COMMUNITY

Community Involvement

What We Do

Since 1982, BAC has been a community advocate donating over $75,000 to various local charities, not for profit organization and civic groups. BAC has partnered with the Greater Miami Chamber of Commerce and Miami-Dade College to help place 37,000 persons in non-subsidized employment through the Job Assistance Center and has conducted six (6) matchmaker seminars responsible for over $10 million in procurement contracts for over 200 African-American enterprises.

BAC looks forward to partnering with other community development organizations in order to bring additional training seminars and jointly sponsored programs to the community. Organizations that BAC has partnered with in the past and looks forward to working with in the future include Miami-Dade College, the Greater Miami Chamber of Commerce, Miami-Dade Chamber of Commerce, Florida Black Business Investment Board, Florida Regional Minority Business Council and the Carrie P. Meek Center for Business among others.

Memberships

  • Miami-Dade Chamber of Commerce (“MDCC”) Trustee Member
  • Miami-Dade County Development Venture Capital Association
  • Member North Dade Optimist Club
  • American Airlines North Terminal Program Partner
  • Greater Miami Chamber of Commerce (“GMCC”) Trustee Member
  • Strategic Partner with Greater Miami & Vicinity’s Collective Banking Group
  • Opportunity Finance Network

Community Service

  • Participated in Mayor’s Economic Summit for Miami-Dade County.
  • Placed 37,000 persons in non-subsidized employment through the Job Assistance Center, with the assistance of the Greater Miami Chamber of Commerce (“GMCC”), Miami-Dade College North Campus, Miami-Dade County School Board, Job Service of South Florida, Private Industry Council, Jobs for Miami and the Young Women Christian Association.
  • Conducted six (6) matchmaker seminars, in conjunction with the GMCC and MDCC, responsible for over $10 million in procurement contracts for over 200 African-American enterprises.
  • Technical Assistance Provider to Latin Chamber of Commerce Loan Fund
  • Technical Assistance Provider SBA/Miami-Dade Enterprise Community Center
  • Host of Glade View Homeowners Association
  • Helped found Little Haiti-Edison Federal Credit Union
  • Adopted Brownsville Middle School
  • Panelist for the City of Miami Commissioner Michelle Spence-Jones & CRA “Wake Up Miami Housing & Economic Development Expo 2008”
  • Exhibitor at the Florida Regional Minority Business Council 2008 Business Expo
  • Panelist for 2008 Small Business Info. Forum hosted by MDC Commissioner Moss

Accomplishments and Impact

  • Over the last twelve (12) years BAC’s loan portfolio has averaged a gross return of 14.94%. BAC’s loan portfolio yielded a gross return of approximately 14.38% and 15.78% in 2007 and 2008, respectively.
  • In our twenty-seven (27) year history, BAC has disbursed nearly $50 million in loans or equity funds to enterprises located in South Florida.
  • BAC disbursed over $1.8 million in 2008, funding over fifty (50) businesses, fourteen (14) of which are owned or co-owned by women.
  • Over the past several years BAC has assisted its clientele base in giving rise to over $40 million in annual revenue. In 2005, BAC’s loan clients produced over $10 million in annual revenues.
  • BAC’s staff’s previous experience includes collectively managing loan portfolios in excess of $140 million.
  • Since 1982, BAC has administered over 500 investments of which forty percent (40%) were in Enterprise Zones.
  • Currently, BAC’s cumulative clientele base gives rise to over 400 jobs located in the South Florida community.
  • Created sustainable value and wealth in South Florida’s African-American community by developing and managing the $33.5 million MLK Transit Station Development Complex. The management, operation and restaurant expenses represent additional revenues streams for minority businesses of approximately $2 million per year over the next thirty (30) years.

Below are some benefits the MLK Development Center brings to the community:

  1. Accommodates 800 employees who contribute to the local economy.
  2. Miami-Dade County will not encumber its borrowing capacity for the new facility.
  3. Created more than 200 temporary construction jobs.
  4. 30% of the tax-exempt bond financing funds spent went to Black Businesses.
  5. Provides ten (10) permanent jobs, five (5) for area residents.
  6. 72% of predevelopment services went to Black Architects and Engineers.
  7. Has increased rider-ship on Metro-Rail.
  8. 45%of Construction and Developers Fee went to Black contractors and material suppliers.
  9. Renovations and repairs of the garage will save an estimated $500,000 currently being spent to maintain the facility.
  10. 60% of Building Management and Maintenance contracts has gone to Black businesses.

Grants and Donations

  • Vision to Victory
  • Black Archives Sponsor
  • Family Christian Association of America
  • James E. Scott Community Association
  • Jewitt High School Almuni Association, Inc.
  • Florida Memorial College Pre-Alumni Council Supporter
  • March of Dimes
  • Express Girls Basketball Supporter
  • Liberty City Optimist Club Supporter
  • Mt. Carmel Missionary Baptist Church Supporter
  • St. James A.M.E. Church Supporter
  • Florida Institute of Certified Public Accountants
  • Sankofa, Inc.
  • Sponsor for Miami-Dade Community College’s “How to Get a Loan Program”
  • Sponsor for WLRN’s “Black Enterprise Series”
    Center for Minority Studies

Fund Raising Activities

  • At inception, raised $6.9 million from a consortium of banks, corporations and individuals.
  • In 1991 raised an additional $1.4 million from various local financial institutions.
  • Awarded $1,000,000 under U.S. Department of Treasury CDFI program in 2000.
  • Received a $1,000,000 low interest loan from Bank of America in 2001.
  • Received an $800,000 low interest loan from Marketplace Bank in 2002.
  • Received a $3,500,000 low interest loan from Wachovia Bank in 2004.
  • BEA Awards
  • From 1997-1999 received total funds of $650,000 from Bank of America.
    Received $125,000 from Wachovia [formerly First Union] in 1997.