BAC Funding Corporation was formed in 1982 as a 501(c)(3) Florida nonprofit community development corporation. The creation of the organization was a collaborative effort of over 1,000 socially responsible banks, insurance companies, financial service firms, community leaders, foundations and business enterprises that raised $6.9 million dollars to provide a beacon of light to the South Florida African American community after the devastation of the 1980 Liberty City riots.
As part of BAC’s affordable housing initiative, BAC has embarked on developing Single Family Homes on scattered sites as part of the Miami-Dade County’s Infill Housing Program, a Townhome Community as part of Public Housing’s Affordable Housing program and a Mixed-used Commercial Residential Complex in conjunction with Miami-Dade County’s Live Local Act.
BAC offers a variety of short- and medium-term lending products to provide specialized assistance to its clients. BAC’s financial services also include an auxiliary amount of equity investments and joint venture initiatives. Ultimately, BAC provides capital for many underserved businesses that do not have access capital to capital from commercial banks or other typical forms of financing while simultaneously offering competitive financing geared towards attracting lucrative projects. BAC’s loan products offer alternative lending and flexible terms.
In addition to its financial services, BAC manages a five (5) acre office and warehouse industrial complex offered to small business enterprises. The complex is comprised of fifty-three (53) units, which support a variety of business enterprises. Additional office space is also provided through BAC’s refurbished 1,523 square foot business incubator capable of supporting twenty-two (22) small businesses.