ORLANDO, FL., June 26, 2023 -- The Black Business Investment Fund (BBIF), in partnership with SouthState Bank and supported by Black Business Community Development Corporation (BBCDC), is proud to announce the winners of its esteemed 2023 Reverse the Red™ Pitch Competition. This event, held on June 22, showcased the talent and innovative spirit of Black entrepreneurs, awarding $50,000 in grants to three standout businesses.
Empowering Black Entrepreneurs through Innovation
Reverse the Red™ is more than just a competition; it is a transformative initiative designed to propel Black-owned startups forward, giving them not only debt-free capital but also critical resources. This includes access to BBIF's ongoing, free business advisory services.
Celebrating the 2023 Winners
First Place ($25,000): MoneyLit App Stan Leconte's MoneyLit App, a pioneering financial literacy platform for teenagers and young adults, clinched the top spot. As a Certified Financial Planner, Stan brings over 16 years of experience to his app, which educates users on managing their finances effectively.
Second Place ($15,000): Legacy Café at West Lakes Charles Simmons, with his extensive experience in the food and beverage industry, impressed the judges with Legacy Café. This family-friendly restaurant serves as a community hub in Orlando's historic West Lakes, emphasizing quality and connection.
Third Place ($10,000): Big Dawg Training Camp Milery “Coach Mil” Honore's fitness initiative, Big Dawg Training Camp, provides a supportive environment for clients to achieve their fitness goals. With over a decade in the industry, Coach Mil's dedication to health and wellness stood out among the competitors.
For those who missed the live event or wish to relive the inspiring moments, we invite you to watch the recap on our YouTube channel. Hear from our entrepreneurs and partners about what makes the Reverse the Red™ competition a landmark event for Black business growth. Watch now: BBIF Reverse The Red Pitch Competition 2023 - Winners Announcement
Looking Forward
The excitement continues as we prepare for the next iteration of the Reverse the Red™ competition. Entrepreneurs who are looking to make a mark in their industry and receive comprehensive support can look forward to another opportunity to shine. The application period for the next competition will open soon, inviting more innovative thinkers and leaders to join our network of change-makers.
To stay updated on the Reverse the Red™ initiative and to learn more about how to participate, visit rtrpitch.com.
Join us in supporting the next generation of Black entrepreneurs and innovators as we continue to build stronger, more vibrant communities together. For more information on how to support or get involved with Reverse the Red, please visit givebutter.com/RTRPitch.
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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