STUART, Fla., February 24, 2022 -- Seacoast Banking Corporation of Florida ("Seacoast") (NASDAQ: SBCF) today announced a partnership to support the Black Business Investment Fund (BBIF), a Florida nonprofit Community Development Financial Institution. As part of this partnership, Seacoast will join the BBIF Community Development Committee and the BBIF Small Business Association Credit Underwriting Committee. This partnership reflects Seacoast’s ongoing commitment to the economic health of Black and minority-owned businesses.
“Seacoast is a community bank in every sense of the term, and we’re committed to supporting our neighbors throughout Florida,” said Charles Shaffer, President and CEO of Seacoast Bank. “We are constantly looking for new ways to make a meaningful impact in the communities we serve.”
The BBIF develops and promotes Black, minority and underserved businesses through education, training, loans, and investments. Seacoast will also provide BBIF with a $60,000 grant to help fund its operational expenses, allowing the organization to continue to train and support underserved businesses.
As a Community Development Financial Institution, BBIF capitalizes, develops, and strengthens Black, minority, and underserved small businesses throughout Florida through loans and technical assistance programs related to finance. Since it was established by the Florida Legislature in 1985, the well-regarded institution has issued over 400 loans totaling more than $47 million to historically underserved businesses.
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