The 1984 study by the Governor's Advisory Council on Minority Enterprise Development provided the impetus for the creation of FBBIB by identifying several impediments to black business development in Florida: limited access to capital, limited access to technical assistance, and limited access to business opportunities. With the passage of Senate Bill 386, the 2002 Florida Legislature transformed FBBIB from a "body politic and corporate" within the Office of Tourism, Trade and Economic Development into a private not-for-profit corporation.

FBBIB provides oversight for eight regional black business investment corporations, which then partner with local financial institutions to leverage state capitalization investments. FBBIB also oversees the Florida Black Business Support Corporation (FBBSC) in its role as the statewide investment corporation.

Serving as a catalyst for the development of competitive black-owned businesses in Florida, FBBIB and its affiliate regional investment corporations have created thousands of jobs and assisted hundreds of black-owned businesses through direct loans, loan guarantees, joint ventures, and limited partnerships. Financing has been capitalized by local financial institutions and administered by the regional investment corporations strategically located throughout Florida.