----

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**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**_________________________**

**FORM      10-Q**

**x    **
**QUARTERLY          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.**

|   | Delaware                                       |   | 20-1031329                         |   |
|--------|------------------------------------------------|--------|------------------------------------|--------|
|   | (State                or other jurisdiction of |   | (I.R.S.                Employer    |   |
|   | incorporation                or organization)  |   | Identification                No.) |   |

|   | **14                Wall Street, 11****th****Floor, New York, NY** | **10005**                 |   |
|--------|--------------------------------------------------------------------|---------------------------|--------|
|   | (Address                of principal executive offices)            | (Zip                Code) |   |

**(212)      566-8300**

**_________________________**

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----

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** **

|   | Class                                           |   | Outstanding                on May 12, 2006 |   |
|--------|-------------------------------------------------|--------|--------------------------------------------|--------|
|   | Common                Stock, $0.00001 par value |   | 23,626,781                                 |   |

**      Potential persons who are to respond to the collection of information contained      in this form are not required to respond unless the form displays a currently      valid OMB control number.**

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**BLACKHAWK      CAPITAL GROUP BDC, INC.**

**INDEX**

| **PART                  I. ** | ** FINANCIAL                  INFORMATION**                                                                                                                                                                                                                |  **Page** |
|------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|
| Item                  1.           | Financial                  Statements.                                                                                                                                                                                                                          | 4              |
|                               | Report                  of Independent Registered Public Accounting Firm                                                                                                                                                                                        | 6              |
|                               | Condensed                  Statements of Assets and Liabilities as of March 31, 2006 (unaudited)                  and                  December 31, 2005                                                                                                        | 7              |
|                               | Condensed                  Statements of Operations for the three months ended March 31, 2006                  (unaudited) and March 31, 2005 (unaudited)                                                                                                       | 8              |
|                               | Condensed                  Statements of Changes in Net Assets (Liabilities) for the three                  months                  ended March 31, 2006 (unaudited) and Year Ended December 31,                  2005                                          | 9              |
|                               | Condensed                  Statement of Stockholders' Equity (Capital Deficit) for the three                  months                  ended March 31, 2006 (unaudited) and Year Ended December 31, 2005                  and                  December 31, 2004 | 10             |
|                               | Condensed                  Statements of Cash Flows for the three months ended March 31, 2006                  (unaudited) and March 31, 2005 (unaudited)                                                                                                       | 11             |
|                               | Notes                  to Condensed Financial Statements                                                                                                                                                                                                        | 12             |
| Item                  2.           | Management’s                  Discussion and Analysis of Financial Condition and Results of Operations.                                                                                                                                                   | 15             |
| Item                  3.           | Quantitative                  and Qualitative Disclosures about Market Risk.                                                                                                                                                                                    | 17             |
| Item                  4.           | Controls                  and Procedures.                                                                                                                                                                                                                       | 18             |
|                               |                                                                                                                                                                                                                                                            |
| **PART                  II.**      | **OTHER                  INFORMATION**                                                                                                                                                                                                                          |           |
| Item                  1.           | Legal                  Proceedings.                                                                                                                                                                                                                             | 18             |
| Item                  1A.          | Risk                  Factors                                                                                                                                                                                                                                   | 18             |
| Item                  2.           | Unregistered                  Sales of Equity Securities and Use of Proceeds.                                                                                                                                                                                   | 18             |
| Item                  3.      | Defaults                  upon Senior Securities.                                                                                                                                                                                                               | 18             |
| Item                  4.           | Submission                  of Matters to a Vote of Security Holders.                                                                                                                                                                                           | 18             |
| Item                  5.           | Other                  Information.                                                                                                                                                                                                                             | 18             |
| Item                  6            | Exhibits                                                                                                                                                                                                                                                        | 19             |

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**PART      I. FINANCIAL INFORMATION**

**Item      1. Financial Statements.**

----

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

**BLACKHAWK      CAPITAL GROUP BDC INC.**

*WITH*

*REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM*

*THREE      MONTHS ENDED MARCH 31, 2006 AND MARCH 31, 2005 *

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|  **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.**

