We are pleased to present you with BBIF Florida’s 2016 Annual Report. We are both humbled and inspired by the strength of Black, minority and underserved businesses throughout Florida. We are passionate about supporting small business owners in getting the funds and training they need to be successful.
Investing is about people and the communities that they serve.
BBIF (Black Business Investment Fund) Florida is a mission-driven Community Development Financial Institution (CDFI) that specializes in providing loan capital and business development training to Black businesses. During our fiscal year (FY) 2016, BBIF experienced tremendous growth and recognition, including:
- Being selected as one of the initial Wells Fargo Bank’s Diverse Community Capital awardees
- Becoming U.S. Department of Transportation short-term lender for the state of Florida
- Investing in our first New Markets Tax Credit (NMTC) projects
- Receiving our second $20 million federal NMTC award; and
- Expanding our Small Business Administration (SBA) micro lending services statewide
Demand for loan capital for Black businesses is strong, however, access to traditional capital for Black businesses remains scarce.
As such, applications submitted to BBIF increased 55 percent from the previous fiscal year. During fiscal year 2016 we received 83 loan applications, totaling $9,745,222 in requested funding. As many of our businesses need business development services; we had a record number of businesses participate in our monthly roundtable training program, averaging participation of roughly 39 business owners each month. Over the course of fiscal year 2016, our team provided over 264 hours or training through our financial technical assistance program, 90 percent of the time spent facilitating the monthly roundtables and one one-on-one counseling.
Our goal is for BBIF to become sustainable.
During FY 2016, we invested in our clients, expanded our services, and improved our capacity. We invested in new technologies, software programs, and staff training. We improved our customer billings, data collection and metrics systems. We streamlined our loan portfolio management system and developed a more efficient loan underwriting system. We expanded educational training services statewide.
We hope that as you read this report, you will take the time to learn more about our clients, better understand their unique stories and celebrate their demonstrated successes
The sustainability of the CDFI industry is dependent on raising public awareness of both the work we do and the impact our investments make. Our voice remains strong in providing loan capital, investments and training to Black, minority and underserved businesses and communities.
For nearly 30 years, BBIF Florida has served a critical role – connecting Black, minority and underserved businesses to vital capital and financial technical assistance training services that help stabilize communities and create jobs. Our board and team of professionals remain committed to our mission and moving the organization forward. We are excited for the year ahead and look forward to continuing to advance equity for all businesses.