**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**FORM      10-K/A**

**AMENDMENT      NO**
**.      2**

|   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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**INDEX**

|   | ***PART                II*** |  **Page**                                                                                      |
|--------|------------------------------|-----------------------------------------------------------------------------------------------------|
|   |                         |                                                                                                |   |
|   | Item                6.       | Selected                Financial Data                                                              |  4 |
|   |                         |                                                                                                |   |
|   | Item                7.       | Management's                Discussion and Analysis of Financial Condition and Results of Operation |  5 |
|   |                         |                                                                                                |   |
|   | Item                8.       | Financial                Statement and Supplementary Data                                           |  7 |
|   |                         |                                                                                                |
|   | ***PART                IV*** |                                                                                                |
|   |                         |                                                                                                |   |
|   | Item                15.      | Exhibits                and Financial Statement Schedules                                           |  19 |

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**EXPLANATORY      NOTE**

**PART      II**

----

**BLACKHAWK      CAPITAL GROUP BDC, INC.**

**SELECTED      FINANCIAL DATA**

**Period      from Inception (April 22, 2004) through December 31, 2004**

|                                                                                                     |   | For                the PeriodInception(April                22, 2004)ThroughDecember                31, 2004 |     |
|----------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------|----------|
|  Total                Investment Income                                                             |   |                                                                                                         | 15       |   |
| Total                Expenses                                                                            |   |                                                                                                         | (12,530  | ) |
| Net                Investment (Loss) and Net Decrease in                Assets Resulting from Operations |   |                                                                                                         | (12,515  | ) |
|                                                                                                     |   |                                                                                                         |     |   |
| Per                Share Data:                                                                           |   |                                                                                                         |     |   |
| Loss                Per Common Share,Basic                and Diluted:*                                  |   |                                                                                                         | (0.00179 | ) |
| Cash                Dividend Declared                                                                    |   |                                                                                                         | 0        |   |
|                                                                                                     |   |                                                                                                         |     |   |
| Total                Assets                                                                              |   |                                                                                                         | 101,235  |   |
| Total                Liabilities                                                                         |   |                                                                                                         | 96,953   |   |
| Total                Net Assets                                                                          |   |                                                                                                         | 4,282    |   |
|                                                                                                     |   |                                                                                                         |     |   |
| Other                Data:                                                                               |   |                                                                                                         |     |   |
| Total                Return Per Share Based on Net Asset                Value**                          |   |                                                                                                         | (17,900% | ) |

*Overview*

*Accounting      Policies*

----

*Use      of Estimates in the Preparation of Financial Statements*

*Portfolio      and Investment Activity*

*Investment      Strategy*

*Sales      Revenues*

*General      and Administrative Expenses*

*Other      Income (Expenses)*

----

*Liquidity      and Capital Resources*

----

***Paritz      & Company, P.A.***

----

**BLACKHAWK      CAPITAL GROUP BDC INC.**

*FINANCIAL      STATEMENTS*

*WITH*

*REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM*

*FROM      INCEPTION (APRIL 22, 2004) TO DECEMBER 31, 2004 *

----

----

|  **Paritz                & Company, P.A.** |  15                Warren Street, Suite 25Hackensack,                New Jersey 07601(201)342-7753Fax:                (201) 342-7598E-Mail:                paritz @paritz.com |
|-----------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Certified                Public Accountants   |                                                                                                                                                                               |

**REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**Blackhawk      Capital Group BDC Inc.**

**Blackhawk      Capital Group BDC Inc. **

**Blackhawk      Capital Group BDC Inc.**

***                Paritz      & Company, P.A.***

----

**BLACKHAWK      CAPITAL GROUP BDC INC.**

|   |   |
|--------|--------|

| **ASSETS**                                                                                                                                                          |   |   |        |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|
|                                                                                                                                                                |   |   |        |
| Cash                                                                                                                                                                |   | $      | 13,600      |   |
| Deferred                offering costs                                                                                                                              |   |   | 87,635      |   |
|                                                                                                                                                                |   |   |        |   |
| **TOTAL                ASSETS**                                                                                                                                     |   | **$**  | **101,235** |   |
|                                                                                                                                                                |   |   |        |   |
|                                                                                                                                                                |   |   |        |   |
|                                                                                                                                                                |   |   |        |   |
| **LIABILITIES**                                                                                                                                                     |   |   |        |   |
| Due                to affiliated company                                                                                                                            |   | $      | 91,908      |   |
| Accrued                expenses                                                                                                                                     |   |   | 5,000       |   |
| Due                to former stockholder in connection with stock rescission                                                                                        |   |   | 45          |   |
|                                                                                                                                                                |   |   |        |   |
| **TOTAL                LIABILITIES**                                                                                                                                |   | **$**  | **96,953**  |   |
|                                                                                                                                                                |   |   |        |   |
|                                                                                                                                                                |   |   |        |   |
| **NET                ASSETS**                                                                                                                                       |   |   |        |   |
| Preferred                stock, par value $.00001 per share 15,000,000                  shares authorized, 8,500,000                  shares issued and outstanding |   |   | 85          |   |
| Common                stock, par value $.00001 per share 1,000,000,000                  shares authorized, 8,591,901                  issued and outstanding        |   |   | 86          |   |
| Additional                paid-in capital                                                                                                                           |   |   | 16,626      |   |
| Accumulated                net investment loss                                                                                                                      |   |   | (12,515     | ) |
|                                                                                                                                                                |   |   |        |   |
| **TOTAL                NET ASSETS**                                                                                                                                 |   |   | **4,282**   |   |
|                                                                                                                                                                |   |   |        |   |
| **TOTAL                LIABILITIES AND NET ASSETS**                                                                                                                 |   | **$**  | **101,235** |   |
|                                                                                                                                                                |   |   |        |   |
|                                                                                                                                                                |   |   |        |   |
|                                                                                                                                                                |   |   |        |   |
| **NET                ASSET VALUE PER COMMON SHARE**                                                                                                                 |   | **$**  | **.00050**  |   |
|                                                                                                                                                                |   |   |        |   |

|   |   |
|--------|--------|

----

**BLACKHAWK      CAPITAL GROUP BDC INC.**

|   |   |
|--------|--------|

| **INVESTMENT              INCOME:**                                                    |   |   |          |   |
|---------------------------------------------------------------------------------------------|--------|--------|---------------|--------|
| Interest                income                                                              |   | $      | 15            |   |
|                                                                                        |   |   |          |   |
| **TOTAL                INVESTMENT INCOME**                                                  |   |   | **15**        |   |
|                                                                                        |   |   |          |   |
|                                                                                        |   |   |          |   |
|                                                                                        |   |   |          |   |
| **EXPENSES:**                                                                               |   |   |          |   |
| Professional                fees                                                            |   |   | 10,560        |   |
| Filing                fees                                                                  |   |   | 1,970         |   |
|                                                                                        |   |   |          |   |
| **TOTAL                EXPENSES**                                                           |   |   | **12,530**    |   |
|                                                                                        |   |   |          |   |
|                                                                                        |   |   |          |   |
| **NET                INVESTMENT (LOSS) AND NET DECREASE**                                   |   |   |          |   |
| **IN                ASSETS RESULTING FROM OPERATIONS**                                      |   | **$**  | **(12,515**   | **)**  |
|                                                                                        |   |   |          |   |
|                                                                                        |   |   |          |   |
| **LOSS                PER COMMON SHARE,****BASIC                AND DILUTED**               |   | **$**  | **(0.00179**  | **)**  |
|                                                                                        |   |   |          |   |
| **WEIGHTED                AVERAGE SHARES OUTSTANDING,****BASIC                AND DILUTED** |   |   | **6,978,491** |   |
|                                                                                        |   |   |          |   |

|   |   |
|--------|--------|

----

**BLACKHAWK      CAPITAL GROUP BDC INC.**

|   |   |
|--------|--------|

| **DECREASE                IN NET ASSETS FROM OPERATIONS**               |   |   |        |
|-------------------------------------------------------------------------|--------|--------|-------------|
| Net                investment loss                                      |   | $      | (12,515     | ) |
|                                                                    |   |   |        |   |
| **NET                DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** |   |   | **(12,515** | **)** |
|                                                                    |   |   |        |   |
|                                                                    |   |   |        |   |
|                                                                    |   |   |        |   |
| **CAPITAL                STOCK TRANSACTIONS:**                          |   |   |        |   |
| Proceeds                from stock sold                                 |   |   | 21,069      |   |
| Offering                costs                                           |   |   | (4,272      | ) |
|                                                                    |   |   |        |   |
| **NET                INCREASE IN NET ASSETS FROM**                      |   |   |        |   |
| **CAPITAL                STOCK TRANSACTIONS**                           |   |   | **16,797**  |   |
|                                                                    |   |   |        |   |
|                                                                    |   |   |        |   |
|                                                                    |   |   |        |   |
| **TOTAL                INCREASE IN NET ASSETS AND**                     |   |   |        |   |
| **NET                ASSETS - END OF PERIOD**                           |   | **$**  | **4,282**   |   |
|                                                                    |   |   |        |   |

