BBIF Florida Receives a $1.5 Million Grant from Truist for COVID-19 Relief Efforts

Orlando, Florida, Sept. 14, 2020 – BBIF announced today that it received a $1.5 million grant from Truist Financial Corporation to create a COVID-19 small business grant program for existing BBIF clients. BBIF created this new program to address the needs it found among its small and micro business owners affected by the COVID-19 pandemic. These needs range from limited access to inventory and PPE supplies, depletion of cash reserves, and reduction in hours of operation. This new grant program will give its micro and small business owners the flexibility to address their immediate needs without worrying about repayment.

The grant is part of the financial services company’s Truist Cares* initiative, a $50 million philanthropic pledge to help rebuild communities affected by the COVID-19 pandemic.

“SunTrust, now Truist, has been a committed partner since BBIF’s inception in 1987,” Inez Long President/CEO of BBIF Florida

“This grant demonstrates the bank’s continued commitment to invest and support the growth and sustainability of small businesses. It’s the perfect way for BBIF clients to add to their capital stack without over-leveraging their companies. Most small businesses have difficulty accessing a range of capital, and we are proud to work with Truist in providing alternatives to debt. I value and applaud Truist’s leadership, and I look forward to our continued partnership and collaborative work to make equitable investments into the community.”

“We’re proud of our long-standing partnership with BBIF Florida,” said Lynette Bell, President of the Truist Foundation. “It’s critical that we support community development financial institutions such as BBIF Florida that are strengthening small and micro businesses during this difficult environment. Meeting the critical needs of small businesses to help them thrive is one way we’re fulfilling our purpose to inspire and build better lives and communities.”

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 Truist

Truist Financial Corporation is a purpose-driven financial services company committed to inspire and build better lives and communities. With 275 years of combined BB&T and SunTrust history, Truist serves approximately 12 million households with leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is the sixth-largest commercial bank in the U.S. with total assets of $504 billion as of June 30, 2020. Truist Bank, Member FDIC. Learn more at Truist.com.

* Truist Cares is a cooperative effort between Truist Financial Corporation, Truist Foundation, Inc., and Truist Charitable Fund to provide communities, organizations and individuals disaster relief and assistance during the COVID-19 crisis.