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

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**BLACKHAWK      CAPITAL GROUP BDC INC.**

----

|                                                                                          |   | MARCH                31, 2006 |        | DECEMBER                31, 2005 |   |
|-----------------------------------------------------------------------------------------------|--------|-------------------------------|-------------|----------------------------------|--------|
|                                                                                          |   | (Unaudited)                   |        |                             |   |
| **ASSETS:**                                                                                   |   |                          |        |                             |   |
| Cash                                                                                          |   | $                             | 46,606      |                             | $      | 77,877 |   |
| Prepaid                insurance                                                              |   |                          | 18,269      |                             |   | 5,522 |   |
|                                                                                          |   |                          |        |                             |   |   |   |
| **    TOTAL                ASSETS**                                       |   | **$**                         | **64,875**  |                             | **$**  | **83,399** |   |
|                                                                                          |   |                          |        |                             |   |   |   |
| **LIABILITIES**                                                                               |   |                          |        |                             |   |   |   |
| Due                to affiliated company                                                      |   | $                             | 68,847      |                             | $      | 43,842 |   |
| Accrued                expenses                                                               |   |                          | 69,284      |                             |   | 17,536 |   |
| Due                to former stockholder in connection with stock rescission                  |   |                          | -           |                             |   | 45 |   |
| **    TOTAL                LIABILITIES**                                  |   |                          | **138,131** |                             |   | **61,423** |   |
|                                                                                          |   |                          |        |                             |   |   |   |
| **NET                ASSETS (LIABILITIES)**                                                   |   |                          |        |                             |   |   |   |
| Common                stock, par value $.00001 per share                                      |   |                          |        |                             |   |   |   |
|     1,000,000,000                shares authorized,                       |   |                          |        |                             |   |   |   |
|     23,626,781                and                23,626,781 shares issued |   |                          |        |                             |   |   |   |
|     and                outstanding in 2006 and 2005, respectively         |   |                          | 236         |                             |   | 236 |   |
| Additional                paid-in capital                                                     |   |                          | 79,190      |                             |   | 79,190 |   |
| Accumulated                net investment loss                                                |   |                          | (152,682    | )                                |   | (57,450 | ) |
| **    TOTAL                NET ASSETS (LIABILITIES)**                     |   |                          | **(73,256** | **)**                            |   | **21,976** |   |
|                                                                                          |   |                          |        |                             |   |   |   |
| **TOTAL**                                                                                     |   | **$**                         | **64,875**  |                             | **$**  | **83,399** |   |
|                                                                                          |   |                          |        |                             |   |   |   |
| **NET                ASSET (LIABILITY) VALUE PER COMMON SHARE**                               |   | **$**                         | **(.00310** | **)**                            | **$**  | **.00093** |   |
|                                                                                          |   |                          |        |                             |   |   |   |

