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**UNITED        STATES**

**SECURITIES        AND EXCHANGE COMMISSION**

**FORM        10-K/A**

**AMENDMENT        NO**
**.        1**

|   x | ANNUAL                  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                  ACT OF                  1934 |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| o | TRANSITION                  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                  ACT OF                  1934 |
|---|---------------------------------------------------------------------------------------------------------------------------------------------|

| **BLACKHAWK                  CAPITAL GROUP BDC, INC.**                                          |
|-------------------------------------------------------------------------------------------------|
| (Exact                  Name of Registrant as specified in its charter)                         |
|                                                                                            |   |
| Delaware                                                                                        | 20-1031329 |
| (State                  or other jurisdiction ofincorporation                  or organization) | (I.R.S.                  Employer Identification                  Number) |

**14        Wall Street, 11**
**th**

**        Floor, New York, New York 10005**

**(212)        566-8300**

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**TABLE        OF CONTENTS**

|   | ***PART                  II*** |                                                         |
|--------|--------------------------------|--------------------------------------------------------------|
|   | Item                  8.       | Financial                  Statements and Supplementary Data | 1 |
|   | ***PART                  IV*** |                                                         |
|   | Item                  15.      | Exhibits                  and Financial Statement Schedules  | 1 |

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**EXPLANATORY        NOTE**

**PART        II**

**PART        IV**

| (a) | Financial                  Statements. |
|-----|----------------------------------------|

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**5**
**FINANCIAL        HIGHLIGHTS**

|                                                                     |   |                                               |       |  FROM                INCEPTION      |   |
|--------------------------------------------------------------------------|--------|----------------------------------------------------|------------|------------------------------------------|--------|
|                                                                     |   | YEAR                ENDED DECEMBER 31,   |       | (APRIL                22, 2004) TO  |   |
|                                                                     |   | 2006                                     |       | 2005                      |   | DECEMBER                  31, 2004 |   |
| **Per                  Share Data:**                                     |   |                                               |       |                                     |   |   |   |
| Net                  asset value - beginning of period                   |   | $                                                  | 0.00093    |                                     | $      | 0.00050 |   | $ | 0.00001 |   |
|                                                                     |   |                                               |       |                                     |   |   |   |   |   |   |
| Net                  investment loss *                                   |   |                                               | (0.01371   | )                                        |   | (0.00220 | ) |   | (0.00179 | ) |
| Issuance                  of common stock                                |   |                                               | 0.01000    |                                     |   | 0.00417 |   |   | 0.00796 |   |
| Net                  realized and unrealized gain(loss)**                |   |                                               | (0.00694   | )                                        |   | (0.00154 | ) |   | (0.00568 | ) |
|  Net                  asset (liability) value - end of period       |   |                                               | (0.00972   | )                                        |   | 0.00093 |   |   | .00050 |   |
|                                                                     |   |                                               |       |                                     |   |   |   |   |   |   |
| **Total                  return based on net asset value *****           |   |                                               | (1,474     | %)                                       |   | (440 | %) |   | (17,900 | %) |
|                                                                     |   |                                               |       |                                     |   |   |   |   |   |   |
| Common                  shares outstanding - end of period****           |   |                                               | 30,511,481 |                                     |   | 23,626,781 |   |   | 8,591,901 |   |
|                                                                     |   |                                               |       |                                     |   |   |   |   |   |   |
| **Ratio/Supplemental                  Data**:                            |   |                                               |       |                                     |   |   |   |   |   |   |
| Net                  assets (liabilities) - end of period                |   | $                                                  | (296,424   | )                                        | $      | 21,976 |   | $ | 4,282 |   |
|                                                                     |   |                                               |       |                                     |   |   |   |   |   |   |
| Ratio                  of net investment loss to average net assets***** |   |                                               | (3,524     | %)                                       |   | (91 | %) |   | (1,212 | %) |
|                                                                     |   |                                               |       |                                     |   |   |   |   |   |   |
| Ratio                  of operating expenses to average net assets*****  |   |                                               | 3,528      | %                                        |   | 94 | % |   | 1,213 | % |
|                                                                     |   |                                               |       |                                     |   |   |   |   |   |   |

| * | Calculated                  based on average shares outstanding during                  period |
|---|------------------------------------------------------------------------------------------------|

| ** | Net                  realized and unrealized gain(loss) represents the dilutive effect                  of share                  issuance |
|----|--------------------------------------------------------------------------------------------------------------------------------------------|
|   | This caption used per the AICPA Audit                and                Accounting Guide for investment Companies Section                7.74 (c)  |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *** | Total                  returns for periods of less than one year are not                  annualized |
|-----|------------------------------------------------------------------------------------------------------|

| **** | Common                  shares outstanding are reduced by rescinded                  shares |
|------|---------------------------------------------------------------------------------------------|

| ***** | Annualized                  for periods less than one year |
|-------|------------------------------------------------------------|

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| (b) | Exhibits |
|-----|----------|

| 31.1   | Certification                  by Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley                  Act of 2002 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                 |
| 31.2   | Certification                  by Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley                  Act of 2002 |
|   |                                                                                                                                 |
| 32.1   | Certification                  by Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley                  Act of 2002 |
|   |                                                                                                                                 |
| 32.2   | Certification                  by Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley                  Act of 2002 |

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**SIGNATURES**

|   |   | **BLACKHAWK                  CAPITAL GROUP BDC, INC. (Registrant)** |
|--------|--------|---------------------------------------------------------------------|
|   |   |                                                                |
|   |   | /s/                  Craig A. Zabala                                |
|   |   | ____________________________________________                        |
|   |   | Craig                  A. Zabala                                    |
|   |   | Chairman,                  President and Chief Executive Officer    |
|   |   |                                                                |
|   |   | Dated:                  May 11, 2007                                |

|   |                        /s/ Craig A. Zabala               |   |       /s/                  Robert M. Fujii                       |
|--------|-----------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------|
|   | Craig                  A. Zabala                                                  |   | Robert                  M. Fujii                                                               |
|   | Chairman,                  President and Chief                  Executive Officer |   | Vice                  President                                                                |
|   |                                                                              |   |                                                                                           |
|   | Dated:                  May 11, 2007                                              |   | Dated:                  May 11, 2007                                                           |
|   |                                                                              |   |                                                                                           |
|   |                                                                              |   |                        /s/                  Craig A. Zabala           |
|   |                                                                              |   | Craig                  A. Zabala                                                               |
|   |                                                                              |   | Acting                  Chief Financial Officer, Principal                  Accounting Officer |
|   |                                                                              |   |                                                                                           |
|   |                                                                              |   | Dated:                  May 11, 2007                                                           |
|   |                                                                              |   |                                                                                           |
|   |                        /s/ Janet Buxman Kurihara         |   |                        /s/ Mick Woodwards                             |
|   | Janet                  Buxman Kurihara                                            |   | Mick                  Woodwards                                                                |
|   | Director                                                                          |   | Director                                                                                       |
|   |                                                                              |   |                                                                                           |
|   | Dated:                  May 11, 2007                                              |   | Dated:                  May 11, 2007                                                           |
|   |                                                                              |   |                                                                                           |
|   |                                                                              |   |                                                                                           |
|   |                        /s/ Randy Tejral                  |   |                        /s/ Robert J. Francis                          |
|   | Randy                  Tejral                                                     |   | Robert                  J. Francis                                                             |
|   | Director                                                                          |   | Director                                                                                       |
|   |                                                                              |   |                                                                                           |
|   | Dated:                  May 11, 2007                                              |   | Dated:                  May 11, 2007                                                           |