We’re thrilled to share some fantastic news! BBIF has been selected as a recipient of the 2024 Financial Assistance (FA) Award by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund).
This $625,000 grant will enable us to expand our financial products and services to underserved communities, driving economic growth and creating new opportunities.
This recognition is part of the CDFI Fund’s efforts to invest in organizations dedicated to uplifting low-income communities across the nation. With over 350 CDFIs recognized this year, it’s an honor to be among those working to make a difference.
“Securing an FA award is a big win for our team and the communities we serve. It means new opportunities, more jobs, and brighter futures for people and businesses who have been overlooked for too long. We’re excited and grateful to continue making a real difference where it’s needed most,” said the Vice President of Strategic Initiatives, Jasmine Gebon.
“This funding is a testament to BBIF’s ongoing commitment to empower underserved communities,” said Duane Lewis, BBIF Interim Co-President/CEO. “We’re honored to receive this support, which will help us drive meaningful economic impact.”
“This award provides a much-needed equity injection, enhancing BBIF’s operational and lending capacity, allowing us to channel vital support into underserved businesses,” said Oraine Reid, BBIF Interim Co-President/CEO.
This achievement strengthens our commitment to driving positive change and creating new opportunities for those we serve.
About BBIF
Created in 1987, BBIF’s mission is to develop and promote Black business enterprises through education, training, loans, investments, and other activities and to aggressively promote an atmosphere conducive to their development. A mission-driven lender, BBIF helps communities and businesses thrive by providing loan capital and specialized financial technical assistance services. BBIF is a CDFI (Community Development Financial Institution) and CDE (Community Development Enterprise) certified by the U.S. Department of the Treasury, Community Advantage and Micro Loan lender as certified by U.S. Small Business Administration, Money Smart for Small Business collaborator certified by the Federal Deposit Insurance Corporation (FDIC) and is AERIS rated triple star, A-minus. Since its inception, BBIF has provided over 1,150 loans totaling $89.7 million and leveraged $625 million in New Markets Tax Credit (NMTC) community investments. BBIF’s investments have helped to create/sustain over 14,700 jobs all while maintaining a loan loss rate of 2.79%. Learn more at www.BBIF.com.
Media Contact:
Rhema Nnadi
Director of Marketing, BBIF
