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Rhema Nnadi, BBIF Florida
BBIF Receives a $1.5 million Grant from Truist for COVID-19 Relief Efforts
Orlando, Florida, Sept. 14, 2020 – BBIF announced today that it received a $1.5 million grant from Truist Financial Corporation to create a COVID-19 small business grant program for existing BBIF clients. BBIF created this new program to address the needs it found among its small and micro business owners affected by the COVID-19 pandemic. These needs range from limited access to inventory and PPE supplies, depletion of cash reserves, and reduction in hours of operation. This new grant program will give its micro and small business owners the flexibility to address their immediate needs without worrying about repayment.
The grant is part of the financial services company’s Truist Cares* initiative, a $50 million philanthropic pledge to help rebuild communities affected by the COVID-19 pandemic.
“SunTrust, now Truist, has been a committed partner since BBIF’s inception in 1987,” said Inez Long, President/CEO of BBIF Florida. “This grant demonstrates the bank’s continued commitment to invest and support the growth and sustainability of Black businesses. It’s the perfect way for BBIF clients to add to their capital stack without overleveraging their companies. Most African American businesses have difficulty accessing a range of capital, and we are proud to work with Truist in providing alternatives to debt. I value and applaud Truist’s leadership, and I look forward to our continued partnership and collaborative work to make equitable investments into the African American community.”
“We’re proud of our long-standing partnership with BBIF Florida,” said Lynette Bell, President of the Truist Foundation. “It’s critical that we support community development financial institutions such as BBIF Florida that are strengthening small and micro businesses during this difficult environment. Meeting the critical needs of small businesses to help them thrive is one way we’re fulfilling our purpose to inspire and build better lives and communities.”
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, 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. 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 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. Learn more at BBIFFlorida.com
About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspire and build better lives and communities. With 275 years of combined BB&T and SunTrust history, Truist serves approximately 12 million households with leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is the sixth-largest commercial bank in the U.S. with total assets of $504 billion as of June 30, 2020. Truist Bank, Member FDIC. Learn more at Truist.com.
* Truist Cares is a cooperative effort between Truist Financial Corporation, Truist Foundation, Inc., and Truist Charitable Fund to provide communities, organizations and individuals disaster relief and assistance during the COVID-19 crisis.
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