BAC extends commercial credit to African-American
BAC Funding Corporation and Affiliates (“BAC”) provides economic stimulus to African-American owned businesses with a creative approach to financial solutions. Investment capital provided allows the African American business community to target economic development and business opportunities in the growth sectors of the South Florida economy for economic development to perpetuate wealth for all of South Florida.
BAC Funding Corporation and its affiliates are committed to the creation and long-range development of a successful African American entrepreneur and business class in South Florida.
The Board of Directors, Loan Committee Members and Staff is composed of commercial bankers, accountants, lawyers, and other private sector business professionals to develop and implement policy to meet the capital needs of the African-American businesses and promote self-sufficiency.
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”). Through this collaboration the organization was able to raise $6.9 million dollars to help stimulate the economic growth of Liberty City, the area of civil disturbances in 1980 in Miami-Dade County.