Information for
Business
Opportunities
Providing
Access To
Capital
Enhancing
Business
Capacity
FY 2012
BLACK BUSINESS INVESTMENT FUND
ANNUAL REPORT
Jacqueline Barr
President, Jacqueline Rogers Barr Enterprises, Inc. Chair, BBIF Board of Directors
A ChAnge
in LeAdership
BBIF is pleased to announce Ms. Jacqueline Barr has been named Chair of the BBIF Board of Directors. A visionary in business development, Ms. Barr has dedicated three and a half decades of her career to successfully mentoring black, minority and underserved small businesses to move them into the mainstream business market. A Florida native, Ms. Barr is from the Tampa area. She has a B.S. Degree in Business Administration and Management and has received numerous awards in recognition for her contribution and support of Minority/Women Business Enterprises and strong encouragement of hiring minorities and females in the work place.
Ms. Barr is best known in her previous role as Director of Business Development and Human Resources with the Orlando-Orange County Expressway Authority. As Director, she was responsible for implementing the Authority’s Equal Opportunity and Business Development Policy and Programs. Ms. Barr has more than 35 years experience in the areas of program development for minority and women owned businesses, including 15 years in a variety of human resources and equal opportunity/affirmative action roles. Under her leadership, the Authority increased minority and women owned business’ participation from less than 1% to more than 20% in the award of various contracts. Prior to her retirement in 2010, one of her primary objectives was to transition minority and women owned businesses from the role of subcontractors to prime contractors.
Prior to moving to Orlando, Ms. Barr was General Manager with the Hillsborough County Equal Opportunity Office. In that role, she created, wrote and successfully implemented the Disadvantaged Minority and Women Business Policy, which is still active. While in Hillsborough County she ran as a candidate for County Commissioner.
Ms. Barr is currently active in community-based organizations such as the Florida Consortium of Black Businesses, and is formerly the President of the Florida Association of Minority Business Enterprise Officials (FAMBEO) and the Florida Association of Community Relations Professionals. She has had other affiliations with organizations that include 100 Black Women, the Black Public Administrators, the Boys and Girls Club of Central Florida, Inc., Mother’s of Incarcerated Sons and Hispanic Business Initiative Fund to name a few. Ms. Barr is a member of Leadership Orlando Class 43.
FY 2012
ANNUAL REPORT
To develop and promote black
business enterprises through
education, training, loans,
investments, and other activities
and to aggressively promote an
atmosphere conducive to
their development.
Our MissiOn
repOrt cOntents
A Message from our Chair and President ... 2
Connecting to our Mission:
Celebrating 25 Years of Creating Access ... 3
Expanding our Resources: Ten-Year Plan ... 4
Loan Funds ... 5
Capacity Development ... 6
Client Stories ... 7-9
Minority Business Institute ... 10
Statements of Financial Position and Activities ... 11
Loan and Technical Assistance Activity ... 12
Board of Directors, Investors and Partners ... 13
Loan Committee, Technical Assistance
Team and Staff ... 14
2012’s Most Noteworthy Accomplishment ... 15
Enhancing
Business
Capacity
1
Presenting
Information for
Business
Opportunities
Providing
Access To
Capital
FY 2012
ANNUAL REPORT
BLACK BUSINESS INVESTMENT FUND
Dear Friends:
We are pleased to present you with the 2012 Annual Report for Black Business Investment Fund (BBIF). The information in this report highlights the pivotal role that BBIF plays in connecting the black, minority and underserved small business community to vital capital resources that are needed for economic growth and prosperity.
The BBIF is a non-traditional lender that specializes in providing loans to black, minority and underserved small businesses; loans that range from $5,000 - $250,000. The organization is certified by the U. S. Department of Treasury as a CDFI (Community Development Financial Institution) and CDE (Community Development Enterprise) and as a Black Business Investment Corporation (BBIC) by the State of Florida. BBIF is the only approved Small Business Administration (SBA) Community Advantage lender in the state of Florida, and one of only 57 in the U.S. The BBIF is also a member of the Opportunity Finance Network, a national group of CDFI’s.
BBIF has created an economic impact in excess of $420 Million into Florida’s economy with a historical loan loss of less than 3 percent.