|   |   |
|--------|--------|

----

**BLACKHAWK      CAPITAL GROUP BDC INC.**

|   |   |
|--------|--------|

|                                                                                     |   |   |    |                          |   |                             |   |          |   |             |   |      |   | ACCUMULATED |   |
|------------------------------------------------------------------------------------------|--------|--------|---------|-------------------------------|--------|----------------------------------|--------|---------------|--------|------------------|--------|-----------|--------|-------------|--------|
|                                                                                     |   |   |    | COMMON                  STOCK |   | PREFERRED                  STOCK |   | ADDITIONAL    |   | NET              |   |
|                                                                                     |   |   |    |                          |   |                             |   | PAID-IN  |   | INVESTMENT  |   |
|                                                                                     |   | TOTAL  |    | SHARES                        |   | AMOUNT                           |   | SHARES        |   | AMOUNT           |   | CAPITAL   |   | LOSS        |   |
| Sale                of formation stock tofounders                (at $.00001 per share)  |   | $      | 150     |                          |   | 6,500,000                        |   | $             | 65     |             |   | 8,500,000 |   | $           | 85     |   | $ | - |   | $ | - |   |
|                                                                                     |   |   |    |                          |   |                             |   |          |   |             |   |      |   |        |   |   |   |   |   |   |   |   |
|                                                                                     |   |   |    |                          |   |                             |   |          |   |             |   |      |   |        |   |   |   |   |   |   |   |   |
| Sale                of stock pursuant tooffering                plan (at $.01 per share) |   |   | 20,919  |                          |   | 2,091,901                        |   |          | 21     |             |   | -         |   |        | -      |   |   | 20,898 |   |   | - |   |
|                                                                                     |   |   |    |                          |   |                             |   |          |   |             |   |      |   |        |   |   |   |   |   |   |   |   |
|                                                                                     |   |   |    |                          |   |                             |   |          |   |             |   |      |   |        |   |   |   |   |   |   |   |   |
| Offering                costs                                                            |   |   | (4,272  | )                             |   | -                                |   |          | -      |             |   | -         |   |        | -      |   |   | (4,272 | ) |   | - |   |
|                                                                                     |   |   |    |                          |   |                             |   |          |   |             |   |      |   |        |   |   |   |   |   |   |   |   |
|                                                                                     |   |   |    |                          |   |                             |   |          |   |             |   |      |   |        |   |   |   |   |   |   |   |   |
| Net                loss                                                                  |   |   | (12,515 | )                             |   | -                                |   |          | -      |             |   | -         |   |        | -      |   |   | - |   |   | (12,515 | ) |
|                                                                                     |   |   |    |                          |   |                             |   |          |   |             |   |      |   |        |   |   |   |   |   |   |   |   |
|                                                                                     |   |   |    |                          |   |                             |   |          |   |             |   |      |   |        |   |   |   |   |   |   |   |   |
| Balance                - December 31, 2004                                               |   | $      | 4,282   |                          |   | 8,591,901                        |   | $             | 86     |             |   | 8,500,000 |   | $           | 85     |   | $ | 16,626 |   | $ | (12,515 | ) |
|                                                                                     |   |   |    |                          |   |                             |   |          |   |             |   |      |   |        |   |   |   |   |   |   |   |   |

|   |   |
|--------|--------|

----

**BLACKHAWK      CAPITAL GROUP BDC INC.**

|   |   |
|--------|--------|

| **CASH                FLOWS FROM OPERATING**                     |   |   |       |
|------------------------------------------------------------------|--------|--------|------------|
| **AND                INVESTING ACTIVITIES:**                     |   |   |       |
| Net                investment loss and decrease in               |   | $      | (12,515    | ) |
| net                assets resulting from operations              |   |   |       |   |
| Adjustments                to reconcile net decrease:            |   |   |       |   |
| Increase                in accrued expenses                      |   |   | 5,000      |   |
|                                                             |   |   |       |   |
| **NET                CASH USED IN OPERATING**                    |   |   |       |   |
| **AND                INVESTING ACTIVITIES**                      |   |   | **(7,515** | **)** |
|                                                             |   |   |       |   |
|                                                             |   |   |       |   |
| **CASH                FLOWS FROM FINANCING ACTIVITIES:**         |   |   |       |   |
| Net                proceeds from the issuance of stock           |   |   | 21,069     |   |
| Offering                costs                                    |   |   | (4,272     | ) |
| ** **Loan                from affiliated company            |   |   | 91,908     |   |
| ** **Deferred                offering costs                 |   |   | (87,635    | ) |
| Due                to former stockholder in connection with      |   |   |       |   |
| common                stock rescission                           |   |   | 45         |   |
|                                                             |   |   |       |   |
| **NET                CASH PROVIDED BY FINANCING ACTIVITIES**     |   |   | **21,115** |   |
|                                                             |   |   |       |   |
|                                                             |   |   |       |   |
|                                                             |   |   |       |   |
| **NET                INCREASE IN CASH AND CASH - END OF PERIOD** |   | **$**  | **13,600** |   |
|                                                             |   |   |       |   |

|   |   |
|--------|--------|

----

**BLACKHAWK      CAPITAL GROUP BDC INC.**

| **1** | **SIGNIFICANT                ACCOUNTING POLICIES** |
|-------|----------------------------------------------------|

