The U.S. Department of Transportation (USDOT), Office of Small and Disadvantaged Business Utilization (OSDBU) is pleased to announce the recent approval of BBIF Florida as a USDOT OSDBU Short Term Lending Program (STLP) participating lender. The STLP, developed by the USDOT OSDBU, provides contractors access to a revolving line of credit for work on federal transportation-related contracts and subcontracts that pertain to the maintenance, rehabilitation, restructuring, improvement, or revitalization of any local, state, or federal transportation project.
From Left to Right: BBIF Staff Members (Left); Clinton Dunn, OSDBU (Center Left); Inez Long, BBIF, President/CEO (Center); Adianna Clark, Southeast SBTRC (Center Right); BBIF Staff Members (Right)
Since the STLP program launch in 2008, BBIF Florida is the third entity in the state to be approved as a program participating lender. “Programs like the STLP are so critical as they allow for smaller, disadvantaged firms to compete in the federal contract marketplace”, said Inez Long, BBIF Florida President/CEO. Through the STLP, BBIF Florida will be able to provide a line of credit that will be secured primarily by receivables from transportation contracts. Companies eligible for STLP are certified Disadvantaged Business Entities or businesses certified by the U.S. Small Business Administration Section 8(A) Program, HUBzone, and Service Disabled Veteran Owned Business. The maximum loan amount is $750,000.
Established in 1987, BBIF Florida provides simplified capital solutions for black, minority and other underserved small business throughout the state of Florida. In 2013, BBIF Florida became Florida’s third SBA Community Advantage Lender, providing up to $250,000 alongside an SBA guarantee up to 85% of the loan amount. The STLP will serve as yet another tool for BBIF Florida to capitalize and strengthen businesses, growing them to the next level.
About BBIF Florida
BBIF Florida is a mission-driven lender and business development organization that provides loan capital for African-American, other minorities and underserved businesses. Headquartered in Orlando, BBIF is Florida's largest statewide small business lender that specializes in providing capital for minority small businesses. Since 1988, BBIF has provided over $43.9 million in loans to over 365 businesses and leveraged $49 million in New Markets Tax Credit (NMTC) community investments; BBIF received its first federal NMTC allocation of $20 million in the 2014 funding cycle.
BBIF is certified by the U.S. Department of the Treasury Community Development Financial Institution (CDFI) Fund as a CDFI, Community Development Enterprise (CDE) and New Markets Tax Credit Allocatee. BBIF is certified by the U.S. Small Business Administration (SBA) as a Community Advantage "Delegated" Lender and Micro Loan Lender; the State of Florida as a Black Business Investment Corporation; by the Federal Deposit Insurance Corporation (FDIC) as a Money Smart Small Business Collaborator; the USDOT OSDBU STLP as a participating lender; and is a member of the prestigious Opportunity Finance Network (OFN), a national membership group of CDFIs.
In addition to providing simplified capital solutions, BBIF Florida assists business clients by providing financial technical assistance services. The Financial Training Academy is an intensive management capacity training service that assists business owners to successfully manage and meet their business challenges, maximize profits and create/retain jobs.