As a Community Development Financial Institution (CDFI), BBIF is a mission-driven financial institution that provides financial products and services to businesses underserved by traditional lending sources. BBIF has held both the responsibility and opportunity in 2012 to help reconstruct our economy by supporting black, minority and underserved small businesses throughout the state of Florida. We had a successful year in 2012, providing access of $3,275,650 in loan capital to 14 businesses. These loans helped to create and retain 1795 jobs in Florida.
While the economy continues to rebound from tough economic times, BBIF has assisted its loan clients via technical assistance to successfully manage and meet their business challenges, sustaining themselves and retaining jobs. The entrepreneurial spirit of our clients drives our passion for the work we do and strengthen our resolve to continue to breakdown barriers and strengthen businesses in the markets we that serve.
On the cusp of our twenty-sixth year of operation, BBIF’s future looks promising. The organization has become a Community Advantage Lender, raised over $2 million in new loan capital and expended our service territory statewide and our partner relationships. Our new Board Chair, Jacqueline Barr, embraces our vision for the continued implementation of BBIF’s 10-year strategic plan. We look forward to building upon BBIF’s success as we continue to collaborate with our stakeholders and partners throughout Florida. As you read through this report, you’ll celebrate with us our accomplishments in 2012, and learn more about plans for our continued growth and impact.
Each of our investors, partners, stakeholders and volunteers are much appreciated and valued. We are keenly aware that without your support, this work would not happen. We thank you for your support as it makes a positive difference in Florida’s black, minority and underserved small business community. It is our privilege to connect with you to bring access to capital and training to the businesses that we serve, helping to grow jobs and build a stronger Florida economy.
Sincerely,
A MESSAgE FRoM ouR
chair and president
Inez Long President/CEo
Jacqueline Barr
JACQ UELIN E B AR R INEZ LONG2
Jacqueline Barr ChairFY 2012
ANNUAL REPORT
cOnnectinG tO Our MissiOn:
celebratinG 25 Years OF creatinG access
In 2012, our 25th year of operation, the BBIF continued on its journey to build a more sustainable organization; expanding its services and its geographic territory. The Fund’s ten-year Strategic Plan clearly outlines investments needed to ensure the necessary capital for loan funds, loan fund reserves, staff capacity and infrastructure building. 2012 was a year of continued accomplishments for the BBIF. After tripling the size of our assets and servicing clients statewide in 2010–2012, our organization has moved that much closer toward reaching our goal of $20,000,000 by October 2015. Over the last three years, BBIF has maintained an asset level of $14 million. In 2012, operating costs declined by 16% due to a more efficient operation.
BBIF made a number of accomplishments in 2012, which included: • Expanded partnerships
• Established and increased capital for two new loan funds • Increased capital for operations
• Began implementation of the (SBA Community Advantage) Small Business Loan Fund • Expanded statewide services and expanded staff
• Launched new, easy-to-use Internet technology, website features and forms
BBIF made significant progress in expanding its Loan Committee in 2012. With inclusion of both the public and private sectors, the new loan committee members are a reflection of BBIF’s efforts to make the committee more representative of our statewide focus to provide capital to black, minority and underserved small businesses in Florida.
BBIF maintains a professional staff; combined, staff members have over 80 years of business and financial services experience. In 2012, BBIF brought on 3 new staff members inclusive of a Junior Loan Officer, Technical Assistance Officer and Loan Processor. This group of dedicated personnel is committed to the BBIF’s mission.
The growth and accomplishments of 2012 have helped strengthen BBIF’s capacity. This has enabled the organization to continue to expand its loan and technical assistance services statewide, expanding our geographic territory and thus providing financial resources and services to a greater amount of black, minority and underserved small businesses.
3
Presenting
Information for
Business
Opportunities
Providing
Access To
Capital
Enhancing
Business
Capacity
FY 2012
ANNUAL REPORT
BLACK BUSINESS INVESTMENT FUND
expandinG Our
resOurces
A goal of BBIF’s ten-year Strategic Plan is to expand the Fund’s resources and services statewide in Florida. This objective was achieved through the successful administration of the Economic Gardening Loan Fund which was launched in 2009 and continued in 2012 with its permanent geographic expansion with the launch of the (SBA Community Advantage) Small Business Loan Fund. Since the program launch in October 2012, over 12 requests for a total of $2,362,300 dollars have been received. Our strategy for business development embraces our mission to develop and promote black business enterprises; and our goal to increase our loan capital to $20 million to provide financial resources to black, minority and underserved businesses.
