BBIF Awarded $560,000 by U.S. Department of the Treasury’s CDFI Fund

ORLANDO, FL – BBIF is incredibly grateful to have been selected by the U.S. Department of the Treasury’s Community Development Financial Institution (CDFI Fund) to receive an award of $560,000! We were among 252 (Community Development Financial Institution) CDFIs to receive $194.1 million in Financial Assistance (FA) awards. This generous contribution will help us to substantially increase our lending and investment activities in smaller neighborhoods and communities.

“This investment from the Fund allows for BBIF to continue its intentional work of funding and developing small businesses in our region,” said Inez Long, BBIF President/CEO. “With this injection of equity, BBIF’s capacity is enhanced — providing greater access to patient and flexible capital, creating jobs, and empowering communities throughout Florida.”

CDFIs can apply for Financial Assistance (Base-FA) awards of up to $1 million, which can be used for lending capital, loan loss reserves, capital reserves, financial services, and development services. To qualify for Base-FA funding, CDFIs must match the award with funds from a non-federal source in order to sustain and expand their financial products and services. These awards must also help achieve at least one of the FA objectives:

• Increase volume of products or services

• Provide new products or services

• Expand operations into new geographic areas

• Service new targeted populations

To view the FY 2022 CDFI Program award book, click here.

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. About the CDFI Fund Since its creation in 1994, the CDFI Fund has awarded nearly $5.7 billion to CDFIs, community development organizations, and financial institutions through: the Bank Enterprise Award Program; the Capital Magnet Fund; the CDFI Rapid Response Program; the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Economic Mobility Corps; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $71 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds for more than $2.1 billion through the CDFI Bond Guarantee Program. To learn more about the CDFI Fund and its programs, please visit the CDFI Fund’s website at www.cdfifund.gov.