FOR IMMEDIATE RELEASE
July 2, 2026
CONTACT:
Kyra Smith (Crapo)
Joined Senate Colleagues Urging OMB to Release Critical Funding Notices
Washington, D.C.–U.S. Senator Mike Crapo (R-Idaho) encourages Community Development Financial Institution (CDFI) lenders in Idaho and across the country to apply promptly for federal funding after the U.S. Office of Management and Budget (OMB) released long-awaited Notices of Funding Availability (NOFAs) and application materials for the CDFI Fund’s Bank Enterprise Award (BEA) and Small Dollar Loan (SDL) programs.
The OMB released application materials Tuesday following a June letter led by Senators Mike Crapo, Cindy Hyde-Smith (R-Mississippi) and eight additional Senate colleagues urging the Office to make the funding opportunities available without further delay. The notices provide approximately one month for applications. CDFI lenders use BEA and SDL resources to expand access to capital and financial services in rural and underserved communities.
“CDFIs play a vital role in strengthening Idaho’s rural communities by providing access to capital for small businesses, homeownership and other local investments that might not otherwise be available through the traditional finance sector,” said Crapo. “The release of these funding opportunities is an important step toward ensuring CDFI lenders can continue serving rural and underserved communities as intended. Eligible Idaho lenders should apply right away so these resources can help support local businesses, families and economic growth.”
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.
Crapo and Hyde-Smith led the June effort urging OMB Director Russell Vought to release BEA and SDL NOFAs. Ten Senators signed the letter noting 80 percent of BEA funds are distributed to rural banks and 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.
Additional letter signatories included Senators Katie Britt (R-Alabama), Bill Cassidy, M.D. (R-Louisiana), Steve Daines (R-Montana), Jim Justice (R-West Virginia), Jerry Moran (R-Kansas), Tim Sheehy (R-Montana), Tommy Tuberville (R-Alabama) and Roger Wicker (R-Mississippi).
Find 2026 funding opportunity information for the BEA Program here and the SDL Program here.
Background:
Senator Crapo is the co-chair of the Senate Community Development Finance Caucus. He is the co-lead of the Scaling Community Lenders Act, which would unlock more sources of liquidity and support for CDFIs. He is also a co-sponsor of the Access to Fair Financing for Opportunity and Resilient Development Act, which would strengthen the CDFI Fund and provide added transparency over its operations. Senator Crapo is also the co-sponsor of the CDFI Fund Transparency Act, which would require the Secretary of the U.S. Department of the Treasury to testify annually before the Senate Banking and House Financial Services Committees regarding operations of the CDFI Fund during the previous fiscal year.
About Mike Crapo
Senator Mike Crapo has represented Idaho in the Senate since 1999, following three terms in the U.S. House and eight years in the Idaho State Senate. A lifelong Idahoan, he currently serves as Chairman of the Senate Finance Committee.
