Central Florida Firm free to lend up to $50k in microloans throughout the State of Florida

(Black PR Wire) MIAMI – The South Florida District Office of the U.S. Small Business Administration (SBA) recently updated the agency’s Microloan Program intermediary lenders list by expanding the lending territory of a previously approved firm: Black Business Investment Fund of Central Florida (BBIF).

SBA’s Microloan Program, which is focused on startups, minority and other underserved markets, provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. Microloans play an important role in distressed communities where access to conventional lending remains a challenge. The average microloan size is approximately $13,000.

Prior to obtaining statewide micro lending status, BBIF previously provided microloans throughout the North Florida District and only three counties within the South Florida District’s territory.

“Due to successful performances in BBIF’s portfolio, the SBA has granted their firm the ability to lend through the entire state of Florida, which is a win-win for businesses and consumers alike,” said SBA South Florida District Director Francisco “Pancho” Marrero. “This access opens the doors to business ownership by making loans accessible to a broader segment of our population who might not traditionally qualify for a bank loan. We look forward to working with them in their expanded capacity to assist Florida’s small businesses.” 

Headquartered in Orlando, BBIF is Florida’s largest statewide small business lender that specializes in providing capital for African-American and minority businesses. Since 1988, BBIF has provided over $43.9 million in loans to over 365 businesses and leveraged $49 million in New Markets Tax Credit (NMTC) community investments; BBIF received its first federal NMTC allocation of $20 million in the 2014 funding cycle.

More information about the microloan program can be found at www.sba.gov/microloans.

About the SBA Microloan Program

SBA’s Microloan Program provides small businesses with small short-term loans for working capital or the purchase of inventory, supplies, furniture, fixtures, machinery and/or equipment. SBA makes funds available to specially designated intermediary lenders, which are nonprofit organizations with experience in lending and technical assistance. These intermediaries then make loans to eligible borrowers in amounts up to a maximum of $50,000. The average loan size is about $13,000. Applications are submitted to the local intermediary and all credit decisions are made on the local level.

About BBFI

BBIF Florida is a mission-driven lender and business development organization that helps communities thrive by providing loan capital for African American, other minorities and underserved businesses and by creating opportunities for low-income communities through real estate investments. The key to our success has been a deep sense of purpose, a broad perspective, and a consistent focus on achieving positive results.

BBIF is certified by the U.S. Department of the Treasury CDFI Fund as a Community Development Financial Institution (CDFI), Community Development Enterprise (CDE) and New Markets Tax Credit Allocatee. BBIF is certified by the U.S. Small Business Administration (SBA) as a Community Advantage “Delegated” Lender and Micro Loan Lender, the State of Florida as a Black Business Investment Corporation, by the Federal Deposit Insurance Corporation (FDIC) as a Money Smart Small Business Collaborator, by the U.S. Department of Transportation as a Short Term Lender and is a member of the prestigious Opportunity Finance Network (OFN), a national membership group of CDFIs.