***Business      description***

***Basis      of presentation***

***Uses      of estimates in the preparation of financial      statements***

***Income      taxes***

***Deferred      offering costs***

----

|   |   |
|--------|--------|

***            Restated financial statements***

***Net      loss per common share***

**2                  **
**STOCKHOLDERS’      EQUITY**

**3                  **
**INCOME      TAXES**

**4                  **
**DUE      TO AFFILIATED COMPANY**

----

|   |   |
|--------|--------|

**5                  **
**RELATED      PARTY TRANSACTIONS**

----

|   |   |
|--------|--------|

**6                  **
**FINANCIAL      HIGHLIGHTS**

| **Per                Share Data:**                                    |   |   |      |
|-----------------------------------------------------------------------|--------|--------|-----------|
| Net                asset value - beginning of period                  |   | $      | 0.00001   |   |
|                                                                  |   |   |      |   |
| Net                investment loss *                                  |   |   | (0.00179  | ) |
| Issuance                of common stock                               |   |   | 0.00796   |   |
| Dilutive                effect of share issuance                      |   |   | (0.00568  | ) |
|                                                                  |   |   |      |   |
| Net                asset value - end of period                        |   |   | 0.00050   |   |
|                                                                  |   |   |      |   |
| **Total                return based on net asset value ****           |   |   | (17,900   | %) |
|                                                                  |   |   |      |   |
| Common                shares outstanding - end of period***           |   |   | 8,591,901 |   |
|                                                                  |   |   |      |   |
| **Ratio/Supplemental                Data**:                           |   |   |      |   |
|                                                                  |   |   |      |   |
| Net                assets - end of period                             |   | $      | 4,282     |   |
|                                                                  |   |   |      |   |
| Ratio                of net investment loss to average net assets**** |   |   | (1,212    | %) |
|                                                                  |   |   |      |   |
| Ratio                of operating expenses to average net assets****  |   |   | 1,213     | % |
|                                                                  |   |   |      |   |

----

|   |   |
|--------|--------|

**7                  **
**SUBSEQUENT      EVENTS**

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

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

| 23.1   | Consent                of Paritz & Company, P.A.                                                                             |
|--------|----------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                             |
| 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 |

----

**SIGNATURES**

|   |   | **BLACKHAWK                CAPITAL GROUP BDC, INC. (Registrant)** |
|--------|--------|-------------------------------------------------------------------|
|   |   |                                                              |
|   |   | /s/                Craig A. Zabala                                |
|   |   | Craig                A. Zabala                                    |
|   |   | Chairman,                  President and Chief Executive Officer  |
|   |   |                                                              |
|   |   | Dated:                ___May                8, 2006______________ |

| /s/                Craig A. Zabala                                                                                      |   |  /s/                Robert M. Fujii                         |
|-------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------|
| Craig                A. ZabalaChairman,                  President and Chief                  Executive Officer         |   | Robert                M. Fujii Vice                  President   |
|                                                                                                                    |   |                                                             |
| Dated:                ___May                8, 2006_____________                                                        |   | Dated:                __May                8, 2006______________ |
|                                                                                                                    |   |                                                             |
| /s/                Craig A. Zabala                                                                                      |   | /s/                Robert J. Francis                             |
| Craig              A. Zabala Acting                Chief Financial Officer, Principal                Accounting Officer |   | Robert              J. Francis Director                          |
|                                                                                                                    |   |                                                             |
| Dated:                ___May                8, 2006____________                                                         |   | Dated:                ___May                8, 2006_____________ |
|                                                                                                                    |   |                                                             |
| /s/                Janet Buxman Kurihara                                                                                |   | /s/                Randy Tejral                                  |
| Janet                Buxman Kurihara Director                                                                           |   | Randy                Tejral                 Director        |
|                                                                                                                    |   |                                                             |
| Dated:                ___May                8, 2006_____________                                                        |   | Dated:                ___May                8, 2006_____________ |
|                                                                                                                         |   |                                                             |
| /s/                Mick Woodwards                                                                                       |   |                                                             |
| Mick                  Woodwards Director                                                                                |   |                                                             |
|                                                                                                                    |   |                                                             |
| Dated:                ___May                8, 2006_____________                                                        |   |                                                             |

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