Orlando, Florida, December 8th, 2021. We are excited to share the news that BBIF was awarded $500,000 from the Community Development Financial Institutions (CDFI) Fund.
Financial Assistance Awards from the CDFI Program
The CDFI Program invests in and builds the capacity of CDFIs that serve low-income people and underserved communities lacking adequate access to affordable financial products and services. For the FY 2021 CDFI Program round, the CDFI Fund awarded $119.2 million in Base-FA awards to 248 organizations in 40 states, the District of Columbia, and Puerto Rico. The CDFI Fund also awarded $18.6 million in PPC-FA awards to 125 CDFIs specifically to serve Persistent Poverty. Learn more about the FA award.
This is BBIF’s fifth FA award and will serve as an instrument for continued capacity building and growth for the organization. The funds will be used to capitalize loan pools and provide ongoing technical assistance services to BBIF’s target market of Black, minority, and underserved small businesses.
“This injection of capital comes at a pivotal time for many Black, minority, and underserved small businesses in Florida,” said Inez Long, BBIF President/CEO. “These funds allow for BBIF to continue providing flexible, patient lending solutions for the small businesses that need it most.”
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 $62 million in loans to more than 800 businesses and leveraged $292 million in New Markets Tax Credit (NMTC) community investments. BBIF’s investments have helped to create/sustain over 17,800 jobs, all while maintaining a historical loan loss rate of 4%.