PPP Success Story: Local Learning Center in South Florida Receives PPP Funding

For Kreative Kids Learning Center (Kreative Kidz), an early learning center owned and operated by Simeon Multon, 2020 was meant to be their year. Having experienced significant growth in the years leading up to 2020, Simeon had plans for major expansion this year. “The year 2020 was going to be the best year for Kreative Kidz. We were in the planning process of opening our 8th room, expanding the business services and expanding our hours of operation,” Simeon remarked about the center’s plans for growth.

The economic impact of the Coronovarius (COVID-19) pandemic and resulting statewide shutdown changed everything. Simeon, a local business owner, like many small businesses nationwide, was adversely impacted by the economic shutdown. He feared the worst for his business and his employees, not knowing where to turn for help in the midst of all the uncertainty. 

With parents out of work, and children remaining at home, the business’ revenues dried up overnight. It was nearly impossible for Simeon to continue to pay, and therefore retain, his employees. That’s when he turned to BBIF, a non-profit Community Development Financial Institution (CDFI), and SBA approved lending affiliate for the Paycheck Protection Program (PPP) and applied for a PPP loan. 

The approval of their PPP loan has given Simeon and his team at Kreative Kidz hope. This loan gives him the opportunity to take care of his teachers and ensure their livelihood in these uncertain times. 

“I really appreciate BBIF & the SBA. Thanks to their hard work, I don’t have to worry about losing my business. The PPP loan allows me to take care of my staff,  acts as a bridge to carry us through the uncertain times, and gives us a clearer shot towards rebuilding and continuing on toward our goals.”

Simeon Moulton, Owner & Operator

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.