This grant will help launch BBIF’s Revolving Loan Fund to support small business loans for BIPOC and underserved small businesses
Orlando, Florida, October 27 February 2022 /PRNewswire/ — The Truist Foundation and the Truist Charitable Fund today announced a $2 million Awarded to Black Business Investment Fund Inc. (BBIF), a Community Development Financial Institution (CDFI) designed to facilitate the creation and expansion of Black businesses by providing loans, education and training services.The grant will help create BBIF’s Revolving Loan Fund, which will provide loan funding for small business loans targeting BIPOC and underserved small businesses Central Florida.
Chairman and CEO of Truist Bill RogersPresident, Central Florida Region, Truist Steve Fisherand Meghan Pietrantonio, Senior Vice President and Head of Strategy, Truist Foundation, joins BBIF President and CEO Inez Lang Share the impact it will have on local businesses in the grant announcement from the Truist office orlando.
“Truist has a longstanding relationship with BBIF and we are proud to help expand their work during this critical season as so many small businesses are Florida Recovery support is being sought after Hurricane Ian,” Lynette Bell, Chairman of the Truist Foundation. “BBIF shares our vision of supporting underserved communities and providing a sustainable source of funding for racially and ethnically diverse and women-owned businesses that have historically been denied access to traditional lending markets.”
This grant is part of Truist and the Truist Foundation $120 million Working together to strengthen and support small businesses nationwide, with a focus on Black, Latino and women-owned businesses. The Truist and BBIF partnership has existed since BBIF’s inception, and this grant will help elevate BBIF’s work with historically underserved small businesses in 14 counties Central Florida.
“BBIF is committed to developing the BIPOC business to enhance its resilience and capacity,” he said Inez Lang, President and CEO of BBIF. “With Truist funding, we are well-positioned to continue our intentional work to provide fair, flexible loan funding when our clients need it most.”
The Truist Foundation and Truist Charitable Fund grants come as small businesses seek additional support in the wake of Hurricane Ian.A BBIF survey of small businesses Florida found that 60% of respondents said they needed $50,000 Fewer if storm-related economic impacts persist beyond October. The revolving loan fund will help provide flexible term capital that will help create and retain jobs and increase the resilience of businesses affected by hardship.
About BBIF | Black Business Investment Fund, Inc.
Founded in 1987, BBIF’s mission is to develop and promote Black business enterprises through education, training, lending, investment, and other activities, and to actively foster an atmosphere conducive to their growth. BBIF is a mission-driven lender that helps communities and businesses thrive by providing loan capital and professional financial technical assistance services. BBIF is a U.S. Treasury Department-accredited CDFI (Community Development Financial Institution) and CDE (Community Development Enterprise), a U.S. Small Business Administration-accredited Community Advantage and Microfinance Institution, a Federally Accredited Money Smart for Small Business Partner Deposit Insurance Corporation ( FDIC), rated 3-star, A-minus by AERIS.Since its inception, BBIF has provided over 1,000 loans, totaling $81 million and leverage $292 million in the New Market Tax Credit (NMTC) community investment. BBIF’s investments have helped create/sustain more than 13,884 jobs while maintaining a historical loan loss ratio of 3.5%. Visit www.BBIF.com for more information.
About the Truth Foundation
The Truist Foundation is dedicated to fulfilling the purpose of Truist Financial Corporation (NYSE: TFC) to inspire and build better lives and communities. Founded in 2020, the foundation makes strategic investments in nonprofit organizations to help ensure greater access to a better quality of life for the communities it serves. Truist Foundation grants and events focus on building career paths to economic mobility and strengthening small businesses. Learn more at Truist.com/Foundation.
About the Truist Charitable Foundation
Truist Charitable Fund is a donor-advised fund managed by the Winston-Salem Foundation and advised by Truist.
Truist Financial Corporation is a purpose-driven financial services company dedicated to inspiring and building better lives and communities. Truist has leading market shares in many high-growth markets in the country. The company provides a wide range of services, including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgages; payments; professional lending; and wealth management.Headquartered in Charlotte, North Carolina, Truist is a top 10 commercial bank in the United States. Trust Bank, member of the Federal Deposit Insurance Corporation. Learn more at Truist.com.
Source Truist Financial Corporation