BLACK BUSINESS INVESTMENT FUND Presentation to the Orange County Board of Commissioners Tuesday – July 12, 2011
Why we are here… BLACK BUSINESS INVESTMENT FUND • To request continued and on-going funding support of the Micro Loan program from Orange County
Who We Are… BLACK BUSINESS INVESTMENT FUND • Investment Corporation Central Florida’s Premier Non-Traditional Lender - specializing in providing loans to minority & small businesses BBIF is an • Created out of Florida Statue 288.7 Economic (1985 Florida Small and Minority Business Act) engine for • Regulated Orange Office of Comptroller of Currency and the Auditor General County • Certified by: OTTED Black Business Investment Corporation (BBIC) U.S. Department of Treasury Community Development Financial Institution (CDFI) Community Development Enterprise (CDE)
Our Partners BLACK BUSINESS INVESTMENT FUND
What We Do… BLACK BUSINESS INVESTMENT FUND Core Services Access to Capital Black Business Loan Fund Economic Gardening Loan Fund Technical Assistance Orientation One on One Staff Counseling Business Owners Roundtable MLF Roundtable Networking Annual Business Networking Event Business Opportunities Business Opportunity Functions (Quarterly) Special Community Meetings
Our Approach... BLACK BUSINESS INVESTMENT FUND
Access To Capital BLACK BUSINESS INVESTMENT FUND The BBIF manages three distinct loan pools: $8.5 million EGLF loan pool which provides direct loans up to $250,000 to any qualified second stage established business (race neutral) $4 million BBLF loan pool which provides direct loans up to $100,000 to any qualified established Black- owned business distinct loan pools: $1 million Micro-loan pool which provides loans up to $50,000 to any qualified small and minority-owned business (race neutral)
BLACK BUSINESS INVESTMENT FUND MLF Quick Notes: Program launched on October 1, 2010. Several local publications highlighted the launch. A special technical assistance roundtable has been crated for directly assisted though the MLF Loan and Roundtable Programs MLF Clients. To date $375,000 in loans have been approved
BBIF’S MLF IMPACT October 1, 2010 – June 30, 2011 BLACK BUSINESS INVESTMENT FUND $24,953,966 Customer Revenues $10,740,910 Customer Jobs 141 Customer Avg. Salaries $29,375 Customer Loans $375,000 * U.S. DOC Regional Industrial Multiplier 1:1.6767 * MCP @ UCF 1/1.89
BBIF’S TOTAL ECONOMIC IMPACT October 1, 2009 – June 30, 2011 BLACK BUSINESS INVESTMENT FUND $360,821,520 Customer Revenues $156,815,940 Customer Jobs 1721 Customer Avg. Salaries $33,923 Customer Loans $12,096,782 * U.S. DOC Regional Industrial Multiplier 1:1.6767 * MCP @ UCF 1/1.89
BLACK BUSINESS INVESTMENT FUND Client Spotlight Partial list of MLF Clients: -ADS Welding - GPC Maintenance Systems - NCAC RL - CALLINS Investigations - JBS Engineering
Networking & Opportunity BLACK BUSINESS INVESTMENT FUND The BBIF hosts and participates in several business functions annually BBIF Business Networking Event (annual) • B.O.S.S. Events (quarterly) • SBDC Events • GOAA Events • FMSDC Events • UCF Events • State/OTTED Small Business Events • BBIC President Meetings • OCPS Events • NEC Events • GrowFL Events • Regional EDO Events • Various Chamber Events •
BLACK BUSINESS INVESTMENT FUND We ask for your continued & on-going funding support for the Micro Loan Program and of our organization and Orange County’s business community… Thank You! BBIF Central Florida 301 E Pine Street, Suite 175 Orlando, FL 32801 P: 407.649.4780 F: 407.648.8688
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