Contact Name, Organization: Rhema Nnadi, BBIF Florida
BBIF Florida Receives Fourth CDFI/CORE Financial Assistance Program Award
Orlando, Florida, September 25th, 2020 – We are very excited to announce that BBIF Florida has been awarded $520,000 in grant funds from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). In total, the CDFI Fund awarded 397 Community Development Financial Institutions (CDFIs) $204.1 million in awards yesterday. The CDFI Program invests in and builds the capacity of CDFIs to support economic growth and serve low-income, distressed people and communities lacking adequate access to affordable financial products and services.
This is BBIF Florida’s fourth CDFI/CORE Financial Assistance (FA) program award. “The timing of these resources is critical, and truly a win for Black businesses in Florida. The economic hardship prompted by COVID-19, has added additional economic disparities to Black businesses; this award allows for BBIF to provide capital to these vulnerable businesses,” adds President/CEO Inez Long. The grant funds will be used to capitalize existing BBIF Florida business loan programs and expand our financial technical assistance training program.
To view the FY 2020 CDFI Program award book, click here.
BBIF Florida is an equal opportunity provider.
About BBIF Florida
BBIF Florida is a mission-driven lender and business development organization that helps communities thrive by providing loan capital for African Americans, other minorities and underserved businesses by creating opportunities for low-income communities through real estate investments. Headquartered in Orlando, Fla., BBIF is Florida’s largest statewide small business lender that specializes in providing capital for minority and underserved businesses. Since 1988, BBIF has provided over $49.8 million in loans to more than 451 businesses and leveraged $135.19 million in New Markets Tax Credit (NMTC) community investments. BBIF is certified by the U.S. Department of the Treasury as a Community Development Financial Institution (CDFI) Fund, Community Development Enterprise (CDE) and New Markets Tax Credit Allocation.
BBIF is certified by the U.S. Small Business Administration (SBA) as a Community Advantage “Intermediary” 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, as well as the Association for Enterprise Opportunity (AEO), a national membership group of microenterprise financers. BBIF is an equal opportunity provider. In addition to providing simplified capital solutions, BBIF Florida assists business clients by providing financial technical assistance services. An intensive management capacity training service, the Financial Training Academy helps business owners to successfully manage and meet their business challenges, maximizing profits and creating/retaining jobs. The entrepreneurial spirit of our clients drives our passion for the work we do, breaking down barriers and strengthening businesses in the markets we serve. For more information, visit https://bbif.com/