FOR IMMEDIATE RELEASE FOR INFORMATION: JASMINE GEBON, 407-649-4780, jgebon@bbif.com
July 15, 2020
BBIF FLORIDA RECEIVES FOURTH NEW MARKETS TAX CREDIT AWARD FOR $33.5 MILLION
ORLANDO, FLORIDA – The Black Business Investment Fund of Central Florida (BBIF) is pleased to announce it has been awarded $33.5 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 four allocations totaling $93.49 million.
The NMTC Program attracts private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments on projects in economically distressed communities. The credit totals 39 percent of the original investment amount and is claimed over a period of seven years.
“We are honored by CDFI Fund’s support of our work and affirmation of our mission to provide low-cost, flexible capital and technical assistance to small and medium-sized businesses owned by Black, minority, and other underserved women and men in our state,” said Inez Long, CEO of BBIF. “We will use this allocation to invest in job creation, healthcare, education, and purveyors of fresh food in severely distressed communities and we are honored to be entrusted to support and invest in our underserved communities, particularly during this health and economic crisis.”
Since its inception in 2001, the NMTC program has awarded more than $61 billion to projects across the United States.
About BBIF Florida
BBIF Florida is a mission-driven lender and business development organization that helps communities thrive by providing loan capital for African American, other minorities and underserved businesses and by creating opportunities for low-income communities through real estate investments. The key to our success has been a deep sense of purpose, a broad perspective, and a consistent focus on achieving positive results. Headquartered in Orlando, BBIF is and 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 CDFI Fund as a Community Development Financial Institution (CDFI), Community Development Enterprise (CDE) and New Markets Tax Credit Allocatee. BBIF is certified by the U.S. Small Business Administration (SBA) as a Community Advantage “Delegated” 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 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/
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