BBIF Awarded $3.5 Million Grant through CDFI Fund

BBIF receives $3.5M to boost lending and investment activities in underbanked communities

ORLANDO, FL – April 12, 2023

On April 10, 2023, Vice President Kamala Harris and Deputy Secretary of the Treasury Wally Adeyemo announced that the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has awarded over $1.73 billion in grants to 603 Community Development Financial Institutions (CDFIs) across the country through the CDFI ERP. BBIF has been awarded $3.5 million. The allocation of these funds will enhance our organization’s capacity to support low- and moderate-income communities in recovering from the economic impact of the COVID-19 pandemic, while also promoting long-term economic prosperity.

“In the face of the economic uncertainty caused by the COVID-19 pandemic, small business owners have been placed in an extremely vulnerable position,” said BBIF President/CEO Inez Long. “Receiving this grant from the CDFI Fund is a significant step forward in helping us to address the needs of these business owners and support their economic recovery. We are thrilled about the opportunities this grant will create for our organization and the positive impact it will have on the communities we serve.”

The ERP is a grant program that aims to boost the lending, investment, and grant-making activities of CDFIs in low or moderate-income communities. These communities have significant financial needs and have been disproportionately affected by the economic fallout from the COVID-19 pandemic. Through this program, CDFIs can acquire the resources they need to expand their organizational capacity, including technology, staff, and other tools that are essential to achieving their objectives. By participating in the ERP, CDFIs can better serve these communities, help bridge the gap in unmet capital and financial services needs, and aid in the overall economic recovery of these areas.

The CDFI ERP is part of a comprehensive range of federal investments that aim to increase access to capital in communities facing barriers to full financial inclusion. Other programs in this suite include the State Small Business Credit Initiative, Emergency Capital Investment Program, and the CDFI Rapid Response Program, which BBIF received an award of $1.28 million from in 2021. Through this program, BBIF played a pivotal role in supporting economic development and access to capital, helping to bridge the financial gap in underserved communities and promote financial inclusion.

About BBIF

Created in 1987, BBIF provides loan capital, financial technical assistance, and business development services to support business owners. As a mission-driven lender, BBIF helps businesses grow by offering capital solutions and specialized guidance tailored to their needs. BBIF is a CDFI (Community Development Financial Institution) and CDE (Community Development Enterprise) certified by the U.S. Department of the Treasury CDFI Fund. The organization is also a Community Advantage and Micro Loan lender certified by the U.S. Small Business Administration, a Money Smart for Small Business collaborator certified  with the Federal Deposit Insurance Corporation (FDIC), and holds an AERIS rating of triple star, A.

Since its inception, BBIF has provided over 1,185 loans totaling $103.6 million and received over $200MM in New Markets Tax Credit (NMTC)  awards, for a leveraged impact of over $625 million in NMTC investments. These efforts have created/retained over 15,000 jobs, while maintaining a historical loan loss rate of 4.08%. Learn more at www.bbif.com.