We believe that our long-term Strategic Plan of expansion will have a positive impact on the businesses that we serve, impacting the creation of jobs, providing economic impact on the economy and creating sustainability of our organization.
cOMMunitY
capital
hiGh GrOwth
industries
lendinG
technical
assistance
business
develOpMent
10-Year
strateGic plan
bbiF cOre
services
8
4
FY 2012
ANNUAL REPORT
The Black Business Loan
Fund (BBLF) provides
loans to qualified stage 1 Black-owned businesses established a minimum of 2 years located in Orange, Osceola, Seminole and Lake counties. Loan amounts range between
$10,000 - $100,000.
The Economic Gardening
Loan Fund (EGLF) provides
loans throughout the entire state of Florida to qualified stage 2
businesses established a minimum of 2 years, revenues of $1 million - $25 million and 10 – 50 employees. Loan amounts range between $50,000 - $250,000. As of July 1, 2011 all loan funds for this program were expended. This fund is race neutral.
The Micro Loan Fund (MLF) provides loans to qualified stage 0 & 1 businesses that are located in Orange, Osceola, Seminole, Lake, Sumter, Polk, Hillsborough and Duval counties. Loan amounts range between $5,000 - $50,000.
This fund is race neutral.
The Contract Financing
Loan Fund (CFLF)
provides loans to black and minority businesses with acceptable contracts that are located in Lake, Seminole, Orange, and Osceola counties. Loan sizes range between $10,000 - $250,000 secured by an acceptable
contract and must provide job creation. This fund is for minority business enterprises.
The Small Business Loan
Fund (SBLF) was formed
to provide SBA Community Advantage loans to established minority and underserved small businesses
throughout the entire state of Florida. Loan sizes range between $50,000 - $250,000. The business must be of good financial condition and provide job creation. This fund is race neutral.
lOan Funds
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BBIF_simpleLOAN FUND LOGOs.ai 1 8/15/2012 1:04:54 PM
BBIF_simpleLOAN FUND LOGOs.ai 1 8/15/2012 1:04:54 PMBBIF_simpleLOAN FUND LOGOs.ai 1 8/15/2012 1:04:54 PM
5
The Black Business Investment Fund (BBIF) is a non-traditional lender that specializes in providing loans to black, minority and underserved small businesses. It is a CDFI (Community Development Financial Institution) and CDE (Community Development Enterprise) certified by the U. S. Department of Treasury, Community Advantage Lender certified by the U.S. Small Business Administration and Black Business Investment Corporation (BBIC) certified by the State of Florida. BBIF is also a member of the Opportunity Finance Network, a national group of CDFI’s. BBIF provides business loans that range from $5,000 - $250,000. BBIF is the only approved SBA Community Advantage lender in the state of Florida, and one of only 57 in the U.S.
The BBIF administers five (5) loan programs, which are: the Black Business Loan Fund (BBLF), the Economic Gardening Loan Fund (EGLF), the Micro Loan Fund (MLF), the Contract Financing Loan Fund (CFLF) and the Small Business Loan Fund (SBLF). Loan applications and qualifying criteria for each of the loan funds are available on the BBIF website at www.BBIF.com
FY 2012
ANNUAL REPORT
BLACK BUSINESS INVESTMENT FUND
capacitY develOpMent
6
BBIF’s Financial Technical Assistance services are designed to provide client firms with intense management assistance and lead them to secure the best possible financing for their businesses. The goal of BBIF’s Financial Technical Assistance program is to strengthen business owner’s management skills, resulting in stronger capacity businesses that grow and employ more of Florida’s citizens.
BBIF dELIvErS tEChnICaL aSSIStanCE In thE FoLLowInG ForMatS:
business Owners roundtable
Monthly roundtables allow for business owners to meet monthly in a group setting with other business presidents and BBIF’s technical assistance team (consultants). In these monthly roundtable meetings business owners receive coaching in finance, marketing, strategic planning, bond assistance, cost analysis, budgeting, bookkeeping, human resources and law.
