Like many Black-owned business owners during the pandemic, Phylisa Dever, CEO of Kingdom Communications LLC, was unsure how long she would be able to retain her staff. Kingdom Communications LLC is a Black-owned business that has been providing data communications and surveillance installation services for 15 years. Due to the pandemic, operating costs were increasing, and Dever didn’t know how long she could keep making payroll.
Dever reached out to Black Business Investment Fund, Inc. (BBIF) for assistance.
Established in 1987, BBIF is a Community Development Financial Institution (CDFI) built to foster the creation and expansion of Black businesses by providing loans, education, and training services. For Dever, it meant working with BBIF to acquire a Paycheck Protection Program (PPP) loan to support business longevity and employee retention.
“We focus on Black businesses and aggressively go after dollars that we can put into Black communities to support Black entrepreneurs, businesses, workforce and community development and to stop gentrification.”
BBIF was able to quickly provide help because of a grant it received from the Truist Foundation.
With a mission to strengthen small businesses, Truist Foundation gave BBIF – a long standing partner - a $1.5 million grant to create a COVID-19 small business grant program for existing BBIF clients.