BAC FUNDING CORPORATIONS & AFFILIATES
BAC Funding Corporation and Affiliates (“BAC”) extends commercial credit to African-American owned businesses in the form of asset-based revolving credit lines and joint venture agreements. BAC’s creative approach to financial solutions has enabled the organization to become a premier lender in the South Florida market, successfully and profitably addressing historically unmet financing needs.
For twenty-seven (27) years, BAC Funding Corporation has honorably served as a financial lender for the African-American entrepreneur in Miami-Dade County. Formed in 1982 as a 501(c)(3) Florida nonprofit community development corporation, BAC Funding Corporation (F/K/A Business Assistance Center, Inc.) and its affiliated corporations (collectively the “BAC”) are outgrowths of the Business Revitalization Action Committee of the Greater Miami Chamber of Commerce (“GMCC”), the State of Florida Governor’s Revitalization Board of Miami-Dade County and the Miami-Dade Chamber of Commerce (“MDCC”). The objective was to help stimulate the economic growth of Liberty City, the area of civil disturbances in 1980 in Miami-Dade County.
BAC Funding Corporation serves as the operating agent for BAC Funding Consortium, Inc. (F/K/A Business Assistance Consortium, Inc.), a 501(c)(4) Florida nonprofit, multi-bank community development corporation formed in 1983. BAC Funding Consortium, Inc. is a certified CDFI with the United States Treasury’s Community Development Financial Institutions Fund.
In 1988, BAC Funding Corporation formed the BAC Investment Corp. (F/K/A BAC-MESBIC, Inc.), a Florida corporation, which was licensed in May 1989 by the Small Business Administration under Section 301(d) of the small Business Investment Act of 1958. On November 18, 1997, BAC Investment Corp. was dissolved and BAC Urban Initiatives, Inc. was formed acquiring all assets of BAC Investment Corp. BAC Urban Initiatives, Inc. functions as a for-profit, community development organization.
BAC Funding Corporation, BAC Funding Consortium, Inc. and BAC Urban Initiatives, Inc. collectively form the “BAC”.