Black Business Investments Fund Inc
- Assets
- $36.7m
- Revenue
- $11.6m
- Investments
- $0.0
- Employees
- 17
- Location
- Orlando, FL
- Founding
- 04/1994
- Data as of
- 09/2021
- EIN
- 59-2861155
Organization Overview
Black Business Investments Fund Inc is located in Orlando, FL. The organization was established in 1994. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2021, Black Business Investments Fund Inc employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Black Business Investments Fund Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2021, Black Business Investments Fund Inc generated $11.6m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 32.9% each year . All expenses for the organization totaled $4.4m during the year ending 09/2021. While expenses have increased by 18.5% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, Black Business Investments Fund Inc has awarded 25 individual grants totaling $950,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION IS TO DEVELOP AND PROMOTE BLACK BUSINESS ENTERPRISES THROUGH EDUCATION, TRAINING, LOANS, INVESTMENTS, AND OTHER ACTIVITIES AND AGGRESSIVELY PROMOTE AN ATMOSPHERE CONDUCIVE TO THEIR DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING FY 2021-2022 BBIF PROVIDED LOANS AND FINANCIAL ASSISTANCE TO BLACK, MINORITY AND UNDERSERVED SMALL BUSINESSES THROUGHOUT FLORIDA. ONE CRITICAL NOTE, BBIF SERVED AS ONE OF THE ONLY NON-TRADITIONAL, NON-BANK FINANCIAL INSTITUTIONS OFFERING THE US SMAL BUSINESS ADMINISTRATION PAYCHECK PROTECTION PROGRAM (PPP) LOANS THROUGHTOUT FLORIDA. THE DEMAND FOR CAPITAL CREATED A RECORD BREAKING YEAR FOR LOAN PRODUTION/CLOSINGS, CREATING A DIRECT PIPELINE OF POTENTIAL CLIENTS FOR OTHER BBIF LOAN PRODUCTS. THE LOANS AND FIANCIAL TECHNICAL ASSISTANCE PROVIDED IN FY 2021-22 HAS UNDOUBTEDLY HELPED (1) SMALL BUSINESSES STILL REELING FROM THE ECONOMIC AND OPERATIONAL DECLINE PROMPTED BY THE COVID-19 PANDEMIC AND (2) TO DEVELOP AND SCALE BLACK, ETHNIC MINORITY AND OTHER UNDERSERVED SMALL BUSINESSES FOR LONG TERM SUCCESS. BBIF CLOSED OVER $11MM IN NEW SMALL BUSINESS LOANS, ASSISTED OVER 220 BUSINESSES THROUGH ITS SPECIALIZED FINANCIAL TECHNICAL ASSISTANCE PROGRAM AND REACHED OVER 4030 BUSINESS OWNERS THROUGH THEIR OUTREACH AND EVENTS. BBIF PROVIDED $33.485 MILLION IN NEW MARKETS TAX CREDIT (NMTC) COMMUNITY INVESTMENTS AND $17.4 MILLION IN PPP LOANS. IN TOTAL, BBIF PROVIDED OVER $60MM IN LOANS THROUGHOUT THE STATE OF FLORIDA IN FY 2021-22.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Inez Long Chief Executive Officer | Officer | 40 | $274,526 |
Duane Lewis Chief Operating Officer | Officer | 40 | $107,729 |
Oraine S Reid VP Finance | Officer | 40 | $106,178 |
Jasmine Gebon VP Strategic Initiatives | Officer | 40 | $102,604 |
Marilyn Drayton Vice Chair | OfficerTrustee | 6 | $0 |
Jacqueline Barr Chairperson | OfficerTrustee | 8 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,920,042 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,920,042 |
| Total Program Service Revenue | $3,684,561 |
| Investment income | $689 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,605,292 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,000,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $591,036 |
| Compensation of current officers, directors, key employees. | $88,655 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,013,542 |
| Pension plan accruals and contributions | $35,872 |
| Other employee benefits | $20,331 |
| Payroll taxes | $107,632 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $77,619 |
| Fees for services: Accounting | $104,732 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $87,453 |
| Fees for services: Other | $0 |
| Advertising and promotion | $31,621 |
| Office expenses | $137,042 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $231,437 |
| Travel | $2,924 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $60,972 |
| Interest | $291,585 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $66,705 |
| Insurance | $288,231 |
| All other expenses | $13,078 |
| Total functional expenses | $4,414,353 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,335,462 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $20,000 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $12,843,603 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,832 |
| Net Land, buildings, and equipment | $2,117,018 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,320,288 |
| Intangible assets | $0 |
| Other assets | $15,164 |
| Total assets | $36,658,367 |
| Accounts payable and accrued expenses | $51,263 |
| Grants payable | $0 |
| Deferred revenue | $75,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $24,415,797 |
| Other liabilities | $525,946 |
| Total liabilities | $25,068,006 |
| Net assets without donor restrictions | $11,590,361 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $36,658,367 |
Grants Awarded
Over the last fiscal year, Black Business Investments Fund Inc has awarded $950,000 in support to 25 organizations.
