We’re thrilled to share some fantastic news! BBIF has been selected as a recipient of the 2024 Financial Assistance (FA) Award by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund).
This $625,000 grant will enable us to expand our financial products and services to underserved communities, driving economic growth and creating new opportunities.
This recognition is part of the CDFI Fund’s efforts to invest in organizations dedicated to uplifting low-income communities across the nation. With over 350 CDFIs recognized this year, it’s an honor to be among those working to make a difference.
"Securing an FA award is a big win for our team and the communities we serve. It means new opportunities, more jobs, and brighter futures for people and businesses who have been overlooked for too long. We're excited and grateful to continue making a real difference where it's needed most," said the Vice President of Strategic Initiatives, Jasmine Gebon.
"This funding is a testament to BBIF’s ongoing commitment to empower underbanked communities," said Duane Lewis, BBIF Interim Co-President/CEO. "We’re honored to receive this support, which will help us drive meaningful economic impact."
"This award provides a much-needed equity injection, enhancing BBIF’s operational and lending capacity, allowing us to channel vital support into businesses," said Oraine Reid, BBIF Interim Co-President/CEO.
This achievement strengthens our commitment to driving positive change and creating new opportunities for those we serve.
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.
Media Contact
Rhema Nnadi
Director of Marketing, BBIF
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