In this specialized financial technical assistance, businesses are provided an “initial assessment”. This assessment consists of an evaluation of financial, accounting and operational systems and provides the business owners feedback with written recommendations for overall business improvement. As a result of this type of intense technical assistance, business owners develop stronger management skills yielding stronger businesses with the capacity to create more jobs.
One–on-One counseling
BBIF’s highly trained lending staff meet with business owners to provide focused advice specific to their unique businesses.
Orientations
BBIF provides orientations twice monthly and advises business owners, in a group setting, of how to best utilize the Fund’s services.
FY 2012
ANNUAL REPORT
patricK barnes
bFa environmental
company location: Orlando, Fl
Owner: patrick barnes, p.e.
number of employees: 30
number of years in business: 19
Barnes, Ferland and Associates, Inc. (aka BFA Environmental) is an environmental engineering, hydrogeological and land surveying firm. Established in 1994, BFA was created to help meet the growing need for environmental consultants in the state of Florida. BFA is located in Orlando with satellite offices in West Palm Beach, Miami and New Orleans, Louisiana. BFA is a graduate of the Small Business Administrations’ 8 (a) program and is a certified Minority Business Enterprise (MBE) with over 20 jurisdictions across the southeast. They are dedicated to providing high quality professional services to their clients utilizing state-of-the-art technologies and have worked on hundreds of projects for various municipalities throughout Florida. BFA’s business philosophy is to provide their clients with responsive, reliable and cost-effective consulting services through full technical and administrative engagement of the owners.
CLIENT SPOTLIGHTS
7
WhAT DOES BBIF MEAn TO yOU?
BBIF provides a critical bridge of technical and financial assistance to businesses thatare not traditionally provided such support. In 1994 and 1995 shortly after launching BFA, we were denied a business line of credit on two assistance occasions before being shepherded through the process by BBIF with technical support and a loan guarantee. needless to say that support enabled us, as a young firm, to focus more on service and less on cash flow in that critical formative period. The staff at BBIF does an excellent job of reaching out to the underserved business community and helping to bridge the opportunity gap that results from access to capital. Additionally, the BBIF roundtables and other events such as the BOSS functions are extremely helpful
ways of staying connected to opportunities for business growth. -- PATRICk BARNES, PRESIDENT - BFA ENvIRONMENTAL
FY 2012
ANNUAL REPORT
BLACK BUSINESS INVESTMENT FUND
warrnOn & ana bell
CLIENT STORIES
8
WhAT DOES BBIF MEAn TO yOU?
BBIF has an incredible handle on providing loan and financial technical assistance and knows how to effectively lend to small firms. The team at BBIF does a fantastic job of listening to clients, sharing their own creative ideas, and then combining the two visions into an effective working plan. BBIF brings their own passion to see minority and small firms succeed, which adds additional depth to delivery of their services and events. I would not hesitate to recommend them to a colleague or business contact needing assistance. -- WARRnOn M. BELL, PRESIDEnT – ThE BRS GROUP, InC.the brs Group, inc.
company location: altamonte springs, Fl
Owners: warrnon & ana bell
number of employees: 10
number of years in business: 17
The BRS Group, Inc. (BRS), was established in 1995. BRS specializes in the design, installation, maintenance, and consulting services of low-voltage security systems. Headquartered in Altamonte Springs, FL, BRS is licensed as a low voltage contractor by the State of Florida. BRS’ mission is to provide their customers with excellent performance, products and services, within budget. BRS’ staff has over 50 years of experience in the field of low voltage systems and serves a diverse group of customers to include universities, federal, state and local governments, stadiums, and arenas. BRS’ sharp focus on security systems and master planning helps them to assist their clients with the operational changes brought about by continued changes in technology. BRS remains at the forefront of technology and the continual improvements in the low-voltage industry.
