Black Business Investment Fund awarded US$2m to support small female-led businesses in Florida

The community development financial institution Black Business Investment Fund (BBIF) has received a US$2m grant to support small female-led businesses across Central Florida.

The grant has been awarded by the Truist Foundation and the Truist Charitable Fund and will help launch BBIF’s Revolving Loan Fund.

The grant is part of Truist and Truist Foundation’s US$120m joint commitment to strengthening and supporting small businesses nationwide, with a focus on black-, latine- and women-owned businesses.

Truist and BBIF’s partnership has existed since the founding of BBIF, and this grant is hoped to help elevate BBIF’s work for historically underserved small businesses across 14 counties in Central Florida.

“Truist has had a long-term relationship with BBIF, and we’re honoured to help expand their work during this critical season when so many small businesses in Florida are looking for recovery support in the aftermath of Hurricane Ian,” said Lynette Bell, president of Truist Foundation.

“BBIF shares our vision to support underserved communities and provide a sustainable source of funding for racially and ethnically diverse- and women-owned businesses that haven’t had access to the traditional lending market in the past.”

Inez Long, president and CEO of BBIF, said: “BBIF is committed to developing BIPOC businesses to build their resilience and capacity.

“With the funds from Truist, we are empowered to continue our intentional work, providing access to fair, flexible loan capital at a time when our clients need it most.”

Funding from Truist Foundation and Truist Charitable Fund comes at a time when small businesses are looking for extra support following Hurricane Ian.

A BBIF survey administered to small businesses in Florida found that 60 per cent of respondents noted a need for working capital of US$50,000 or less if storm-related economic impacts last beyond October.

The Revolving Loan Fund will help provide flexible term capital that will assist in creating and retaining jobs and improving resiliency for businesses impacted by hardships.

Black Business Investment Fund (BBIF) was established out of Florida statute through the Florida Small and Minority Business Act of 1985.

The organisation was started as a loan fund to support the creation and expansion of Black businesses by providing them loans, education and training.

The organisation was funded through a partnership of banks, the state of Florida and local governments.

In 2009, BBIF expanded its loans and technical training services statewide providing loans and technical assistance training for African-American, other minority and underserved businesses.