A 1984 study by the Governor's Advisory Council on Minority Enterprise Development provided the impetus for the creation of Florida Black Business Investment Board, Inc. (FBBIB) by identifying several impediments to black business development in Florida's limited access to capital, limited access to technical assistance, and limited access to procurement opportunities. To address these challenges, the Florida Legislature passed the Small and Minority Business Assistance Act, this established the FBBIB to address the above impediments. To support these efforts, the legislature initially provided approximately $5 million, which has been expanded and matched by other public sector and private sector funding sources.

For over two decades, the FBBIB and a network of regional black business investment corporations (BBICs) have worked in concert to serve as a catalyst for the development of competitive black-owned businesses in Florida. Through these combined efforts, the FBBIB and BBICs have leveraged over $20 million in public funds with private sector sources to provide over $50 million in direct loans and loan guarantees to black entrepreneurs and black business owners throughout the state. This financing activity has generated a significant return on investment for Florida's citizens and other investing partners with thousands of jobs being created or retained.

In 2002, with the passage of Senate Bill 386, the Florida Legislature reconstituted the organization into a not-for-profit corporation that works closely with the Governor's Office of Tourism, Trade and Economic Development (OTTED) as its chief partner on issues related to black business and economic development. As black businesses continue to start and grow at an alarming rate, and their unmet capital needs continue to increase (estimated at $90.8 million by KPMG in 2002), the role of the FBBIB and BBICs are more important than ever. Today, the FBBIB has evolved is evolving into Florida's institute on black business development and works closely with stakeholders such as OTTED, the Florida Legislature and state agencies to secure funding for the Black Business Loan Program and create a business environment in Florida that allows black businesses to thrive. Equally important, the BBICs continue to offer creative financing products to black businesses and provide the technical support needed for black businesses to thrive!