For most small minority business owners having access to adequate capital is the greatest challenge affecting the growth of their companies. The biggest roadblock is navigating the ever-changing and cumbersome loan requirements from banks and other major lending institutions. The process is often frustrating and discouraging, which ultimately hampers economic development across the state.
Created in 1987, BBIF Florida (BBIF) is a non-traditional lender that specializes in providing loans to Black, minority and underserved small businesses. BBIF provides small business loans that range from $5,000 – $250,000. The organization directly administers four distinct loan funds for business working capital needs including: business lines of credit, contract & accounts receivable financing and equipment financing.
The four loan programs are:
The Black Business Loan Fund (BBLF) provides loans to qualified stage 1 Black-owned businesses (established a minimum of 2 years). Loan Amounts: $10,000-$100,000.
The Micro Loan Fund (MLF) provides loans to qualified startup and stage 1 businesses. This fund is race neutral; it is available to any race business-owner. Loan Amounts: $5,000- $50,000.
The Contract Financing Loan Fund (CFLF) will provide loans to minority businesses with acceptable contracts. Loans are secured by an acceptable contract and must provide job creation. Loan Amounts: $10,000 -$100,000.
The Small Business Loan Fund (SBLF) was formed to provide SBA Community Advantage loans to established minority and small businesses. This fund is race neutral. Loan Amounts: $50,000-$250,000.
*For more information on our loan funds, qualifications or to download an application, please visit the BBIF website at www.BBIFFLORIDA.com
BBIF is dedicated to doing more than just simply helping Black, minority and underserved small businesses find loans; we are committed to assisting our clients become more successful in every facet of their operations. The organization provides assist clients in building their management capacity by offering Financial Technical Assistance services including monthly roundtables and signature events such as the Business Networking Event and the Business Opportunity Symposium Series.
BBIF’s impact throughout Florida has been significant. The organization’s historical multiplied economic impact has contributed $430 Million to state’s economy. We have worked with 335 loan recipients who have created or sustained some 11,155 jobs. The BBIF has handled more than $40 million in business loans, with an outstanding client historical loan loss rate of less than three percent.
BBIF has earned the respect of elected officials and community leaders throughout the state that view the organization a critical team member for developing and fostering regional economic opportunities in their districts.
Our success is seen clearly through the accomplishments of our clients. For example, Bob Burns of R.L. Burns, Inc. is among Orlando’s largest African-American commercial general contractors. His portfolio includes several structures at Walt Disney World. However as Bob’s business flourished, he still faced many emerging challenges within his company.
BBIF worked with Bob to attain the capital that he needed to support his business and finance growth. He went on to “grow his business the Smart Way” by utilizing BBIF’s management training and the monthly roundtables as tools to help him successfully plan, implement and manage his contractual opportunities and obligations, and to further facilitate businesses growth. To date Bob’s company has built many of the Bank of America branches throughout the state and completed several public schools and airport projects.
Bob has further reinvested in his community by purchasing property in the Parramore neighborhood and constructing his company’s corporate office building where he employs 35 people.
BBIF is a CDFI (Community Development Financial Institution) and CDE (Community Development Enterprise) certified by the U. S. Department of Treasury; a Community Advantage Delegated Lender certified by the U.S. Small Business Administration (SBA) and a Money Smart for Small Business Collaborator certified by the Federal Deposit Insurance Corporation (FDIC). A financially sound organization, BBIF is also a member of the Opportunity Finance Network, a national membership group of elite CDFI’s.
BBIF is poised to do even more for Florida’s small businesses. Through our expanding network of partners that includes some of the largest financial institutions in the nation, we anticipate creating new lending opportunities. Supporting BBIF is the equivalent of reinvesting in the future of your community. Please contact us if you are interested in either applying for a loan, attending a seminar, or becoming a partner.