| Grant Recipient | Amount |
|---|---|
MITCHELL LEARNING ACADEMY LLC PURPOSE: Provide capital to business affected by the pandemic. | $40,000 |
PRIME ELECTRICAL SERVICES PURPOSE: Provide capital to business affected by the pandemic. | $40,000 |
ANDERSON AND ASSOCIATES PURPOSE: Provide capital to business affected by the pandemic. | $40,000 |
TOTAL FOOT CARE & WELLNESS CLINIC PURPOSE: Provide capital to business affected by the pandemic. | $40,000 |
B M BENNETT LAW CENTER LLC PURPOSE: Provide capital to business affected by the pandemic. | $40,000 |
RANDALL & RANDALL PURPOSE: Provide capital to business affected by the pandemic. | $40,000 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Black Business Investments Fund Inc has recieved totaling $438,500.
| Awarding Organization | Amount |
|---|---|
Peoplefund Austin, TX PURPOSE: SUPPORT LENDING AND EDUCATION SERVICES TO UNDERSERVED SMALL BSUINESSES | $160,000 |
Rockefeller Foundation New York, NY PURPOSE: TOWARD THE COSTS OF ITS CONTRACTOR ASSISTANCE PROGRAM TO PROVIDE CAPITAL COMBINED WITH BUSINESS DEVELOPMENT TRAINING TO STRENGTHEN THE BUSINESS CAPACITY OF BLACK-OWNED CONTRACTING COMPANIES IN MIAMI-DADE COUNTY | $150,000 |
The Community Foundation For Northeast Florida Inc Jacksonville, FL PURPOSE: A MEDIA CAMPAIGN FOR THE PEDS CARE PROGRAM | $120,000 |
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $6,000 |
Comerica Charitable Foundation Detroit, MI PURPOSE: COVID-19 RESPONSE | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Florida Business Development Corporation Tampa, FL | $33,289,618 | $11,353,738 |
Florida First Capital Finance Corporation Inc Tallahassee, FL | $141,828,731 | $12,402,139 |
Black Business Investments Fund Inc Orlando, FL | $36,658,367 | $11,605,292 |
Innovation Depot Inc Birmingham, AL | $15,832,125 | $3,165,143 |
Hispanic Business Initiative Fund Of Florida Inc Orlando, FL | $4,121,804 | $3,822,531 |
Tampa Bay Wave Inc Tampa, FL | $1,054,674 | $1,625,044 |
The Southern Development Council Inc Mountain Brook, AL | $5,076,770 | $1,106,394 |
The Catalyst Center For Business & Entrepreneurship Huntsville, AL | $634,732 | $1,362,873 |
Curiosity Lab At Peachtree Corners Inc Peachtree Corners, GA | $759,235 | $737,622 |
Beaver Street Enterprise Center Inc Jacksonville, FL | $195,250 | $407,360 |
Birmingham Business Resource Center Inc Birmingham, AL | $2,142,207 | $111,250 |
Marietta Welcome Center Inc Marietta, GA | $323,025 | $326,253 |