| The Tampa Bay
Black Business Investment Corporation, Inc. (BBIC), a nonprofit
corporation, was incorporated on August 4, 1987 as a public-private
partnership between local government and the corporate community.
The purpose of the BBIC is the advancement of the economic well-being
of Hillsborough and Pinellas Counties through the financing
and identification of business opportunities for businesses
owned and operated by African Americans who are residents of
Hillsborough and Pinellas County, Florida. This
has been accomplished through the creation of a capital fund
that is supported by local financial institutions and contributions
to provide loans to viable African-American owned businesses
. The BBIC will also help to focus community resources on
identification of appropriate business opportunities for African-American
entrepreneurs.
The BBIC provides a vehicle for new African-American
owned businesses to develop and mature in a realistic manner.
Participation by financial institutions in loans to African-American
owned businesses is an ongoing focus of the BBIC. The ultimate
goal of the BBIC is the long-term growth and success of African-American
owned business enterprises.
The BBIC is the only entity in Hillsborough
and Pinellas Counties that provides direct
loan and/or loan guarantees to
a historically undeserved market segment of the community
- businesses owned and operated by African-American citizens.
The BBIC provides services to small business
such as underwriting, analysis of business and personal financial
statements, site visits, technical assistance - services that
may not be cost effective for banks.
The BBIC offers direct loans
for equipment, working capital needs, accounts receivable
and contract financing and loan guarantees to Banks up to
50% or $75,000.00, whichever is less. In the last year, the
BBIC expanded by adding a program to include all small business
in the City of St. Petersburg with specific focus on the Challenge
2001 Area. The BBIC is also in the process of opening a small
business incubator in the City of St. Petersburg's Challenge
2001 area.
With this continued growth, the need for the
BBIC to continue and expand its programs to help develop new
and existing businesses increases annually. The US Department
of Commerce reports that small businesses in the Central Florida
communities grew 21% last year. The US Census reported that
the State of Florida led other states with one of the largest
growth in the African-American population over the past five
years.
Currently, TBBBIC has eighteen Partners/Shareholders
which contributes to the loan volume. Since inception, the
BBIC has made $6,951,432 in loans.
In summary, this translates into approximately
460 jobs and is a positive economic infusion for the community.
Revenue growth for these businesses, assisted by the BBIC,
have climbed from $1,118,00 in 1988 to $14,500,000 in 1998.
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