TMCF-OFC Merger - History of OFC
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HISTORY OF OFC
The Opportunity Funding Corporation (OFC) was created in 1970 to facilitate the ownership of for-profit business entities by minorities and other disadvantaged persons through provision of investment capital. At inception, OFC’s primary mission was to be a risk taker, which tested various models for the stimulation of minority business development. The United States government Office of Economic Opportunity initially funded OFC 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.