Expanding Black Business Nfp
- Assets
- $10.0m
- Revenue
- $187.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 10/2019
- Data as of
- 12/2022
- EIN
- 81-5173829
Organization Overview
Expanding Black Business Nfp is located in Chicago, IL. The organization was established in 2019. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Expanding Black Business Nfp is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Expanding Black Business Nfp generated $187.9k in total revenue. All expenses for the organization totaled $274.4k during the year ending 12/2022.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
DISSEMINATE BEST PRACTICES IN LENDING TO BLACK BUSINESSES WITH A GOAL OF DRAMATICALLY INCREASING LENDING TO BLACK-OWNED BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022, THE BOARD OF THE ORGANIZATION MET THREE TIMES TO SHARE BEST PRACTICES AND FUNDING OPPORTUNITIES FOR ORGANIZATIONS PRIORITIZING LENDING TO BLACK OWNED SMALL BUSINESSES AND INVESTED $8,000,000 IN THE BLACK VISION FUND OF WHICH $500,000 WAS EQUITY AND $7.5 MILLION WAS LONG TERM UNSECURED DEBT. THE BLACK VISION FUND IS A DEBT FUND FOR THE CDFIS WHO ARE MEMBERS OF THE EBBC NETWORK THAT IS LONG TERM, UNSECURED AND LOW-COST.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bill Bynum Chairman | OfficerTrustee | 1 | $0 |
Brian Argrett Treasurer | OfficerTrustee | 1 | $0 |
Dan Betancourt Director | Trustee | 1 | $0 |
Dorothy Bridges Director | Trustee | 1 | $0 |
Inez Long Director | Trustee | 1 | $0 |
Alfredo Martel Director | Trustee | 1 | $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 | $167,905 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $167,905 |
| Total Program Service Revenue | $0 |
| Investment income | $19,987 |
| 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 | $187,892 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $248,054 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $19,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $270 |
| Office expenses | $3,201 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,891 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $274,416 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $201,911 |
| Savings and temporary cash investments | $2,000,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,500,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,600 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $251,946 |
| Intangible assets | $0 |
| Other assets | $12,937 |
| Total assets | $9,968,394 |
| Accounts payable and accrued expenses | $13,625 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $13,625 |
| Net assets without donor restrictions | $7,854,769 |
| Net assets with donor restrictions | $2,100,000 |
| 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 | $9,968,394 |
Grants Awarded
Over the last fiscal year, Expanding Black Business Nfp has awarded $3,500,000 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
CITY FIRST ENTERPRISES PURPOSE: COVID-19 RECOVERY | $500,000 |
COMMUNITY FIRST FUND PURPOSE: COVID-19 RECOVERY | $500,000 |
HOPE ENTERPRISE CORPORATION PURPOSE: COVID-19 RECOVERY | $500,000 |
METROPOLITAN ECONOMIC DEVELOPMENT ASSOCIATION PURPOSE: COVID-19 RECOVERY | $500,000 |
NATIONAL COMMUNITY INVESTMENT FUND PURPOSE: COVID-19 RECOVERY | $500,000 |
TEXAS MEZZANINE FUND PURPOSE: COVID-19 RECOVERY | $500,000 |