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BBCDC Announces $35,000 Grant from Wells Fargo Foundation to Empower Micro Businesses in Underserved Communities



Orlando, FL - The Black Business Community Development Corporation (BBCDC) is proud to announce that it has been awarded a $35,000 grant from the Wells Fargo Foundation. This grant, part of the "Merchants and Main Streets - Capacity Building of Micro Business Underserved Communities" program, will play a pivotal role in supporting micro businesses in underserved areas, particularly those in the Jacksonville metropolitan area.


The grant will be used to develop strategies for ongoing support of merchant associations and the businesses they serve. In partnership with the Black Business Investment Fund (BBIF), BBCDC aims to enhance the capabilities of microbusiness owners in low to moderate income communities. This includes providing microgrants to assist in acquiring necessary technology enhancements such as software, merchant systems, and marketing tools.


BBIF, a certified Community Development Financial Institution (CDFI) and Community Development Enterprise (CDE), brings its extensive experience in providing loan capital and training to underserved business owners to this project. Through its technical assistance resources, BBIF will work closely with BBCDC to ensure effective implementation and maximum impact of the grant.


"We are thrilled to receive this grant from the Wells Fargo Foundation, marking another chapter in our longstanding relationship with them," said Duane Lewis, Executive Director at BBCDC. “This grant will allow us to extend our impact in the Jacksonville area while fostering long-term growth and sustainability for microbusinesses.”


About BBCDC

The Black Business Community Development Corporation (BBCDC) was created in 1993. It is a 501c3 entity that provides fundraising, education, and networking opportunities to develop and support the growth of minority businesses and underserved communities. Additionally, BBCDC has the vision to develop sustainable communities by providing low to moderate and affordable housing. BBCDC is the charitable affiliate of BBIF. The previous name of BBCDC was Black Business Capital Financing Corporation (BBCFC). In early 2020 the BBCFC board felt it was necessary to transition to a CDC, hence changing the name to BBCDC. The new name, BBCDC, became effective on March 16, 2020.


About BBIF

Created in 1987, BBIF’s mission is 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. A mission-driven lender, BBIF helps communities and businesses thrive by providing loan capital and specialized financial technical assistance services. BBIF is a CDFI (Community Development Financial Institution) and CDE (Community Development Enterprise) certified by the U.S. Department of the Treasury, Community Advantage and Micro Loan lender as certified by U.S. Small Business Administration, Money Smart for Small Business collaborator certified by the Federal Deposit Insurance Corporation (FDIC) and is AERIS rated triple star, A-minus. Since its inception, BBIF has provided over 1,100 loans totaling $99.4 million and leveraged $449 million in New Markets Tax Credit (NMTC) community investments. BBIF’s investments have helped to create/sustain over 14,700 jobs all while maintaining a loan loss rate of 2.79%. Learn more at www.BBIF.com.


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