----

----

**BLACKHAWK      CAPITAL GROUP BDC INC.**

----

|                                                                         |   |                THREE                MONTHS ENDED MARCH 31, |           |
|------------------------------------------------------------------------------|--------|-----------------------------------------------------------------|----------------|
|                                                                         |   |  2006                                                      |           | 2005  |   |
| **INVESTMENT                INCOME:**                                        |   |                                                            |           |   |   |
|                  Interest income                                        |   | $                                                               | 287            |   | $ | 37 |   |
| **                   TOTAL INVESTMENT INCOME**                |   |                                                            | **287**        |   |   | **37** |   |
|                                                                         |   |                                                            |           |   |   |   |   |
| **EXPENSES:**                                                                |   |                                                            |           |   |   |   |   |
|   Professional                fees                                 |   |                                                            | 76,608         |   |   | 1,500 |   |
|                  Consulting fees                                        |   |                                                            | 13,192         |   |   | 11,000 |   |
|                  Filing fees                                            |   |                                                            | 3,216          |   |   | 485 |   |
|                  Insurance                                              |   |                                                            | 2,503          |   |   | - |   |
|                  Other                                                  |   |                                                            | -              |   |   | 455 |   |
| **                   TOTAL EXPENSES**                         |   |                                                            | **95,519**     |   |   | **13,440** |   |
|                                                                         |   |                                                            |           |   |   |   |   |
| **NET                INVESTMENT (LOSS) AND NET**                             |   |                                                            |           |   |   |   |   |
| **                  DECREASE IN ASSETS RESULTING FROM OPERATIONS** |   | **$**                                                           | **(95,232**    | **)** | **$** | **(13,403** | **)** |
|                                                                         |   |                                                            |           |   |   |   |   |
| **LOSS                PER COMMON SHARE, BASIC AND DILUTED**                  |   | **$**                                                           | **(0.00403**   | **)** | **$** | **(0.00124** | **)** |
|                                                                         |   |                                                            |           |   |   |   |   |
| **WEIGHTED                AVERAGE SHARES OUTSTANDING,**                      |   |                                                            |           |   |   |   |   |
| **                  BASIC AND DILUTED**                            |   |                                                            | **23,626,781** |   |   | **10,796,201** |   |
|                                                                         |   |                                                            |           |   |   |   |   |

----

----

**BLACKHAWK      CAPITAL GROUP BDC INC.**

----

|                                                                  |   | THREE                MONTHSENDEDMARCH                31, 2006  |        | YEAR                ENDEDDECEMBER                31, 2005 |   |
|-----------------------------------------------------------------------|--------|---------------------------------------------------------------------|-------------|-----------------------------------------------------------|--------|
|                                                                  |   |  (Unaudited)                                                   |        |                                                      |   |
| **DECREASE                IN NET ASSETS FROM OPERATIONS**             |   |                                                                |        |                                                      |   |
|                  Net investment loss                             |   | $                                                                   | (95,232     | )                                                         | $      | (44,935 | ) |
|                                                                  |   |                                                                |        |                                                      |   |   |   |
| **                   NET DECREASE IN NET ASSETS**      |   |                                                                |        |                                                      |   |   |   |
| **                   RESULTING FROM OPERATIONS**       |   |                                                                | **(95,232** | **)**                                                     |   | **(44,935** | **)** |
|                                                                  |   |                                                                |        |                                                      |   |   |   |
| **CAPITAL                STOCK TRANSACTIONS:**                        |   |                                                                |        |                                                      |   |   |   |
|                  Proceeds from common stock sold                 |   |                                                                | -           |                                                      |   | 88,917 |   |
|                  Conversion of a portion of amounts owed         |   |                                                                |        |                                                      |   |   |   |
|                    to affiliate into common stock      |   |                                                                | -           |                                                      |   | 61,432 |   |
|                  Offering costs                                  |   |                                                                | -           |                                                      |   | (87,635 | ) |
|                  Rescission of preferred stock - founder         |   |                                                                | -           |                                                      |   | (85 | ) |
|                                                                  |   |                                                                |        |                                                      |   |   |   |
|                    **NET INCREASE IN NET ASSETS FROM** |   |                                                                |        |                                                      |   |   |   |
| **                   CAPITAL STOCK TRANSACTIONS**      |   |                                                                | **-**       |                                                      |   | **62,629** |   |
|                                                                  |   |                                                                |        |                                                      |   |   |   |
| **TOTAL                (DECREASE) INCREASE IN NET ASSETS**            |   |                                                                | **(95,232** | **)**                                                     |   | **17,694** |   |
|                                                                  |   |                                                                |        |                                                      |   |   |   |
| **NET                ASSETS - BEGINNING OF PERIOD**                   |   |                                                                | **21,976**  |                                                      |   | **4,282** |   |
|                                                                  |   |                                                                |        |                                                      |   |   |   |
| **NET                ASSETS (LIABILITIES) - END OF PERIOD**           |   | **$**                                                               | **(73,256** | **)**                                                     | **$**  | **21,976** |   |
|                                                                  |   |                                                                |        |                                                      |   |   |   |

----

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**BLACKHAWK      CAPITAL GROUP BDC INC.**

