Inez Long nurtures Black enterprise through the Black Business Investment Fund (BBIF).
Photo by Roberto Gonzalez
In Orlando, a beacon of hope and progress shines in the form of Inez Long, the President/CEO of Black Business Investment Fund (BBIF) Florida. Her name has become synonymous with empowerment and economic development, especially within the Black and minority communities. Through her leadership at BBIF, a nonprofit Community Development Financial Institution (CDFI) established in 1987, Long has played a pivotal role in transforming the landscape of minority entrepreneurship in Orlando and beyond.
BBIF’s Mission and Impact
BBIF’s primary mission is to provide capital and support to underserved small businesses, with a particular focus on those owned by Black and minority entrepreneurs. This objective resonates deeply in communities where traditional funding sources are often out of reach. By offering education, training, loans and advocacy, BBIF under Long’s leadership has been instrumental in nurturing Black business enterprises, providing them with the tools and resources necessary for growth and sustainability.
Milestones Under Long’s Leadership
Inez Long’s tenure at BBIF is marked by a series of significant achievements:
Certification as a CDFI: In 1994, under Long’s guidance, BBIF was certified as a CDFI by the US Department of the Treasury. This milestone was a testament to the organization’s commitment to serving low-income communities and its competence in financial management.
Expansion of Loan Services: By 2009, BBIF expanded its loan services across Florida, managing an impressive $8.5 million loan fund. This expansion significantly amplified its impact, enabling more minority-owned businesses to access crucial funding.
SBA Community Advantage Lender: In 2011, BBIF became an SBA Community Advantage lender, further enhancing its ability to support small businesses.
New Markets Tax Credits: Between 2014 and 2019, BBIF received federal New Markets Tax Credits allocation awards totaling $93.5 million. It also created a $12 million New Markets Tax Credits loan pool dedicated specifically to minority businesses. These funds have been pivotal in stimulating economic growth in marginalized communities.
Wells Fargo Bank Diverse Community Capital Grant: BBIF’s efforts were recognized nationally when it was selected as one of the first three CDFIs to receive a $1 million Wells Fargo Bank Diverse Community Capital grant.
The Creation of the Community Development Corporation
In October 2022, Long spearheaded the development of a new affiliate organization, the Community Development Corporation. This entity focuses on developing local community facilities and assets, such as makerspaces and incubators. These facilities are intended to accelerate the growth of small businesses and enhance the work skills of individuals in underserved communities, further contributing to economic empowerment.
Capital Raising and the Developer’s Loan Fund
Long’s recent endeavors include raising capital and establishing a Developer’s Loan Fund. This initiative allows BBIF to provide capital and business development services to Black Indigenous and People of Color (BIPOC), addressing a critical gap in resources and support for these communities.
A Legacy of Empowerment
Inez Long’s impact on Orlando’s Black community and minority entrepreneurs extends beyond mere financial assistance. Her visionary leadership at BBIF has created a legacy of empowerment, economic opportunity, and community development. Through her efforts, Long has not only transformed BBIF into a powerhouse of support for minority businesses but has also set a benchmark for similar institutions nationwide. Her work continues to inspire and catalyze change, making her a true champion of economic empowerment in Orlando and beyond.
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