Black Business Investment Fund Inc
- Assets
- $51.3m
- Revenue
- $10.0m
- Investments
- $0.0
- Employees
- 25
- Location
- Orlando, FL
- Founding
- 04/1994
- Data as of
- 09/2023
- EIN
- 59-2861155
Organization Overview
Black Business Investment 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 09/2023, Black Business Investment Fund Inc employed 25 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Black Business Investment 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 09/2023, Black Business Investment Fund Inc generated $10.0m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 21.5% each year . All expenses for the organization totaled $6.0m during the year ending 09/2023. While expenses have increased by 18.1% per year over the past 8 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 Investment Fund Inc has awarded 28 individual grants totaling $1,000,000. 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
2023
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
IN FY 2022-23, BBIF FURHER SOLIDIFIED OUR COMMITMENT TO PROVIDING ESSENTIAL SERVICES TO BIPOC ENTREPRENEURS AND UNDERSERVED COMMUNITIES. TO THAT END, BBIF IMPLEMENTED SEVERAL KEY INITIATIVES THAT HAVE ENABLED US TO BETTER SERVE THOSE IN NEED. BBIF'S INITIATIVES INCLUDED ESTABLISHING STRONG PARTNERSHIPS IN THE COMMOUNITIES IT SERVE AND EXPANDING THE FINANCIAL TECHNICAL ASSISTANCES SERVICES AND INNOVATIVE BUSINESS DEVELOPMENT PROGRAMS OFFERED. BBIF IS PROUD OF THE INNOVATIVE AND IMPACTFUL FINANCIAL SOLUTIONS PROVED. BBIF PROCESSED $12.6 MILLION IN BUSINESS LOANS AND GENERATED $71 MILLION IN ECONOMIC IMPACT THROUGH ITS NEW MARKETS TAX CREDITS (NMTC) PROJECTS, RESULTING IN THE CREATION OF OVER 990 NEW JOBS. THROUGH THESE EFFORTS, BBIF DEMONSTRATE ITS COMMITMENT TO HELPING BUSINESS OWNERS REACH THEIR GOALS AND SUCCEED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Inez Long President/ceo | Officer | 40 | $461,748 |
Oraine Reed VP Finance | Officer | 40 | $177,721 |
Duane Lewis Chief Operating Officer | Officer | 40 | $180,957 |
Jasmine Gebon VP Strategic Initiatives | Officer | 40 | $148,535 |
Donna Dingle Director Of Compliance | Officer | 40 | $102,855 |
Jacqueline Barr Chairperson | Trustee | 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 | $6,545,392 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,545,392 |
| Total Program Service Revenue | $3,351,625 |
| Investment income | $132,572 |
| 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 | $10,029,589 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $50,000 |
| 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. | $975,448 |
| Compensation of current officers, directors, key employees. | $146,317 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,501,905 |
| Pension plan accruals and contributions | $108,133 |
| Other employee benefits | $419,926 |
| Payroll taxes | $170,335 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $72,441 |
| Fees for services: Accounting | $162,123 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $295,105 |
| Fees for services: Other | $0 |
| Advertising and promotion | $93,775 |
| Office expenses | $258,618 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $313,912 |
| Travel | $61,049 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $270,958 |
| Interest | $635,389 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $136,722 |
| Insurance | $31,491 |
| All other expenses | $5,713 |
| Total functional expenses | $6,040,674 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $23,219,206 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $43,548 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $17,206,129 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $33,240 |
| Net Land, buildings, and equipment | $7,716,105 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,621,673 |
| Intangible assets | $0 |
| Other assets | $499,038 |
| Total assets | $51,338,939 |
| Accounts payable and accrued expenses | $70,432 |
| Grants payable | $0 |
| Deferred revenue | $566,707 |
| 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 | $4,155,251 |
| Unsecured mortgages and notes payable | $29,403,863 |
| Other liabilities | $314,149 |
| Total liabilities | $34,510,402 |
| Net assets without donor restrictions | $15,607,530 |
| Net assets with donor restrictions | $1,221,007 |
| 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 | $51,338,939 |
Grants Awarded
Over the last fiscal year, Black Business Investment Fund Inc has awarded $50,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
LEGACY CAFE AT WEST LAKES PURPOSE: ASSIST WITH WORKING CAPITAL | $15,000 |
BIG DAWG TRAINING CAMP PURPOSE: ASSIT WITH WORKING CAPITAL | $10,000 |
MONEY LITAPP LCC PURPOSE: ASSIST WITH WORKING CAPITAL | $25,000 |