----

|                                                                                                               |   |   |    |   |   |                                       |   |                                              |         |                    |   |         |                           |   |         |   |   |    |   |   |       |   |
|--------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------------------------------------------|--------|---------------------------------------------------|--------------|-------------------------|--------|--------------|--------------------------------|--------|--------------|--------|--------|---------|--------|--------|------------|--------|
|                                                                                                               |   |   |    |   |   |                                       |   |                                              |         |                    |   |         |                           |   |         |   |   |    |   |   |       |   |
|                                                                                                               |   |   |    |   |   | -------COMMON                STOCK-------- |   | ----------PREFERRED                STOCK--------- |         | ADDITIONALPAID-IN  |   |         | ACCUMULATEDNETINVESTMENT  |   |
|                                                                                                               |   |   | TOTAL   |   |   | SHARES                                |   |                                              | AMOUNT  |                    |   | SHARES  |                           |   | AMOUNT  |   |   | CAPITAL |   |   | LOSS  |   |
| Balance                - December 31, 2004                                                                         |   | $      | 4,282   |   |   | 8,591,901                                  |   | $                                                 | 86           |                    |   | 8,500,000    |                           | $      | 85           |   | $      | 16,626  |   | $      | (12,515    | )      |
|                                                                                                               |   |   |    |   |   |                                       |   |                                              |         |                    |   |         |                           |   |         |   |   |    |   |   |       |   |
| Sale                of stock pursuant tooffering                plan (at $.01 pershare)                            |   |   | 88,917  |   |   | 8,891,680                                  |   |                                              | 89           |                    |   | -            |                           |   | -            |   |   | 88,828  |   |   | -          |   |
|                                                                                                               |   |   |    |   |   |                                       |   |                                              |         |                    |   |         |                           |   |         |   |   |    |   |   |       |   |
| Conversion                of a portionof                amount owed to affiliate(at                $.01 per share) |   |   | 61,432  |   |   | 6,143,200                                  |   |                                              | 61           |                    |   | -            |                           |   | -            |   |   | 61,371  |   |   | -          |   |
|                                                                                                               |   |   |    |   |   |                                       |   |                                              |         |                    |   |         |                           |   |         |   |   |    |   |   |       |   |
| Rescinded                preferred stock                                                                           |   |   |    |   |   |                                       |   |                                              |         |                    |   |         |                           |   |         |   |   |    |   |   |       |   |
| from                founder (at $.00001per                share)                                                   |   |   | (85     | )      |   | -                                          |   |                                              | -            |                    |   | (8,500,000   | )                              |   | (85          | )      |   | -       |   |   | -          |   |
|                                                                                                               |   |   |    |   |   |                                       |   |                                              |         |                    |   |         |                           |   |         |   |   |    |   |   |       |   |
| Offering                costs                                                                                      |   |   | (87,635 | )      |   | -                                          |   |                                              | -            |                    |   | -            |                           |   | -            |   |   | (87,635 | )      |   | -          |   |
|                                                                                                               |   |   |    |   |   |                                       |   |                                              |         |                    |   |         |                           |   |         |   |   |    |   |   |       |   |
| Net                loss                                                                                            |   |   | (44,935 | )      |   | -                                          |   |                                              | -            |                    |   | -            |                           |   | -            |   |   | -       |   |   | (44,935    | )      |
|                                                                                                               |   |   |    |   |   |                                       |   |                                              |         |                    |   |         |                           |   |         |   |   |    |   |   |       |   |
| Balance                - December 31, 2005                                                                         |   |   | 21,976  |   |   | 23,626,781                                 |   |                                              | 236          |                    |   | -            |                           |   | -            |   |   | 79,190  |   |   | (57,450    | )      |
|                                                                                                               |   |   |    |   |   |                                       |   |                                              |         |                    |   |         |                           |   |         |   |   |    |   |   |       |   |
| Net                loss                                                                                            |   |   | (95,232 | )      |   | -                                          |   |                                              | -            |                    |   | -            |                           |   | -            |   |   | -       |   |   | (95,232    | )      |
|                                                                                                               |   |   |    |   |   |                                       |   |                                              |         |                    |   |         |                           |   |         |   |   |    |   |   |       |   |
| Balance                - March 31, 2006                                                                            |   | $      | (73,256 | )      |   | 23,626,781                                 |   | $                                                 | 236          |                    | $      | -            |                           | $      | -            |   | $      | 79,190  |   | $      | (152,682   | )      |
| (Unaudited)                                                                                                        |   |   |    |   |   |                                       |   |                                              |         |                    |   |         |                           |   |         |   |   |    |   |   |       |   |

