Palm Beach County Black Business Investment Corporation Awarded $1.3 Million in Grant Funds to Support Black Owned Businesses
Boca Raton, FL – The Palm Beach County Black Business Investment Corporation (PBCBBIC) was awarded $1.3 million in grant funds by the the U.S. Department of Treasury – CDFI Fund on Tuesday, June 15, 2021. The announcement came at a White House press briefing facilitated by Vice President Kamala Harris and Treasury Secretary Janet Yellen. The grant funds will be used to bolster PBCBBIC’s lending to Black-owned businesses.
During the event, VP Harris announced the disbursement of nearly $1.25 billion to Community Development Financial Institutions (CDFI) which loan money to low-income and other disadvantaged communities across the country to help promote upward economic mobility. The Palm Beach County BBIC became a certified CDFI in July 2020.
“The Treasury’s announcement puts us over the top of our $4 million capital drive campaign announced last year,” said Marlon White, President of the Palm Beach County BBIC. “This money replenishes our loan capital and will help us expand to serve other businesses in low-income areas regardless of ethnicity or gender through Pathway Capital,” said White. The money was made possible through the new Rapid Recovery Program, passed as part of the December COVID-19 relief legislation.
ABOUT THE PALM BEACH COUNTY BBIC
The goal of the Palm Beach County Black Business Investment Corporation is to expand the participation of Black Busness enterprises in all segments of Palm Beach County and the Treasure Coast Region economies by creating a perpetual flow of capital for their growth, and aggressively promoting an atmosphere which is conducive to their development.