BBIF is excited to be a participating lender for the Southern Opportunity and Resilience (SOAR) Fund, a new program aimed at providing small businesses and nonprofits across the South affordable capital and critical business support at a time when they need it the most. With the SOAR Fund, BBIF will further its mission to serve the historically unbanked community, including Black, minority, and other underserved businesses.
The SOAR Fund, which will launch once the federal Paycheck Protection Program closes, will provide loans of up to $100,000 to eligible small businesses and nonprofits with fewer than 50 full-time employees.
Small business owners and nonprofits who need support can visit the website and pre-register. Access the full press release to learn more.
BBIF 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, FL, 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, been awarded $93.49 million in New Markets Tax Credit (NMTC) allocation, and leveraged an additional $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 Lender and Micro Loan Lender, the State of Florida as a Black Business Investment Corporation, by the Federal Deposit Insurance Corporation (FDIC) as a Money Smart Small Business Collaborator, by the U.S. Department of Transportation as a Short Term Lender and is a member of the prestigious Opportunity Finance Network (OFN), a national membership group of CDFIs. BBIF is an equal opportunity provider. In addition to providing simplified capital solutions, BBIF assists business clients by providing financial technical assistance services. An intensive management capacity training service, the Financial Technical Assistance Program 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/
About the SOAR Fund
The Southern Opportunity and Resilience Fund (SOAR) provides access to flexible, affordable capital and free business support services to small businesses and nonprofits through trusted community-based organizations. These organizations have decades of experience supporting historically under-resourced small businesses, including those in low-income and rural communities and owned by women and people of color.
SOAR is a collaborative partnership of local and national community finance organizations created to address the needs of historically disenfranchised communities as they navigate and rebuild from the COVID-19 crisis. SOAR includes leaders from across sectors including local community lenders, national and state-based nonprofit organizations, corporations, philanthropic donors, and investors – all who are passionate about an equitable recovery across the region.