----

----

**BLACKHAWK      CAPITAL GROUP BDC INC.**

----

|                                                                                     |   | THREE                MONTHS ENDED MARCH 31,  |
|------------------------------------------------------------------------------------------|--------|---------------------------------------------------|
|                                                                                     |   | 2006                                         |   | 2005  |   |
| **CASH                FLOWS FROM OPERATING****AND                INVESTING ACTIVITIES:** |   |                                              |   |   |   |
| ** **Net investment loss and decrease in                                            |   |                                              |   |   |   |
| **   **net assets resulting from operations                               |   | $                                                 | (95,232 | ) | $ | (13,403 | ) |
| ** **Adjustments to reconcile net decrease:                                         |   |                                              |   |   |   |   |   |
|                    Increase (decrease) in accrued expenses                |   |                                              | 51,748 |   |   | (3,500 | ) |
| **   **Increase in prepaid expenses                                       |   |                                              | (12,747 | ) |   | - |   |
|                                                                                     |   |                                              |   |   |   |   |   |
| **NET                CASH USED IN OPERATING AND INVESTING ACTIVITIES**                   |   |                                              | **(56,231** | **)** |   | **(16,903** | **)** |
|                                                                                     |   |                                              |   |   |   |   |   |
|                                                                                     |   |                                              |   |   |   |   |   |
| **CASH                FLOWS FROM FINANCING ACTIVITIES:**                                 |   |                                              |   |   |   |   |   |
|                  Net proceeds from the issuance of stock                            |   |                                              | - |   |   | 39,118 |   |
|                  Loan from affiliated company                                       |   |                                              | 25,005 |   |   | 7,000 |   |
|                  Due to former stockholder in connection with                       |   |                                              |   |   |   |   |   |
|                    common stock rescission                                |   |                                              | (45 | ) |   | - |   |
|                                                                                     |   |                                              |   |   |   |   |   |
| **NET                CASH PROVIDED BY FINANCING ACTIVITIES**                             |   |                                              | **24,960** |   |   | **46,118** |   |
|                                                                                     |   |                                              |   |   |   |   |   |
|                                                                                     |   |                                              |   |   |   |   |   |
| **NET                (DECREASE) INCREASE IN CASH**                                       |   |                                              | **(31,271** | **)** |   | **29,215** |   |
|                                                                                     |   |                                              |   |   |   |   |   |
| **CASH                - BEGINNING OF PERIOD**                                            |   |                                              | **77,877** |   |   | **13,600** |   |
|                                                                                     |   |                                              |   |   |   |   |   |
| **CASH                - END OF PERIOD**                                                  |   | **$**                                             | **46,606** |   | **$** | **42,815** |   |
|                                                                                     |   |                                              |   |   |   |   |   |

