[Jacksonville, Florida] – Black Business Community Development Corporation (BBCDC), the charitable affiliate of the Black Business Investment Fund (BBIF), was recently awarded $10,000 of grant funding from TIAA Bank to support BBIF’s North Florida technical assistance program and operations. The grant dollars will support BBIF’s commitment to developing underserved small businesses in Jacksonville and North Florida.
While BBIF became a statewide loan provider in 2009, the organization increased its reach by expanding into the North Florida market with a new regional office. By establishing a local presence, BBIF is better able to support more BIPOC businesses. BBIF works with these businesses to provide simplified capital solutions and technical assistance services.
Through access to a team of skilled advisors, BBIF’s clients receive the individualized growth strategies they need to scale their businesses. Since inception, BBIF has provided business owners with 414 training sessions, totaling 538 consulting hours. Through partnerships like TIAA Bank, BBIF can continue to train and support the underserved businesses in North Florida.
“We are appreciative of partners like TIAA Bank who join us to uplift BIPOC businesses in North Florida through their support,” said Caleena Shirley, BBIF, North Florida Regional Director. “After being in the community for 8 years, I see how essential financial literacy education services are for BIPOC businesses, and this grant will help us provide the education and training necessary to help these businesses sustain long-term growth.”
The Black Business Community Development Corporation (BBCDC) was created in 1993. It is a 501c3 entity that provides fundraising, education, and networking opportunities to develop and support the growth of minority businesses and underserved communities. Additionally, BBCDC has the vision to develop sustainable communities by providing low to moderate and affordable housing. BBCDC is the charitable affiliate of BBIF. The previous name of BBCDC was Black Business Capital Financing Corporation (BBCFC). In early 2020 the BBCFC board felt it was necessary to transition to a CDC, hence changing the name to BBCDC. The new name, BBCDC, became effective on March 16, 2020.
Created in 1987, BBIF’s mission is to develop and promote Black business enterprises through education, training, loans, investments, and other activities and to aggressively promote an atmosphere conducive to their development. A mission-driven lender, BBIF helps communities and businesses thrive by providing loan capital and specialized financial technical assistance services. BBIF is a CDFI (Community Development Financial Institution) and CDE (Community Development Enterprise) certified by the U.S. Department of the Treasury, Community Advantage and Micro Loan lender as certified by U.S. Small Business Administration, Money Smart for Small Business collaborator certified by the Federal Deposit Insurance Corporation (FDIC) and is AERIS rated triple star, A-minus. Since our inception, BBIF has provided over 1,000 loans totaling $81 million and leveraged $292 million in New Markets Tax Credit (NMTC) community investments. BBIF’s investments have helped to create/sustain over 13,884 jobs all while maintaining a historical loan loss rate of 3.5%. Learn more at www.BBIF.com.