ORLANDO, FLORIDA – The Black Business Investment Fund of Central Florida (BBIF) is pleased to announce it has been awarded $55 million in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund. Since receiving its first federal NMTC allocation in the 2014 funding cycle, BBIF has been awarded five
allocations totaling $148.49 million.
“We are honored by the CDFI Fund’s support and recognition of our work to provide low-cost, flexible capital and technical assistance training to Black, minority and other underserved businesses in Florida, said Inez Long, CEO. This significant award will enable us to inject capital and help stabilize minority and underserved communities in our state that continue to be impacted by the pandemic.
Since its inception in 2001, the NMTC program has awarded more than $65 billion to allocatees across the United States.
About BBIF Florida
BBIF is a Minority controlled nonprofit CDFI with a primary mission of providing capital to support small-to-medium sized businesses as a means of providing economic opportunity within low-income communities. Utilizing its new allocation, BBIF will provide loan pools and leverage capital – placing an emphasis on businesses acquiring/renovating commercial real estate, creating quality jobs, access to healthcare, education, and healthy food. In addition to providing simplified capital solutions, BBIF assists business clients by providing financial technical assistance services, by way of an intensive management capacity training program. This program helps business owners to successfully manage and meet their business challenges, maximize profits and
BBIF is certified by the U.S. Department of the Treasury CDFI Fund as a Community Development Financial Institution (CDFI), Community Development Enterprise (CDE). BBIF is also certified by the U.S. Small Business Administration (SBA) as a Community Advantage Lender and Micro Loan Lender, by the Federal Deposit Insurance Corporation (FDIC) as a Money Smart Small Business collaborator and is a member of the prestigious Opportunity Finance Network (OFN), a national membership group of CDFIs. BBIF is an equal opportunity provider.