The Annual Meeting of the BBIC is this evening, when attendees will learn what the nonprofit has accomplished in the last year and what its goals are for 2020.
Ever heard of it? The Palm Beach County (PBC) BBIC—Black Business Investment Corporation—is one of eight nonprofit investment corporations that was created as a result of the state of Florida’s Small and Minority Business Act of 1985, which sought to ensure the achievement of those types of businesses around the Sunshine State. Each of the BBICs have a sole, distinct responsibility: underwriting loans and investments and providing other services to qualified businesses that are at least 51 percent owned by people of color—African Americans, Caribbeans and native Africans.
Since its founding in 1987, the Riviera Beach-based PBC BBIC has provided more than $30 million to those targeted businesses countywide. It works with member banks in Palm Beach, Martin, St. Lucie and Indian River counties to provide loan guarantees of up to 90 percent to eligible businesses. It partners with PBC’s Department of Housing and Economic Sustainability to provide business loan guarantees, yes, but also bonding, equity capital and other types of assistance. And it also provides training and educational programs through partnerships with other organizations, including business plan preparation, marketing strategies and management and accounting training.
Marlon White, the local BBIC’s president, has had a long career in banking and had sat on the BBIC’s executive board for 31 years—while John Howard, its founder in 1987, was president. Mr. Howard, by the way, had been president of Palm Beach Lakes Bank, PBC’s first and only black-owned bank, which had been located at Palm Beach Lakes Boulevard and Australian Avenue in West Palm Beach until it closed in the 1980s. When Mr. Howard retired in 2018 at age 78, Mr. White took the reins.
And he’ll be at the head of the table this evening at the Annual Meeting, which will be held at the U.S. Trust Bank on Palm Beach. Visit its website here to learn more about its work and how it can help.