FY 2012
ANNUAL REPORT
sherYl paGe
CLIENT STORIES
9
page One consultants, inc.
company location: Orlando, Fl
Owner: sheryl page
number of employees: 26
number of years in business: 20
Created in 1993, Page One Consultants, Inc. (POC), is an Orlando-based engineering consulting firm. With a specific mission to provide unbeatable customer service, POC specializes in Aviation Program Management, Construction Management/Owner’s Representative, Construction Materials Testing, Construction Engineering & Inspection, and Threshold, Building and Electrical Inspections. POC’s state-of-the-art, full service laboratory is certified by the Construction Materials Engineering Council and approved by the Florida Department of Transportation. POC’s professional team has an industry-wide reputation for delivering the highest quality service from project inception to project completion. POC’s cross-functional training allows multi-tasking across diversified areas. Page One’s philosophy since the company’s inception has been, “ you can be honest and successful at the same time.” The Page One team embraces professionalism at the highest regard and has a serious commitment to providing the best possible and cost-effective solutions to their clients specific project needs.
WhAT DOES BBIF MEAn TO yOU?
BBIF has assisted me in many areas. Their monthly round table meetings have beenextremely beneficial to me. They have seen the ups and downs of our industry and have provided numerous ideas on what and how to handle different situations. BBIF’s lending program was very instrumental in assisting us through the “bad” times during the past few years. Their financial team continually looks for ways to assist my firm with our cash flow issues and our growth. It is just nice to know that someone (BBIF) really cares about small businesses and gives great advice to help make us successful!
FY 2012
ANNUAL REPORT
BLACK BUSINESS INVESTMENT FUND
MinOritY business institute
The Black Business Capital Finance Corporation (BBCFC) was created in 1993. An affiliate organization of BBIF, BBCFC is a 501c3 charitable non-profit entity that provides fundraising, education and networking opportunities to support the growth of minority businesses and the development of low and moderate income and affordable housing. BBCFC partners with BBIF to host events through the Minority Business Institute.
The Minority Business Institute is designed to (1) provide assistance and support to minority businesses that are trying to expand their networking relationships for increased contract opportunities, and (2) provide business leadership development. The following events are supported, in partnership with the BBIF, by the BBCFC:
business beacons brunch
Black Business Beacons Brunch, hosted by the Black Business Investment Fund (BBIF), focuses on highlighting Florida’s trailblazing Black businesses. Held during Black history Month, the event celebrates and salutes “Beacons: Our humble beginnings, our endless possibilities.”
business Opportunity symposium series
The Business Opportunity Symposium Series (B.O.S.S.) is a quarterly forum designed to inspire and educate an audience of business owners and professions regarding business trends, challenges, opportunities and best practices for business growth and success.
central Florida black business day
The BBIF Central Florida Black Business Day event helps to foster an open and positive dialogue between Black elected officials as well as top procurement officers in order to formulate strategic initiatives that would assist in “opening business” opportunities for black businesses.
annual business networking event
The Business and Professional Networking Event provides an unparalleled opportunity for minority businesses and professionals to meet and exchange valuable information with majority firms in a relaxed atmosphere.
annual board & partner planning session
The Annual Board & Partner Planning Session provides an opportunity for the BBIF Board of Directors, Loan Committee and staff to discuss and plan the implementation of future strategic goals and programs for the organization.
