BBIF Provides Much Needed PPP Loan to 25 Year-Old Local IT Business

Patrick Eloi built his Information and Technology business with one mission: to provide quality IT support to clients “24/7, 365 days a year.” His Fort Lauderdale-based company, Complete Care IT, has been providing worry-free IT to small and medium-sized businesses for 25 years. And while Eloi’s goal is to prevent downtime and increase productivity for his clientele, he saw his own productivity decline due to the spread of COVID-19. 

With sluggish business sales and low cash reserves, Eloi was faced with the daunting task of cutting costs by any means necessary. This meant cutting staff— an unthinkable decision for Eloi since he considers each team member as family.

It’s a scenario that many business owners have faced during the COVID-19 pandemic. For entrepreneurs like Eloi, the economic impact has created serious financial challenges. National lenders are often hesitant to lend due to perceived credit risks. Factors such as limited access to capital, minimal cash reserves, and smaller staff sizes contribute to these businesses being labeled as 'at risk' or 'distressed,' which can prevent them from accessing critical financial resources.

With the rolling out of the Paycheck Protection Program (PPP), small businesses flocked to apply for federal coronavirus relief through the Small Business Administration loan program. However, many small business owners walked away empty handed because they either didn’t qualify or the funds ran out as large companies snagged millions of dollars through loopholes in the PPP.

Luckily, BBIF, a Florida-based Community Development Financial Institution (CDFI), was able to provide a solution for Eloi and many small business owners facing similar challenges. BBIF’s mission is to support business growth through education, training, loans, investments, and other services that help entrepreneurs succeed and strengthen local economies.

BBIF walked Eloi through the loan application process and helped to secure Complete Care IT with a PPP loan.  The PPP loan helped Eloi meet the payroll for four full-time positions at Complete Care IT, allowing him to keep his tight-knit team intact.

“Family is of fundamental importance, and the PPP loan allowed us to keep our Complete Care IT family together. Thanks to the BBIF organization, we received much-needed help during our most difficult time.” – Patrick Eloi, CEO of Complete Care IT

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.