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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 .

At The Lemon Lily Tea Room & Bakery, small business owner, Elizabeth M Franks, prides herself on creating beautiful memories and restorative experiences for her guests. After owning her Oviedo-based tea room for six years, Franks learned that taking time for tea allows guests to share quality moments with the people they cherish most.  This motto resonates with her customers as well. In fact, The Lemon Lily Tea Room & Bakery book parties of 20 or more guests every weekend. Friends and family gather to enjoy afternoon tea while expecting brides host a quintessential tea party for their bridal shower or luncheon. When COVID-19 restricted social gatherings, Franks and her staff faced three problems: depletion of cash reserves, supply chain disruption, and even business closure. “We could not serve the volume we needed to break even and we had to cut back on our staff,” explains Franks. However, despite the problems Franks faced, her team continued to help their community. “We really value our community. During the government shutdown, we offered free food to federal employees and their families,” she went on to say.  Small businesses and their families have suffered the most financially through the coronavirus pandemic. While U.S. unemployment levels fell, it rose for workers who fill positions in the hardest-hit industries from food and service to child care, warehousing, and public transit. According to economists, unemployment rates have historically varied across different groups, with some workers experiencing greater challenges during economic downturns and recessions. Many small business owners also faced difficulties accessing federal aid. When the federal Paycheck Protection Program (PPP) rolled out in early spring, only a small percentage of applicants received funding, according to a study conducted by advocacy organizations. Nearly half of the 500 business owners surveyed anticipated having to close their businesses permanently. Franks was thrilled to hear about the PPP loan under the CARES Act. The loan, administered by the Small Business Administration (SBA), would allow Franks to pay her employees who lost their jobs due to COVID-19. When the SBA directed her to BBIF Florida, a Community Development Financial Institution (CDFI) dedicated to supporting small businesses through education, training, loans, investments, and other resources, she knew she was in good hands. Since a major part of BBIF’s mission is to aggressively promote an atmosphere conducive to the development of small businesses. Franks knew BBIF would be genuinely attentive and concerned about her staying in business. The BBIF team attended to all of Franks’ questions and helped her secure a PPP loan. She was able to keep her employees on payroll for the months to come.   “I appreciate BBIF’s ardent efforts to work hard and secure loans for businesses like mine. BBIF has been a huge help to my team and I, we appreciate it.” – Elizabeth M Franks, CEO of The Lemon Lily Tea Room & Bakery

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.

Orlando, Florida, September 25th, 2020 – We are excited to announce that BBIF Florida has been awarded $520,000 in grant funds from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). In total, the CDFI Fund awarded 397 Community Development Financial Institutions (CDFIs) $204.1 million in funding. The CDFI Program strengthens CDFIs by investing in their ability to support economic growth and expand access to financial resources for businesses and communities in need. This is BBIF Florida’s fourth CDFI/CORE Financial Assistance (FA) program award. 'The timing of these resources is critical and a significant win for small businesses in Florida. The economic challenges brought on by COVID-19 have created additional financial strain on many businesses; this award enables BBIF to provide essential capital to those in need,' adds President/CEO Inez Long. The grant funds will be used to support BBIF Florida’s existing business loan programs and expand financial technical assistance training. To view the FY 2020 CDFI Program award book, click here. BBIF Florida is an equal opportunity provider. 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 .

This video highlights the historical policies that restricted access to homeownership for certain communities. Many challenges faced by certain communities today can be traced back to past policies enacted by federal and local governments. This video highlights laws that limited access to financial opportunities and how organizations like BBIF play a vital role in providing resources and support to small businesses and entrepreneurs in need of financial solutions.

BBIF is excited to be a participating lender for the Southern Opportunity and Resilience (SOAR) Fund, a new program designed to provide small businesses and nonprofits across the South with access to affordable capital and essential business support during a critical time. Through the SOAR Fund, BBIF will continue its mission to expand financial opportunities for small local businesses. The SOAR Fund, which will launch after the federal Paycheck Protection Program closes, will offer loans of up to $100,000 to eligible small businesses and nonprofits with fewer than 50 full-time employees. Small business owners and nonprofits who need support can visit the website and pre-register. Access the full press release to learn more . 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 the SOAR Fund The Southern Opportunity and Resilience Fund (SOAR) provides access to flexible, affordable capital and free business support services to small businesses and nonprofits through trusted community-based organizations. These organizations have decades of experience supporting historically under-resourced small businesses, including those in low-income and rural communities and owned by women and people of color. SOAR is a collaborative partnership of local and national community finance organizations created to address the needs of historically disenfranchised communities as they navigate and rebuild from the COVID-19 crisis. SOAR includes leaders from across sectors including local community lenders, national and state-based nonprofit organizations, corporations, philanthropic donors, and investors – all who are passionate about an equitable recovery across the region. ###