FY 2012
ANNUAL REPORT
BLACK BUSINESS INVESTMENT FUND
stateMents OF Financial pOsitiOn
11
stateMents OF activities
2012 2011
Asset
CURRENT ASSETS
Cash and Cash Equivalents 805,461.00 515,218.00
Restricted Cash 1,105,973.00 480,008.00
Accounts Receivable 99,320.00 10,005.00
Prepaid and Other 20,229.00 19,373.00
Due From Affiliates 117,707.00 43,040.00
Current Portion of Notes Receivable, Net 3,065,870.00 2,387,175.00
Total Current Assets 5,214,560.00 3,454,819.00
Net Property and Equipment 84,468.00 98,931.00
OTHER ASSETS
Deposits 5,780.00 20,102.00
Notes Receivable, Net 2,270,198.00 5,193,787.00
Long Term Notes Receivable, Affiliates, Net 2,738,810.00 2,738,810.00
Total Other Assets 5,014,788.00 7,952,699.00
TOTAL ASSETS 10,313,816.00 11,506,449.00
LIABILITIES AND NET ASSETS
Total Current Liabilities 3,262,690.00 2,269,668.00
LONG-TERM LIABILITIES
Long-Term DEBT and Capital Leases 3,444,428.00 6,011,535.00
Total Liabilities 6,707,118.00 8,281,203.00
NET ASSETS
Temporarily Restricted Net Assets 115,000.00
Investment Contributions - Unrestricted 2,340,833.00 2,340,833.00
Unrestricted Net Assets 1,150,865.00 884,413.00
Total Net Assets 3,606,698.00 3,225,246.00
TOTAL LIABILITIES AND NET ASSETS 10,313,816.00 11,506,449.00
BLACK BUSINESS INVESTMENT FUND OF CENTRAL FLORIDA, INC. STATEMENTS OF FINANCIAL POSITION
September 30, 2012 AND 2011
2012 2011
Asset
CURRENT ASSETS
Cash and Cash Equivalents 805,461.00 515,218.00 Restricted Cash 1,105,973.00 480,008.00 Accounts Receivable 99,320.00 10,005.00 Prepaid and Other 20,229.00 19,373.00 Due Form Affiliates 117,707.00 43,040.00 Current Portion of Notes Receivable, Net 3,065,870.00 2,387,175.00
Total Current Asset 5,214,560.00 3,454,819.00
Net Property and Equipment 84,468.00 98,931.00
OTHER ASSETS
Deposits 5,780.00 20,102.00 Notes Receivable, Net 2,270,198.00 5,193,787.00 Long Term Notes Receivable, Affiliates, Net 2,738,810.00 2,738,810.00
Total Other Assets 5,014,788.00 7,952,699.00
TOTAL ASSETS 10,313,816.00 11,506,449.00
LIABILITIES AND NET ASSETS
Total Current Liabilities 3,262,690.00 2,269,668.00
LONG-TERM LIABILITIES
Long-Term DEBT and Capital Leases 3,444,428.00 6,011,535.00
Total Liabilities 6,707,118.00 8,281,203.00
NET ASSETS
Temporarily Restricted Net Assets 115,000.00
Investment Contributions - Unrestricted 2,340,833.00 2,340,833.00 Unrestricted Net Assets 1,150,865.00 884,413.00
Total Net Assets 3,606,698.00 3,225,246.00
TOTAL LIABILITIES AND NET ASSETS 10,313,816.00 11,506,449.00
BLACK BUSINESS INVESTMENT FUND OF CENTRAL FLORIDA, INC. STATEMENTS OF FINANCIAL POSITION
September 30, 2012 AND 2011
2012 2011
Revenues and Other Support 1,228,217.00 1,231,017.00
Expenses 833,839.00 991,815.00 16%
Change in Net Assets From Operations 394,378.00 239,202.00
Disposition of Fixed Assets Gain (Loss) (12,926.00) (955.00)
Net Assets Released From Restrictions
-Net Increase (Decrease) in -Net Assets 381,452.00 238,247.00
Net Assets, Beginning of Year 3,225,246.00 2,986,999.00
Net Assets, End of Year 3,606,698.00 3,225,246.00
BLACK BUSINESS INVESTMENT FUND OF CENTRAL FLORIDA, INC. STATEMENTS OF ACTIVITIES
September 30, 2012 AND 2011
2012 2011
Revenues and Other Support 1,228,217.00 1,231,017.00
Expenses 833,839.00 991,815.00 16%
Change in Net Assets From Operations 394,378.00 239,202.00
Disposition of Fixed Assets Gain (Loss) (12,926.00) (955.00) Net Assets Released From Restrictions
-Net Increase (Decrease) in -Net Asset 381,452.00 238,247.00
Net Assets, Beginning of Year 3,225,246.00 2,986,999.00
Net Assets, End of Year 3,606,698.00 3,225,246.00
BLACK BUSINESS INVESTMENT FUND OF CENTRAL FLORIDA, INC. STATEMENTS OF ACTIVITIES
