BBIF Florida Receives Fifth New Markets Tax Credit Award for $55 Million

ORLANDO, FLORIDA – BBIF is pleased to announce it has been awarded $55 million in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund. Since receiving its first federal NMTC allocation in the 2014 funding cycle, BBIF has been awarded five allocations totaling $148.49 million.

"We are honored by the CDFI Fund’s support and recognition of our work to provide low-cost, flexible capital and technical assistance to small businesses across Florida," said Inez Long, CEO. "This significant award will allow us to inject capital and support businesses in communities that continue to be impacted by the pandemic, helping to drive economic stability and growth."

Since its inception in 2001, the NMTC program has awarded more than $65 billion to allocates across the United States.

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.