BBIF Awarded $500K From CDFI Fund

Orlando, Florida, December 8th, 2021. We are excited to share the news that BBIF was awarded $500,000 from the Community Development Financial Institutions (CDFI) Fund.

Financial Assistance Awards from the CDFI Program

The CDFI Program supports and strengthens CDFIs that provide financial products and services to communities with limited access to capital. For the FY 2021 CDFI Program round, the CDFI Fund awarded $119.2 million in Base-FA awards to 248 organizations across 40 states, the District of Columbia, and Puerto Rico. Additionally, the CDFI Fund awarded $18.6 million in PPC-FA awards to 125 CDFIs to assist areas facing long-term economic challenges. Learn more about the FA award.

This is BBIF’s fifth FA award and will serve as an instrument for continued capacity building and growth for the organization. The funds will be used to capitalize loan pools and provide ongoing technical assistance services to BBIF’s target market of local small businesses.

“This injection of capital comes at a pivotal time for many small businesses in Florida,” said Inez Long, BBIF President/CEO. “These funds allow for BBIF to continue providing flexible, patient lending solutions for the small businesses that need it most.”

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 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.