BLACK BUSINESS INVESTMENT FUND Presentation to the Orange County Board of Commissioners Tuesday - June 7, 2011.

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Presentation transcript:

BLACK BUSINESS INVESTMENT FUND Presentation to the Orange County Board of Commissioners Tuesday - June 7, 2011

BLACK BUSINESS INVESTMENT FUND Why we are here… Following up Commissioner Moore-Russells request to provide the entire County Commission an update about the newly implemented Micro Loan Fund.

BLACK BUSINESS INVESTMENT FUND Who We Are… Investment Corporation Central Floridas Premier Non-Traditional Lender - specializing in providing loans to minority & small businesses Created out of Florida Statue (1985 Florida Small and Minority Business Act) Regulated Office of Comptroller of Currency and the Auditor General Certified by: OTTED Black Business Investment Corporation (BBIC) U.S. Department of Treasury Community Development Financial Institution (CDFI) Community Development Enterprise (CDE) BBIF is an Economic engine for Orange County

BLACK BUSINESS INVESTMENT FUND Our Partners

BLACK BUSINESS INVESTMENT FUND What We Do… Access to Capital Black Business Loan Fund Economic Gardening Loan Fund Micro Loan Fund Technical Assistance Orientation One on One Staff Counseling Business Owners Roundtable Micro Loan Fund Roundtable Networking Annual Business Networking Event Business Opportunities Business Opportunity Functions (Quarterly) Special Community Meetings Core Services

BLACK BUSINESS INVESTMENT FUND Our Approach...

BLACK BUSINESS INVESTMENT FUND Access To Capital distinct loan pools: 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 $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 directly assisted though the MLF Loan and Roundtable Programs MLF Quick Notes: Program launched on October 1, Several local publications highlighted the launch. A special technical assistance roundtable has been crated for MLF Clients. To date $375,000 in loans have been approved

BLACK BUSINESS INVESTMENT FUND BBIFS MLF IMPACT October 1, 2010 – May 31, 2011 * U.S. DOC Regional Industrial Multiplier 1: * UCF 1/1.89 $24,953,966 Customer Revenues $10,740,910 Customer Jobs 141 Customer Loans $375,000 Customer Avg. Salaries $29,375

BLACK BUSINESS INVESTMENT FUND BBIFS TOTAL ECONOMIC IMPACT October 1, 2009 – May 31, 2011 * U.S. DOC Regional Industrial Multiplier 1: * UCF 1/1.89 $360,821,520 Customer Revenues $156,815,940 Customer Jobs 1721 Customer Loans $12,096,782 Customer Avg. Salaries $33,923

BLACK BUSINESS INVESTMENT FUND RL Client Spotlight Partial list of MLF Clients: -ADS Welding -GPC Maintenance Systems -NCAC -CALLINS Investigations -JBS Engineering

BLACK BUSINESS INVESTMENT FUND 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 The BBIF hosts and participates in several business functions annually Networking & Opportunity

BLACK BUSINESS INVESTMENT FUND We ask for your continued support of our organization and Orange Countys business community… Thank You! BBIF Central Florida 301 E Pine Street, Suite 175 Orlando, FL P: F: