Items Types:
Economic Development
For Meeting of:
October 20, 2014
District: ALL From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No

2014-2015 Black Business Investment Fund of Central Florida Funding Agreement


The Black Business Investment Fund of Central Florida, Inc. (BBIF) was created out of the "Florida Small and Minority Business Act of 1985" in recognition of the fact that locally owned small and minority businesses provide stability and contribute to the overall welfare of Florida's economy. The BBIF is one of seven investment corporations in the state of Florida with the direct responsibility of underwriting loans to Black owned businesses. BBIF administers four (4) direct loan programs to assist Black, minority and underserved small businesses in Central Florida: Black Business Loan Fund, MicroLoan Fund, Contract Financing Loan Fund and Small Business Loan Fund.  In addition, BBIF houses a Financial Training Academy, comprised of a Financial Technical Assistance Program, Dollars and Sense Financial Literacy Program and Signature events that allow for business development and networking opportunities.

To date in FY 2013-2014, BBIF provided technical assistance and counseling to more than 147 business owners and potential business owners, closed 12 new loans totaling more than $1.78 million, and helped businesses create more than 291 new jobs for residents.

The BBIF continues to service the needs of entrepreneurs in all stages of their growth and development. The City's contribution of $100,000 will assist the BBIF in achieving their goals as defined in Exhibit "A" of the attached agreement.

BBIF will receive annual funding support ranging from $135,724 to $370,833 from Orange County and the State of Florida Department of Economic Opportunity.

Fiscal & Efficiency Data: Fiscal Impact Statement attached

Recommended Action:
Approval of the 2014-2015 Black Business Investment Fund of Central Florida Funding Agreement and authorization for the Mayor to execute the funding agreement subject to the review and approval by the City Attorney's Office.

Agenda Item attachment(s) on file in the City Clerks Office.

Note: All agenda items must be in the City Clerk's office by Noon Friday, six(6) business days prior to the regular Monday City Council meeting.

Contact: Kim King
Approved By:

Department Date and Time

Name: Description: Type:
BBIF_FIS_(14.15).docx Fiscal Impact Statement Fiscal Impact Statement
2014-15_Black_Business_Initiative_funding_agreement.docx Funding Agreement Contract Docs

"Enhance the quality of life in the City by delivering public services in a knowledgeable, responsive and financially responsible manner."