----

----

**BLACKHAWK      CAPITAL GROUP BDC INC.**

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

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

***Business      description***

***Basis      of presentation***

**2          **
**INCOME      TAXES**

----

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

**3    **
**DUE      TO AFFILIATED COMPANY**

**4    **
**FINANCIAL      HIGHLIGHTS**

|                                                                  |   |   |   | -----------March                31,-------------  |
|-----------------------------------------------------------------------|--------|--------|--------|--------------------------------------------------------|
| **                   Per Share Data:**                 |   |   |   | 2006                                              |   | 2005  |   |
| Net                asset value - beginning of period                  |   |   |   |                                                   | $ | 0.00093 |   | $ | 0.00050 |   |
|                                                                  |   |   |   |                                                   |   |   |   |   |   |   |
| Net                investment loss *                                  |   |   |   |                                                   |   | (0.00403 | ) |   | (0.00124 | ) |
|                                                                  |   |   |   |                                                   |   |   |   |   |   |   |
| Issuance                of common stock                               |   |   |   |                                                   |   | - |   |   | 0.00796 |   |
|                                                                  |   |   |   |                                                   |   |   |   |   |   |   |
| Dilutive                effect of share issuance                      |   |   |   |                                                   |   | - |   |   | (0.00546 | ) |
|                                                                  |   |   |   |                                                   |   |   |   |   |   |   |
| Net                asset (liability) value - end of period            |   |   |   |                                                   |   | (0.00310 | ) |   | 0.00176 |   |
|                                                                  |   |   |   |                                                   |   |   |   |   |   |   |
| **Total                return based on net asset value ****           |   |   |   |                                                   |   | (433 | %) |   | (248 | %) |
|                                                                  |   |   |   |                                                   |   |   |   |   |   |   |
| Common                shares outstanding - end of period ***          |   |   |   |                                                   |   | 23,626,781 |   |   | 12,503,663 |   |
|                                                                  |   |   |   |                                                   |   |   |   |   |   |   |
| **Ratio/Supplemental                Data**:                           |   |   |   |                                                   |   |   |   |   |   |   |
|                                                                  |   |   |        |                                                   |   |   |   |   |   |   |
| Net                assets (liability) - end of period                 |   |   |   |                                                   | $ | (73,256 | ) | $ | 22,007 |   |
|                                                                  |   |   |   |                                                   |   |   |   |   |   |   |
| Ratio                of net investment loss to average net assets**** |   |   |   |                                                   |   | (800 | %) |   | (408 | %) |
|                                                                  |   |   |   |                                                   |   |   |   |   |   |   |
| Ratio                of operating expenses to average net assets****  |   |   |   |                                                   |   | 802 | % |   | 409 | % |
|                                                                  |   |   |   |                                                   |   |   |   |   |   |   |

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**5    SUBSEQUENT      EVENTS**

----

**Item      2.    Management’s      Discussion and Analysis of Financial Condition and Results of      Operations.**

*Overview*

*Accounting      Policies*

*Basis      of Presentation*

*Use      of Estimates in the Preparation of Financial Statements*

----

*Valuation      of Long-Lived and Intangible Assets*

*Income      Taxes*

*Portfolio      and Investment Activity*

*Investment      Strategy*

*Results      of Operations*

*Sales      Revenues*

*General      and Administrative Expenses*

----

*Other      Income (Expenses)*

*Liquidity      and Capital Resources*

**Item      3.    Quantitative and      Qualitative Disclosures about Market Risk.**

----

**Item      4.    Controls and      Procedures.**

**PART      II.  OTHER INFORMATION**

**Item      1. Legal Proceedings. **

**Item      1A. Risk Factors**

**Item      2. Unregistered Sales of Equity Securities and Use of      Proceeds.**

**Item      3. Defaults upon Senior Securities.**

**Item      4. Submission of Matters to a Vote of Security Holders.**

**Item      5. Other Information.**

----

**Item      6. Exhibits.**

| Exhibit                No. | Description                                                                                                                                     |
|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|
|                       |                                                                                                                                            |
| 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 |
|                       |                                                                                                                                            |

----

**                                    **

|                              |   | **BLACKHAWK              CAPITAL GROUP BDC, INC.**                            |
|-----------------------------------|--------|-------------------------------------------------------------------------------|
|                              |   |                                                                          |
|                              |   |                                                                          |
| Date:                May 12, 2006 |   | By:                /s/                Craig A. Zabala                         |
|                              |   | Craig                A. Zabala, Chief Executive Officer                       |
|                              |   |                                                                          |
|                              |   |                                                                          |
| Date:                May 12, 2006 |   | By:                /s/                Craig A. Zabala                         |
|                              |   | Craig                A. Zabala, Acting Chief Financial                Officer |