September 30, 2012 AND 2011
2012 2011
Revenues and Other Support 1,228,217.00 1,231,017.00
Expenses 833,839.00 991,815.00 16%
Change in Net Assets From Operations 394,378.00 239,202.00
Disposition of Fixed Assets Gain (Loss) (12,926.00) (955.00) Net Assets Released From Restrictions
-Net Increase (Decrease) in -Net Asset 381,452.00 238,247.00
Net Assets, Beginning of Year 3,225,246.00 2,986,999.00
Net Assets, End of Year 3,606,698.00 3,225,246.00
BLACK BUSINESS INVESTMENT FUND OF CENTRAL FLORIDA, INC. STATEMENTS OF ACTIVITIES
September 30, 2012 AND 2011
2012 2011
Asset
CURRENT ASSETS
Cash and Cash Equivalents 805,461.00 515,218.00 Restricted Cash 1,105,973.00 480,008.00 Accounts Receivable 99,320.00 10,005.00 Prepaid and Other 20,229.00 19,373.00 Due Form Affiliates 117,707.00 43,040.00 Current Portion of Notes Receivable, Net 3,065,870.00 2,387,175.00
Total Current Asset 5,214,560.00 3,454,819.00
Net Property and Equipment 84,468.00 98,931.00
OTHER ASSETS
Deposits 5,780.00 20,102.00 Notes Receivable, Net 2,270,198.00 5,193,787.00 Long Term Notes Receivable, Affiliates, Net 2,738,810.00 2,738,810.00
Total Other Assets 5,014,788.00 7,952,699.00
TOTAL ASSETS 10,313,816.00 11,506,449.00
LIABILITIES AND NET ASSETS
Total Current Liabilities 3,262,690.00 2,269,668.00
LONG-TERM LIABILITIES
Long-Term DEBT and Capital Leases 3,444,428.00 6,011,535.00
Total Liabilities 6,707,118.00 8,281,203.00
NET ASSETS
Temporarily Restricted Net Assets 115,000.00
Investment Contributions - Unrestricted 2,340,833.00 2,340,833.00 Unrestricted Net Assets 1,150,865.00 884,413.00
Total Net Assets 3,606,698.00 3,225,246.00
TOTAL LIABILITIES AND NET ASSETS 10,313,816.00 11,506,449.00
BLACK BUSINESS INVESTMENT FUND OF CENTRAL FLORIDA, INC. STATEMENTS OF FINANCIAL POSITION
September 30, 2012 AND 2011
2012 2011
Asset
CURRENT ASSETS
Cash and Cash Equivalents 805,461.00 515,218.00
Restricted Cash 1,105,973.00 480,008.00
Accounts Receivable 99,320.00 10,005.00
Prepaid and Other 20,229.00 19,373.00
Due From Affiliates 117,707.00 43,040.00
Current Portion of Notes Receivable, Net 3,065,870.00 2,387,175.00
Total Current Assets 5,214,560.00 3,454,819.00
Net Property and Equipment 84,468.00 98,931.00
OTHER ASSETS
Deposits 5,780.00 20,102.00
Notes Receivable, Net 2,270,198.00 5,193,787.00
Long Term Notes Receivable, Affiliates, Net 2,738,810.00 2,738,810.00
Total Other Assets 5,014,788.00 7,952,699.00
TOTAL ASSETS 10,313,816.00 11,506,449.00
LIABILITIES AND NET ASSETS
Total Current Liabilities 3,262,690.00 2,269,668.00
LONG-TERM LIABILITIES
Long-Term DEBT and Capital Leases 3,444,428.00 6,011,535.00
Total Liabilities 6,707,118.00 8,281,203.00
NET ASSETS
Temporarily Restricted Net Assets 115,000.00
Investment Contributions - Unrestricted 2,340,833.00 2,340,833.00
Unrestricted Net Assets 1,150,865.00 884,413.00
Total Net Assets 3,606,698.00 3,225,246.00
TOTAL LIABILITIES AND NET ASSETS 10,313,816.00 11,506,449.00
FY 2012
ANNUAL REPORT
BLACK BUSINESS INVESTMENT FUND
lOan and technical assistance activitY
12
apprOved lOans FOr FY 2012
histOrical lOan activitY
technical assistance activitY FOr FY 2012
14% 6% 14% 57% 29% 54% 46% 80%
FY 2012
ANNUAL REPORT
bOard OF directOrs,
investOrs and partners
bbiF bOard OF directOrs
Jacqueline Barr (Chair)
President/CEO, Jacqueline Rogers Barr Enterprises, Inc. Brindley Pieters (Vice Chair)
President/CEO, Brindley Pieters & Associates, Inc. Ola nnadi, Ph.D., P.E. (Treasurer/Secretary) President, Nadic Engineering Services, Inc. Commissioner Daisy Lynum
Commissioner District 5, City of Orlando Janice Connor
