BBIF Florida (BBIF) has been named an initial Community Development Financial Institution (CDFI) grantee through the Wells Fargo Works for Small Business: Diverse Community Capital program. The Diverse Community Capital (DCC) program is a three-year program that will deliver a total of $75 million in grants and lending capital to CDFIs that serve diverse-owned small businesses.
BBIF is one of three initial CDFIs awarded funds through the DCC program; the other grant recipients are OBDC Small Business Finance in Oakland, CA and HOPE Enterprise Corporation in Jackson, MS. While the use of capital may vary, all CDFIs awarded capital will help diverse small business owners with the capital and training resources to help them start and grow their businesses. In a recent national survey commissioned by Wells Fargo and conducted by Gallup, diverse small business owners, especially African-American small business owners, reported greater difficulties gaining access to capital than their peers.
BBIF will utilize its DCC grant award of $1 million to create a new Diverse Community Capital Business Loan Fund (DCCBLF) and technical assistance program. The DCCBLF will support diverse small business owners throughout the state, especially African-American, minority and underserved small businesses. Additionally, BBIF will also hire staff to work on the ground of target communities.
The entire BBIF Florida team sends a warm thank-you to our Wells Fargo Partners and Volunteers. Your generosity and continued support is appreciated by the team and realized in Florida’s minority and underserved small business community.
December 01, 2015