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 five (5) direct loan programs to assist Black, minority and underserved small businesses in Central Florida: Black Business Loan Fund, MicroLoan Fund, Contract Financing Loan Fund, Small Business Loan Fund and the New Markets Tax Credit 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 2015/2016, BBIF provided technical assistance and counseling to 76 business owners and potential business owners, reviewed 50 loan applications in the amount of $4.76 million and closed 18 new loans totaling more than $1.9 million, and helped businesses create or sustain more than 140 new jobs for residents.  Through its Financial Training Academy, BBIF reached over 6,178 business owners and professionals through a combination of 34 in-house and partner events.

BBIF serves on the advisory board for the Minority/Women Entrepreneur Business Assistance (MEBA)

The City's contribution of $150,000 will assist the BBIF in achieving their goals as defined in Exhibit "A" of the attached agreement.

BBIF will receive annual funding support in the amount of $141,207 from Orange County.