Ensuring small business survival during COVID-19
Right now, so much of the future is dependent on us getting things right. The rapid spread of COVID-19 has dealt a crushing blow to the small businesses and the clients we serve at BBIF Florida. Congress and the SBA have made resources available to relieve some of the financial pressures, but we know the needs of small businesses are much greater. While the $2 trillion coronavirus stimulus package will provide some economic relief, we have not realized the true economic disruption of this health crisis or how it will impact the low-wealth communities where CDFIs operate.
BBIF stands on the front line of disaster recovery in all forms–the great recession, hurricanes, wildfires, floods, and now, COVID-19. As a true economic first responder, our portfolio consists largely of the very businesses that are being impacted by closures, layoffs, downsizing and uncertainty.
To ensure small businesses survive COVID-19, we created the BBIF Emergency Relief Fund. This fund supports BBIF’s clients and Florida’s small businesses. To increase our own resiliency, we are working alongside investors and partners and recently launched a fundraising campaign to increase our core operating and loan loss reserves. Based upon a recent client survey, we know that the help our clients need must come quickly and with flexibility.
The aim of the BBIF Emergency Relief Fund is to assist 700 small businesses and clients by:
1. Providing working capital loans to small businesses, including those that do not fit public relief programs qualifications (low interest rates, flexible lending criteria)
2. Offering loan payment deferment and restructures/modifications as needed
3. Providing one-on-one technical assistance via online/video conferencing technologies
4. Offering Emergency Relief Fund to support small business owner
Funding once again needs to be deployed swiftly. We cannot let American small businesses fail—they are the true engines of the economy. BBIF is mobilized and ready to help small business owners throughout Florida.
To learn more about how to support the BBIF Emergency Relief Fund, contact Jasmine Gebon at 407.501.8853 or jgebon@bbif.com
To learn more about how BBIF is helping small businesses survive COVID-19