BBIF Client Spotlight: Randall Transportation, LLC Small businesses account for 99% of all companies in the United States and impact their local communities in various ways. The most common way small businesses benefit a local community is by providing job opportunities and stimulating the economic cycle. Randall Transportation, LLC is a small family-operated transportation company that has been in business since 1942. They have been able to remain successful for seven decades by evolving and recognizing the opportunities that lay at any corner. Randall Transportation, LLC has a humble beginning. Their small business started with owning one vehicle to owning a fleet of over 20. They provide transportation services for Duval County Public, private, and charter schools and different community organizations. Randall Transportation is looking to expand its services to include clients like the Jacksonville Port Authority. At the height of the COVID-19 pandemic in 2020, many businesses faced the uncertainty of whether they will be able to maintain operations. For Randall Transportation they received the notice to cease all operations because schools, which included the bulk of their contracts, were no longer offering face-to-face learning. From March 2020- August 2020, Randall Transportation was not operating its regular routes. This caused their 30 employees to be without work, and business owners Sherman and Angela Randall to rethink their plans to expand. For many small-owned businesses, the Paycheck Protection Program (PPP) was the saving grace needed to remain afloat. Unfortunately, in the initial rollout of PPP loans, many minority businesses could not get funding or had difficulty completing their application due to the surplus of applicants. Randall Transportation, LLC was not immune to this feat. When applying for the PPP Loan through their primary financial institution, their bank informed them that they were no longer accepting applications. Hearing this news devastated owners Sherman and Angela because they felt they would not receive the help they so desperately needed.  Fortunately, Randall Transportation, LLC connected with a BBIF team member in their community, recommended by another BBIF client, and close friend of the Randalls. They recommended the community development financial institution as a viable way to obtain funding and technical support opportunities. Through this connection, Randall Transportation, LLC acquired PPP funding and participated in BBIF’s Resiliency Ecosystem, which includes financial technical assistance training , BBIF Connect – a new Facebook group centered around networking and best practice sharing, the Initiate platform , and one-on-one coaching.  Receiving the PPP loan allowed Randall Transportation, LLC to keep its 30 employees on the payroll. During the summer of 2020, the staff maintained the buses and carried maintenance crews to different schools in the Duval County Public School District to prepare for school reopening in August. Randall Transportation, LLC was also able to show their business’s viability and remain credit eligible for capital, allowing them to purchase more vehicles and continue with their expansion plans.  “BBIF has the best interests of all businesses that they work with in mind, especially small businesses. Thankfully we were able to connect with BBIF and receive PPP funding; we recommend this organization to anyone who wants to see their business progress.”  – Sherman Randall, President

BBIF Client Spotlight: Vinali Staffing, LLC Vinali Staffing, LLC is a small business specializing in permanent and temporary staffing services across technology, accounting, healthcare, and logistics industries. Like many other small businesses during the COVID-19 pandemic, they faced financial challenges that made it difficult to retain their full-time employees. Ruth Valez, the owner of Vinali Staffing, explains how since she first opened in 2016, her business had been in a state of consistent growth. However, due to the pandemic, with many organizations downsizing, she found it difficult for her team to execute their tasks since a bulk of her clients no longer needed her services. Valez found herself needing to make the difficult choice of reducing the size of her team. Thankfully the opportunity to apply for the SBA’s Paycheck Protection Program (PPP) was presented to Vinali Staffing.  When Valez first applied for the PPP loan, it was through the financial institution that she worked with for the past 20 years. She explained the process as grueling; Valez felt like her application was another number that could become lost. She was able to get connected with BBIF after having the opportunity to hear about our mission on a webinar with Senator Rubio. BBIF’s loan team was able to work quickly and efficiently with Vinali Staffing to end their previous application and close a loan. Having the PPP loan allowed Valez to keep all 15 team members employed. As of December 2020, BBIF, a community development financial institution (CDFI), headquartered in Orlando, Florida, has approved over $7.23 Million in funding to 200 Black, minority, and underserved businesses and has retained over 1,300 jobs. “Working with BBIF feels like a 5-star experience; all of my problems were handled with the utmost care. When I contacted BBIF, all of my phone calls and emails were answered. Their responsiveness was a relief because I was able to receive realistic timelines and minimize any uncertainties. I did not feel like just another application number at BBIF.”  – Ruth Valez, CEO of Vinali Staffing, LLC

BBIF Client Spotlight: Tekontrol, Inc Navy Veteran Thomas Kornegay opened Tekontrol, Inc, in 1988, after working as a defense industry contractor for two years. For the past 34 years, Kornegay has diligently worked toward his business mission:  to provide the best technical service that a company needs, whenever they need them, while also ensuring that he can support fellow veterans. In 2020 the Coronavirus pandemic placed many businesses in very critical positions, Tekontrol being one. Mr. Kornegay began searching for funding to ensure that his employees were not without pay by applying for the COVID-19 Economic Injury Disaster Loans (EIDL) through the SBA, which provides funds for select organizations experiencing a temporary loss of revenue due to the health crisis.  After not hearing back from his traditional financial institution, Mr. Kornegay realized he would need to take action to save his business. He called Florida Senator Rubio’s office to get assistance with his application status. Seeing that Tekontrol is a Black-owned business, fulfilling an element of BBIF’s target market, Senator Rubio’s office connected Mr. Kornegay with BBIF. Once connected with BBIF, Mr. Kornegay received the EIDL and got approved for the Paycheck Protection Program (PPP).  In the early years of developing his businesses, Mr. Kornegay was referred to BBIF but did not develop a relationship with the community development financial institution (CDFI) at that time. He professes a missed opportunity on his behalf and states he should have gone with BBIF when he first started his business. He describes BBIF’s loan process as simple, easy to understand, and processed by staff that held his hand every step of the way. “I want everyone to recognize that BBIF is more than a lending organization; they understand what you want, what you need, and ensure that you have access to it.”  – Thomas Kornegay, CEO

