Community Enterprise Investments, Inc. (CEII) announced it received a $350,000 grant from Truist Foundation to fund its Impact Loan Fund for Black and Brown Entrepreneurs. The Impact Fund – for Black and Brown Entrepreneurs targets Black and Brown business owners of Color who have located their operations within low-and moderate-income communities throughout Northwest Florida.
According to Percy Goodman, Jr., Executive Director of Community Enterprise Investments, Inc., “For over 48 years CEII has worked to expand opportunities for communities in our area. This grant from the Truist Foundation will serve as the initial seed investment into the Impact Fund that will be immediately leveraged to expand the fund to over $1 million. We are thankful for Truist Foundation’s commitment to partnering with CEII to expand economic opportunity throughout Escambia County and Northwest Florida.”
Similar to other areas throughout the United States, accessing capital remains the toughest challenge for Black and Brown business owners in Northwest Florida. CEII has created the fund in response to the great demand for capital from Black and Brown entrepreneurs in our area. The approach matches business with low-cost capital, as well as technical assistance services to assist each business in plotting a pattern for growth. Product features of the Impact Loan Fund include a Short Term Loan Fund of $15,000, for business experiencing capital shortfalls; Microloans up to $50,0000; and business counseling/training through “GrowthWheel” and the “Street MBA” series.
“This investment will provide Black- and Brown-owned businesses with access to capital that can be used to inspire and build better lives and communities,” Tom Owens, Pensacola market president for Truist. “Our partnership with Community Enterprise Investments, Inc. will support Black and Brown entrepreneurs and help unlock new opportunities for growth in communities across Pensacola.”
About Community Enterprise Investments, Inc.
Community Enterprise Investments, Incorporated (CEII), is a non-profit Community Development Corporation (CDC) located in Pensacola, Florida. Incorporated in 1974, with over forty-eight (48) years of operation, CEII provides small business lending throughout Northwest Florida and Alabama. Our primary mission is to create and develop opportunities among low and moderate- income residents with housing and business ownership. Since 1982, CEII has developed single family homes and manages multifamily housing throughout Northwest Florida, while helping thousands of entrepreneurs to realize their dream of business ownership, lending over 20 million to small and micro business ($9 million in SBA Micro loans) throughout North Florida and Alabama.
