$2.1 million FCLF financing
Acquisition, renovation and term loan
9,918 sq ft commercial and office space
“We’ve had a long positive partnership of collaboration with FCLF to bring much needed services to the underserved of Florida." – Inez Long, President/CEO, BBIF Florida
BBIF Florida strives to be the pulse-keeper on the needs of black, minority, and underserved small businesses throughout the State of Florida. Founded in 1987 as the Black Business Investment Fund, the organization provides loans and services statewide in Florida. Through 2019, BBIF has provided over $49.1 million in loan capital through 451 loans, creating 13,381 jobs.
In addition to direct financing, BBIF provides Financial Technical Assistance (TA) services to small and minority businesses, utilizing several approaches to assist business owners in strengthening their management skills and capacity.
BBIF’s technical assistance (TA) training is ongoing and the goal is for business owners to obtain the education and knowledge needed to grow their businesses in today’s very competitive business market. The TA program consists of training via monthly business owners’ roundtables and one-on-one sessions, where the business is assessed and short- and long-term goals are established. The training team consists of area professionals and BBIF’s staff who deliver this specialized, intense training – free of charge.
With financing from Florida Community Loan Fund, BBIF purchased and is renovating a 9,918 sq-ft building in Orlando that is partially occupied by Orange County Florida’s Division of Housing and Community Development offices. The remaining available space, just over 2,000 square feet, is undergoing renovation and BBIF will utilize it to expand its TA program.
Black businesses and black women entrepreneurs are the largest growing segment of all small business owners nationwide. Over the last 3 years there has been a tremendous demand in BBIF’s products and services from black female business owners. Surveys and research have shown that these women typically have a job and stable income, but often have a side business as well.
BBIF Florida is certified by or has affiliation with the U.S. Department of the Treasury, CDFI Fund, U.S. Small Business Administration (SBA), Federal Deposit Insurance Corporation (FDIC), U.S. Department of Transportation (DOT), Opportunity Finance Network (OFN) and National Community Reinvestment Coalition (NCRC).
Learn more at www.bbifflorida.com