BBIF Receives $50 Million in New Markets Tax Credit Allocations to Boost Economic Growth

BBIF is thrilled to announce that we have been awarded $50 million in New Markets Tax Credit (NMTC) allocations from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund. This allocation enables us to continue our work in providing capital to support economic development in low-income communities across Florida and Georgia.

About the NMTC Program

The NMTC Program was established by Congress to drive investment and economic growth in economically distressed communities. The program allows individual and corporate taxpayers to receive a non-refundable tax credit against federal income taxes in return for making equity investments in financial intermediaries known as Community Development Entities (CDEs). The impact is significant, with the CDFI Fund estimating that for every $1 invested by the federal government, the NMTC Program generates $8 in private investment.

BBIF's Focus Areas for NMTC Projects

With this new allocation, BBIF will continue to focus on key areas that align with our mission to empower communities through economic development:

• Community Healthcare: Investing in projects that increase access to quality healthcare services in underserved areas.

• Small Business: Providing flexible, low-cost capital to support small businesses, particularly those owned by overlooked entrepreneurs.

• Manufacturing: Encouraging the growth of manufacturing businesses that create jobs and drive economic growth in low-income communities.

• Youth and Education: Supporting educational facilities and programs that provide critical resources to children and youth, fostering long-term community development.

BBIF's Ongoing Impact

Since our first federal NMTC allocation in the 2014 funding cycle, BBIF has been awarded seven allocations totaling $248 million. This latest award will continue to bolster our efforts to inject capital into communities that need it the most. Our work with NMTC has already led to the development and expansion of numerous projects, such as community healthcare centers and educational facilities.

See BBIF's NMTC Work in Action

We invite you to learn more about our recent projects which showcases the transformative power of NMTC investments. These initiatives have not only revitalized commercial corridors but have also provided essential services and job opportunities to communities.

For more information about BBIF's NMTC projects and to see how these investments are making a difference, please visit our website.

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.