Grant will help launch BBIF’s Revolving Loan Fund to support small business loans for BIPOC and underserved small businesses
ORLANDO, Florida., October 27, 2022 /PRNewswire/ — Truist Foundation and Truist Charitable Fund today announced a $2 million grant to Black Business Investment Fund Inc. (BBIF), a community development financial institution (CDFI) established to foster 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 capital for small business loans, targeting BIPOC and underserved small businesses across Central Florida.
President and CEO of Truist Bill RogerRegional President of Truist Central Florida Steve Fisherand Truist Foundation Senior Vice President and Chief Strategy Officer Meghan Pietrantonio joined BBIF President and CEO Ines Long to share the impact it will have on local businesses during a grant announcement at Truist’s office in Orlando.
“Truist has a long-term relationship with BBIF, and we are honored to help expand their work during this critical season when so many small businesses in Florida are seeking recovery assistance in the aftermath of Hurricane Ian,” said Lynette Bell, president of the Truist Foundation. “BBIF shares our vision of supporting underserved communities and providing a sustainable source of funding for women-owned and racially and ethnically diverse businesses that have not had access to the traditional lending market in the past.”
This grant is part of Truist Foundation and Truist $120 million shared commitment to strengthen and support small businesses nationwide, with a focus on Black, Latino, and women-owned businesses. The partnership between Truist and BBIF has existed since BBIF’s inception, and this grant will help elevate BBIF’s work for historically underserved small businesses in 14 counties across Central Florida.
“BBIF is committed to developing BIPOC businesses to build their resilience and capabilities,” said Ines Long, President and CEO of BBIF. “With funds from Truist, we are able to continue our intentional work, providing access to fair and flexible loan capital at a time when our clients need it most.”
The funding from the Truist Foundation and the Truist Charitable Fund comes at a time when small businesses are looking for additional support in the wake of Hurricane Ian. A BBIF survey administered to small businesses in Florida found that 60% of respondents noted a need for working capital of $50,000 or less if storm-related economic impacts last beyond October. The revolving loan fund will help provide flexible term capital that will help create and retain jobs and improve the resilience of hard-hit businesses.
About BBIF | Black Business Investment Funds, Inc.
Established 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. As 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 United States Department of Treasury, Community Advantage and Micro Loan lender certified by the US Small Business Administration, Money Smart for Small Business collaborator certified by the Federal Deposit Insurance Corporation (FDIC) and is rated triple star AERIS, A-minus. Since its creation, BBIF has granted more than 1,000 loans totaling $81 million and leveraged $292 million in community investments from the New Markets Tax Credit (NMTC). BBIF’s investments have helped create/maintain over 13,884 jobs while maintaining a historic loan loss rate of 3.5%. Learn more about www.BBIF.com.
About the Truist Foundation
The Truist Foundation is committed to achieving Truist Financial Corporation’s (NYSE:TFC) goal of inspiring and building better lives and communities. Established in 2020, the foundation makes strategic investments in nonprofits to help ensure the communities it serves have more opportunities for a better quality of life. Truist Foundation grants and activities focus on creating career paths to economic mobility and strengthening small businesses. Learn more at Truist.com/Foundation.
About the Truist Benevolent Fund
The Truist Charitable Fund is a donor-advised fund administered by the Winston-Salem Foundation and advised by Truist.
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist holds a dominant market share in many high-growth markets nationwide. The company offers a wide range of services, including retail, small business and corporate banking; asset Management; capital markets; commercial real estate; corporate and institutional banking; Insurance; mortgage; Payments; specialized loans; and wealth management. Based at Charlotte, North Carolina, Truist is one of the top 10 American commercial banks. Truist Bank, Member FDIC. Learn more at Truist.com.
SOURCE Truist Financial Corporation