BBIF Florida & Fifth Third Bank Partner to Create a Loan Pool Using New Markets Tax Credits in an Effort to Revitalize Underserved Businesses.

By |2019-12-02T20:22:21+00:00November 19th, 2019|Client Stories|

BBIF Florida and Fifth Third Bank have a history of working together to help black and minority owned businesses grow. The organizations partnered to create a New Markets Tax Credits loan pool, through which $2 million was invested in two Orlando communities: Pine Hills and Washington Shores. This investment is part of a strategic effort to revitalize Orlando’s underserved communities.

One of the the loan pool recipients was Derrick Wallace, Chairman and owner of Construct Two Group (CTG), an African American owned construction company, has an impressive 35+ year track record in the construction industry. Mr. Wallace has a passion for the community demonstrated by a long history of service. Derrick was born and raised in Washington Shores, a small urban neighborhood in Orlando.  This year, Derrick is realizing a long time  dream, building his company headquarters in the heart of his community. With the help of partner BBIF Florida, a statewide non-profit Florida CDFI, he is able to do just that. “Helping contractors scale and providing capital to business owners to acquire or build their own real estate are two points of intentional, strategic focus” adds Jasmine Gebon, VP Strategic Initiatives, BBIF Florida.

Through the investment he is making into the community, it is Derrick’s goal is that his actions will inspire youth as well as other local entrepreneurs to invest back into their communities. This type of investment is critical in creating change and opportunity, new jobs, as well as hire and train people from the community.

 

“I want to be a beacon of hope to the entrepreneurs, as

well as bring opportunity and training to the local community.”

Derrick Wallace, Chairman, Construct Two Group

Loading...