| BBIF offers business clients a complete business support and growth service package. Our primary goal is to provide business owners with the know-how to successfully operate and manage their business. BBIF provides technical assistance as well as direct, facilitated, and guaranteed loans. BBIF promotes business development through opportunity by serving in a business advocacy role for black businesses in the Central Florida community. BBIF has also sought international business development opportunities for clients. Direct Loans: The direct loan program is for Black businesses desiring to borrow $50,000 or less. BBIF provides financing that would otherwise not be accessible to qualified Black businesses. Click here for Loan Application Loan Guarantees: The Loan Guarantee Program is for Black businesses desiring to borrow money for equipment/assets and/or working capital. The BBIF enables Black businesses to obtain financial assistance from participating financial institutions for which they might not otherwise qualify. Businesses requesting loans must be economically sound and benefit the community with opportunities for employment, thereby strengthening the economy and/or expanding business enterprises. |
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| Technical Assistance: |
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| Management & Technical Assistance: The BBIF utilizes several approaches to assisting small business owners which are: (1) Orientation workshops on "how to start and manage your business". (2) the expertise of several CPA's, Attorneys, Financial and Managerial planners and Marketing professionals to assist small businesses , (3) a more intense management development program with the use of our BBIF team. BBIF has monthly Roundtables and One-on-Ones are also utilized to assess a business's successes and challenges and to monitor their progress. |
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| Roundtables: |
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Roundtable is a management development tool which uses the results of the gap assessment and recommendations from the Near Term Plan to develop the management capacity of business owners and the growth capacity of their businesses. Firm participation in the Roundtable helps to mitigate risk levels to lenders and clients by taking a proactive approach to business management. This approach eliminates costly mistakes in a firm's business operations.
In the Roundtable, business owners are resources to one another and are able to develop creative solutions by collaborating on common obstacles. Participants benefit from: - Knowledge and experiences of fellow business owners and advisor consultant
- Resources of the combined group
- Discipline enforced through group work dynamic
- Moral support and inspiration from interacting with individuals that have similar responsibilities and stresses
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| One-on-Ones: |
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| Business owners participate in one-on-one sessions with a technical advisor team which consists of a CPA, and a business consultant/ financing specialist. During the one-on-one, these advisors interview the client to attain a broad understanding of the firms financial management approach, financial viability, immediate risks, and ability to sustain growth. Advisors collect information in two ways; financial diagnostic review and review of current financial documents. Firms are evaluated based on their current financial management practices and their ability to meet existing financial obligations. BBIF's approach to Financial Management Consulting addresses more than a firms accounting and financial practices; we assess every aspect of firm viability and potential risk. Through thorough evaluation of factors from pipeline management to financial management, to business management, we gain an understanding of each firm from the inside out that allows us to diagnose and treat both long and short term problems. |
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| International Business Development: |
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| BBIF is dedicated to assisting businesses in starting and expanding their operations in the international marketplace. The International Business Development Program focuses on the education and financing of businesses in the International Trade Industry. BBIF is making huge strides in furthering the interest of international trade in the Central Florida community. BBIF embarked on a trade mission to Africa in late 2000 and plans on taking a group of businesses to Ghana and Benin in June 2005! Click here for Trade Mission flyer. |
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| Financing Technical Assistance: |
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| BBIF’s Financing Technical Assistance services are designed to provide client firms with intensive technical assistance and lead them to secure the best possible financing for their businesses. These services include guaranteed loans, direct loans, and loans facilitated by BBIF through financial institutions other than BBIF partner banks. As a part of this technical assistance, BBIF performs the initial underwriting of the loan, structuring of the deal, sourcing potential investors, aids clients in shopping the loan to these investors, and negotiates on the clients behalf for the best loan agreements. |
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| Direct Lending: |
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| The BBIF is chartered to provide direct loans and has developed the applicable procedures and practices of a typical lender. BBIF’s President has the authority to approve up to $25,000 in direct loan funds. Loan requests greater than $25,000, are forwarded to the Loan Committee for approval. Additionally, BBIF has the capability to guarantee up to $200,000 per client. BBIF has the advantage of strong lending community relationships and a reputation for over sixteen years of successful lending. We have maintained a historical loan default rate of less than 3%, which is comparable to and/or better than regulated lending institutions. Our competitive performance with sound loans and default management contributes to our credibility with financial institutions, and as a result, lenders recognize and give more thoughtful consideration to deals originating with BBIF. Adding to that credibility is the fact that the BBIF Loan Committee consists of reputable lenders from Central Florida’s financial community each adding years of experience to BBIF’s loan decision making process. BBIF is more than a packager of loans. We have the capability, lending facilities, and experience necessary to participate in funding deals. We have the ability to lead on deals and the immediate access to the funds required to act quickly on loan decisions. This ability gives BBIF a greater level of credibility in the lending community and prompt loan processing with our client base.
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| SBA Pre-qualification: |
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| BBIF is an intermediary for the SBA providing loans to women and minority owned businesses located in the Central Florida area. BBIF will package the deal, submit it to the SBA and search for a bank to do the loan. Click here for a listing of BBIF Partner banks |
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| Contract Financing Program: |
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| The Contract Financing Program (CFP) promotes growth among Florida's African-American construction contracting firms, professional services and suppliers by providing assistance in obtaining financing , surety bonding and technical assistance. |
