Office of Economic, Trade and Tourism Development Black Business Investment Fund of Central Florida, Inc. (BBIF) Micro Loan Program Board of County Commissioners January 28, 2014

Micro Loan History The Minority/Women Business Enterprise Alliance, Inc. focused on developing resources for small businesses The Minority/Women Business Enterprise Alliance, Inc. focused on developing resources for small businesses The County provided funding to the Alliance since FY 1998 The County provided funding to the Alliance since FY 1998 The Alliance closed and filed bankruptcy in 2009 The Alliance closed and filed bankruptcy in 2009 If The Alliance was still operational, the funding would have been: If The Alliance was still operational, the funding would have been: FY $80,599 FY $80,599 FY $72,539 (10% cut) FY $72,539 (10% cut) FY $67,461 (7% cut) FY $67,461 (7% cut)

Micro Loan History FY During July 2010 Budget Worksessions, Commissioner Moore-Russell requested that the Alliance funding be allocated to BBIFDuring July 2010 Budget Worksessions, Commissioner Moore-Russell requested that the Alliance funding be allocated to BBIF August BBIF provided the Board with information about the Micro Loan ProgramAugust BBIF provided the Board with information about the Micro Loan Program –Board approved a one-time amount of $67,461 for FY July BBIF provided the Board an update on the newly implemented Micro Loan ProgramJuly BBIF provided the Board an update on the newly implemented Micro Loan Program

Micro Loan History FY BBIF requested additional funding for the Micro Loan Program during the July 2011 Budget WorksessionsBBIF requested additional funding for the Micro Loan Program during the July 2011 Budget Worksessions August the Board approved the FY Infrastructure & Community Projects which included one-time BBIF Micro Loan funding of $50,000August the Board approved the FY Infrastructure & Community Projects which included one-time BBIF Micro Loan funding of $50,000 FY BBIF requested additional funding for the Micro Loan Program during the July 2012 Budget WorksessionsBBIF requested additional funding for the Micro Loan Program during the July 2012 Budget Worksessions –Board approved a one-time amount of $75,000 for FY

Micro Loan History Budget Process Funding for outside agencies is based on budget guidelines developed annuallyFunding for outside agencies is based on budget guidelines developed annually Due to its approval as a one-time expenditure in previous years, Micro Loan Program funding was not part of the normal budget process and requires separate considerationDue to its approval as a one-time expenditure in previous years, Micro Loan Program funding was not part of the normal budget process and requires separate consideration

BBIF Funding History Fiscal YearOperational Funding Micro Loan Funding $162,155$ $145,940$ $135,724$67, $135,724$50, $135,724$75, (Adopted)$135,724$0

Office of Economic, Trade and Tourism Development Black Business Investment Fund of Central Florida, Inc. (BBIF) Micro Loan Program Board of County Commissioners January 28, 2014