BBIF Client Spotlight: Kindred Care EMS Kindred Care is a premier small, local medical transportation provider serving the metro Jacksonville, FL area. Business owner Marshiray Griffen, a Jacksonville native, founded Kindred Care after recognizing a need for reliable transportation services in her community. The company provides dependable, high-quality medical transportation for individuals who are unable to drive to their doctor appointments. Their top priority is ensuring timeliness, comfort, and exceptional care for every customer. At Kindred Care, patients are at the heart of their mission. Marshiray became familiar with BBIF after hearing a loan team member speak at a community meeting. This meeting alone made her begin brainstorming ways to ensure that her business was secure.  While speaking with this BBIF team member over the phone, she became aware of business needs that she did not consider, such as pursuing backup funds for her cash reserves. Having available dollars in cash reserves allows business owners to have funds set aside in the case of an emergency or to cover unexpected expenses. However, before she could acquire these funds, the coronavirus pandemic impacted the nation. When the COVID-19 crisis began in early 2020, Marshiray felt as if she was in a whirlwind. Seemingly overnight, there was a surge in demand for her services that she could not support due to it requiring more staffing she could not afford. Initially, insurance providers did not consider COVID-19 a “medical emergency” and were not including COVID transfers, making it extremely difficult to acquire the funds to meet her needs. To make matters worse, Kindred Care was forced to transfer billing companies due to their previous provider going out of business, proving to be a very costly and unexpected expense. Being that Marshiray developed a relationship with BBIF before the pandemic, she felt comfortable applying for the Paycheck Protection Program (PPP) loan with our organization. Throughout their entire PPP application process, the BBIF team ensured that Marshiray understood each step. She appreciated the time and dedication that the BBIF team showed, helping her to navigate the application process. After successfully receiving the PPP funding in the summer of 2020, Kindred Care was able to meet payroll needs and continue servicing their patients. In addition to the PPP loan, BBIF also provided  Kindred Care with critical grant dollars to aid in the billing company transition. With these funds, Marshiray was able to purchase important supplies, such as personal protection equipment. “Working with BBIF allowed us to keep operating during the troubling times of uncertainty the pandemic brought, and I will forever be thankful for that.” -Marshiray Griffin

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 .

NMTC Client Spotlight: Pine Hills Drugs, Pharmacy & Medical Supplies NMTC Loan Pools were created to expand access to capital for small business owners and support economic growth in communities with limited investment. These loan pools provide funding for entrepreneurs to purchase and renovate owner-occupied commercial real estate, helping to strengthen local business districts and drive long-term development. Pine Hills Drugs, Pharmacy & Medical Supplies Pine Hills Drugs,  Pharmacy & Medical Supplies (PHD) stores,  prepares and dispenses medical preparations for general patients in the Greater Orlando Area. The pharmacy devotes a portion of its time to elderly patients, long-term care, and assisted living care facilities.PHD has been supporting many Black and underserved individuals residing in the low-income community of Pine Hills, Florida.  Pine Hills is an unincorporated neighborhood in West Orlando. Since 2011, the City of Orlando has included this area in its Neighborhood Improvement District. The program aims to enhance the neighborhood’s appeal as a family-friendly community while fostering a safe and business-friendly environment that supports long-term growth. Business owner and pharmacist Oscar Mibionwu has owned and operated PHD for the past ten years. Through his time practicing in the Pine Hills Community, Mibionwu has been able to make an impact with PHD’s service, and his vision was to become a pillar within the community. Initially, Mibionwu was operating from leased space. However, he knew that he would have to grow his business to make a more significant impact in his community. That is when he contacted BBIF. BBIF created the NMTC Loan Pool to provide flexible, affordable capital to entrepreneurs in communities with limited access to funding. Through this financing tool, BBIF partnered with Mibionwu to support the purchase and renovation of a larger commercial property in Pine Hills. With an expanded facility, PHD was able to grow its operations and continue delivering essential medical services to the Pine Hills community.  In addition to the NMTC Loan Pool dollars that Mibionwu received, he is also a part of BBIF’s Resilient Grant Program. Through this initiative, business owners receive grant dollars and attend monthly meetings with BBIF’s Managerial Consultants. These meetings are designed to teach business owners strategies to endure business operations during an economic downturn. “BBIF’s team took me in as family. I believe they care about me and this is not limited to just closing a loan. They want me and my business to succeed. Other lenders cannot compare to the wonderful experience I had with BBIF.” - Oscar Mibionwu, Owner & Pharmacist, PHD Pharmacy & Medical Supplies