde-Smith said.
Established in 1994, the CDFI Fund enables certified lenders to leverage federal dollars with private-sector investment to bring much-needed financial resources to low-income and rural regions. These lenders use public and private partnerships to finance small businesses, affordable housing, and essential community services.
Hyde-Smith led the June effort urging OMB Director Russell Voight to release BEA and SDL NOFAs. Ten Senators signed a letter to Vought noting that 80 percent of BEA funds are distributed to rural banks and are used to back billions in loans and investments to support small businesses, housing, and economic development in underserved areas.
“We cannot express how strongly we believe the failure to immediately release the FY 2025 BEA and SDL NOFAs and application materials will result in the CDFI Fund having insufficient time to process applications and award funds. Such a situation risks preventable harm to the communities that the BEA and SDL were established by Congress to serve,” the Senators wrote.
Letter signatories included Senate Finance Committee Chairman Mike Crapo (R-Idaho), Katie Britt (R-Ala.), Bill Cassidy, M.D. (R-La.), Steve Daines (R-Mont.), Jim Justice (R-W.Va.), Jerry Moran (R-Kan.), Tim Sheehy (R-Mont.), Tommy Tuberville (R-Ala.), and Roger Wicker (R-Miss.).
Find 2026 funding opportunity information for the BEA Program here and the SDL Program here.
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