moreHISTORY OF THE OPPORTUNITY FUNDING CORPORATION
The Opportunity Funding Corporation (OFC) is a Section 501 (c) (e) not-for profit corporation which was created in 1970 to facilitate the ownership of for-profit business entities by minorities and other disadvantaged persons through provision of investment capital. OFC, by utilizing guarantees, direct loans and equity investments, has generated in excess of $66 million in capital for over 184 minority owned companies in 35 states. Through equity investments in financial intermediaries such as OFC, Inc., Syndicated Communications, Inc., S&L Acquisition Company, Inc., OFC has generated another $200 million in financings from banks, insurance companies, venture capital companies and others for literally hundreds of additional small business concerns.
At inception, OFC’s primary mission was to be a risk taker which tested various models for the stimulation of minority business development. OFC was initially funded by the United States government Office of Economic Opportunity during the administration of President Nixon in the amount of $7 million. OFC Governor David Hertz and the late John G. Gloster, a former Atlanta bank executive and OFC official, presented the OFC concept directly to President Nixon. OFC was spun out of the federal government during the Carter administration as a not-for-profit organization. In 1984, OFC created OFC, Inc. to serve as a for-profit holding company and transferred a substantial amount of its assets to OFC, Inc. which, in turn, further transferred these assets into the capitalization of Syncom and Fulcrum. These entities, Syncom and Fulcrum, served as the financing vehicle for the hundreds of minority entrepreneurs who have successfully launched minority business enterprises nationwide right up to the present day.
GOVERNORS OF OFC
Jesse Hill, Jr.
Lt. Gen. Arthur Gregg
Samuel Boyd, Jr.
Herbet Wilkins, Sr.