vice President Community Development Manager, TD Bank
investOrs
Bank of America Regions Bank State of Florida SunTrust Bank Urban Trust Bank Wells Fargo
partners
African American Chamber of Commerce of Central Florida BankFirst
Caribbean American Chamber of Commerce of Florida
Central and North Florida
Minority Supplier Development Council Central Florida Urban League
City of Orlando Darden Restaurants Enterprise Florida
Evangelical Lutheran Church in America Federal Deposit Insurance Corporation Federal Reserve Bank of Atlanta
Florida Economic Development Council Florida Traditions Bank
Florida Turnpike Enterprise
Greater Orlando Aviation Authority Guardian Care Nursing and Rehabilitation Center
JP Morgan Chase
National Association for the Advancement of Colored People Office of the Comptroller of the Currency Orange County Government
Orange County Public Schools Orlando Orange County Expressway Authority
Orlando Regional Chamber of Commerce
Small Business Development Center TD Bank
Town of Eatonville
University of Central Florida United States Small Business Administration
Walt Disney World
West Orange Chamber of Commerce World Trade Center Orlando
FY 2012
ANNUAL REPORT
BLACK BUSINESS INVESTMENT FUND
lOan cOMMittee,
technical assistance teaM and staFF
lOan cOMMittee
o’neal Barnett Credit Analyst, Wells Fargo
Lamont Jackson Branch Manager, Urban Trust Bank renee Ligon vice President, JP Morgan Chase Inez Long President/CEO, BBIF
Patrick McEvoy vice President, GulfCoast Business Finance Gerald watson vice President, Fifth Third Bank
Joe Young Director of Community Development Services, Evangelical Lutheran Church in America
technical assistance teaM
Fozia andarge, CPA Tax Accounting Services Sabrina Covington, CPA
Erica Crawford, Marketing and Graphic Design Frank dollison, Industrial Engineer
Chuck Ikeji, CPA
Cheryl James McDuffie, Management Consultant
bbiF staFF
Inez Long President/CEO duane LewisVice President, Senior Loan Officer donna dingle
Office Manager & human Resources oraine reid
Controller
Jasmine houston
Marketing & Development Officer Brittany Chatmon
Technical Assistance Officer JaQuis McCullough
Junior Loan Officer Lakela Christian Loan Processor DONN A D ING LE BRITTA Ny C HA TM O N JASMINE HOU STO N DUAN E LEW IS INEZ LON G
14
ORAIN E R EID LA kE LA CHR ISTIAN JAQUIS M C C UL LO UG HFY 2012
ANNUAL REPORT
black business investment Fund (bbiF)
launches statewide small business loan Fund
In October 2012 BBIF launched a new, race-neutral, statewide loan initiative for minority and underserved small businesses in Florida. Titled the Small Business Loan Fund (SBLF), loans are provided with a (Community Advantage) Small Business Administration (SBA) guarantee. The loan sizes range between $50,000 - $250,000 and funds can be used for working capital, equipment and certain real estate transactions.
The SBA Community Advantage program is a pilot initiative aimed at increasing the number of SBA 7(a) lenders who reach underserved communities, targeting community-based, mission-focused financial institutions which were previously not able to offer SBA loans. BBIF is the only approved SBA Community Advantage lender in the state of Florida, and one of only 57 in the U.S. Earning the Community Advantage lender approval was a very competitive process, and BBIF’s selection recognizes the quality of the organization.
In preparation of the official initiative launch BBIF held regional kick-off meetings in Jacksonville, Miami, Orlando and Tampa in collaboration with the Florida SBA District Offices and regional Small Business Development Center’s throughout Florida.
