|   |   | OMB                  Number: 3235-0070Expires:                  January 31, 2008Estimated                  average burden hours                  per response...192.00 |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**UNITED        STATES**

**SECURITIES        AND EXCHANGE COMMISSION**

**Washington,        D.C. 20549**

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**FORM        10-Q/A**

| **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** |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------|

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**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**

**_________________________**

| Class                                             | Outstanding                  on June 30, 2005 |
|---------------------------------------------------|-----------------------------------------------|
| 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.                                                                                                                                                       | 3              |
|                                |                                                                                                                                                                                         |           |
|                                | Report                  of Independent Registered Public Accounting Firm                                                                                                                     | 5              |
|                                |                                                                                                                                                                                         |           |
|                                | Statement                  of Assets and Liabilities as of June 30, 2005 (unaudited) and December                  31,                  2004                                                 | 6              |
|                                |                                                                                                                                                                                         |           |
|                                | Statement                  of Operations for the three and six months ended June 30, 2005                  (unaudited)                                                                       | 7              |
|                                |                                                                                                                                                                                         |           |
|                                | Statement                  of Changes in Net Assets for the six months ended June 30, 2005                  (unaudited) and inception (April 22, 2004) to December 31,                  2004 | 8              |
|                                |                                                                                                                                                                                         |           |
|                                | Statement                  of Stockholders' Equity for the period from inception (April 22,                  2004) to                  June 30, 2005 (unaudited)                             | 9              |
|                                |                                                                                                                                                                                         |           |
|                                | Statement                  of Cash Flows for the six months ended June 30, 2005 (unaudited)                  and                  inception (April 22, 2004) to June 30, 2004                | 10             |
|                                |                                                                                                                                                                                         |           |
|                                | Notes                  to Financial Statements                                                                                                                                               | 11             |
|                                |                                                                                                                                                                                         |           |
|  Item                  2.      | Management’s                  Discussion and Analysis of Financial Condition and Results of Operations.                                                                                | 15             |
|                                |                                                                                                                                                                                         |           |
|  Item                  3.      | Quantitative                  and Qualitative Disclosures about Market Risk.                                                                                                                 | 18             |
|                                |                                                                                                                                                                                         |           |
|  Item                  4.      | Controls                  and Procedures.                                                                                                                                                    | 18             |
|                                |                                                                                                                                                                                         |
| ** PART                  II.** | **OTHER                  INFORMATION**                                                                                                                                                       |           |
|  Item                  1.      | Legal                  Proceedings.                                                                                                                                                          | 18             |
|                                |                                                                                                                                                                                         |           |
|  Item                  2.      | Unregistered                  Sales of Equity Securities and Use of Proceeds.                                                                                                                | 19             |
|                                |                                                                                                                                                                                         |           |
| Item                  3.       | Defaults                  upon Senior Securities.                                                                                                                                            | 19             |
|                                |                                                                                                                                                                                         |           |
|  Item                  4.      | Submission                  of Matters to a Vote of Security Holders.                                                                                                                        | 19             |
|                                |                                                                                                                                                                                         |           |
|  Item                  5.      | Other                  Information.                                                                                                                                                          | 19             |
|                                |                                                                                                                                                                                         |           |
|  Item                  6.      | Exhibits.                                                                                                                                                                                    | 19             |

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**EXPLANATORY        NOTE**

**PART        I. FINANCIAL INFORMATION**

**Item        1. Financial Statements.**

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

**BLACKHAWK        CAPITAL GROUP BDC INC.**

*WITH*

*REPORT        OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM*

*SIX        MONTHS ENDED JUNE 30, 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.**

|                                                                                                                                                                                                                                 |   | **JUNE                  30, 2005****(Unaudited)** | ** **  | **DECEMBER                  31,****2004** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|-------------|-------------------------------------------|--------|
| **ASSETS:**                                                                                                                                                                                                                          |   |                                              |        |                                      |   |   |   |
| Cash                                                                                                                                                                                                                                 |   | $                                                 | 90,811      |                                      | $      | 13,600 |   |
| Deferred                  offering costs                                                                                                                                                                                             |   |                                              | 56,927      |                                      |   | 87,635 |   |
| **TOTAL                  ASSETS**                                                                                                                                                                                                    |   | **$**                                             | **147,738** |                                      | **$**  | **101,235** |   |
| **LIABILITIES**                                                                                                                                                                                                                      |   |                                              |        |                                      |   |   |   |
| Due                  to affiliated company                                                                                                                                                                                           |   | $                                                 | 37,475      |                                      | $      | 91,908 |   |
| Accrued                  expenses                                                                                                                                                                                                    |   |                                              | 1,500       |                                      |   | 5,000 |   |
| Due                  to former stockholder in connection with stock rescission                                                                                                                                                       |   |                                              | 45          |                                      |   | 45 |   |
| **TOTAL                  LIABILITIES**                                                                                                                                                                                               |   |                                              | **39,020**  |                                      |   | **96,953** |   |
| **NET                  ASSETS**                                                                                                                                                                                                      |   |                                              |        |                                      |   |   |   |
| Preferred                  stock, par value $.00001 per share 15,000,000 shares authorized,                  8,500,000                  shares issued and outstanding in 2005 and 2004,                  respectively                |   |                                              | 85          |                                      |   | 85 |   |
| Common                  stock, par value $.00001 per share 1,000,000,000 shares authorized,                  23,626,781 and 8,591,901 shares issued and outstanding in 2005                  and 2004,                  respectively |   |                                              | 236         |                                      |   | 86 |   |
| Additional                  paid-in capital                                                                                                                                                                                          |   |                                              | 136,117     |                                      |   | 16,626 |   |
| Accumulated                  net investment loss                                                                                                                                                                                     |   |                                              | (27,720     | )                                         |   | (12,515 | ) |
| **TOTAL                  NET ASSETS**                                                                                                                                                                                                |   |                                              | **108,718** |                                      |   | **4,282** |   |
|                                                                                                                                                                                                                                 |   |                                              |        |                                      |   |   |   |
| **TOTAL                  LIABILITIES AND NET ASSETS**                                                                                                                                                                                |   | **$**                                             | **147,738** |                                      | **$**  | **101,235** |   |
| **NET                  ASSET VALUE PER COMMON SHARE**                                                                                                                                                                                |   | **$**                                             | **.00460**  |                                      | **$**  | **.00050** |   |

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**BLACKHAWK        CAPITAL GROUP BDC INC.**

|                                           |   | **THREE                  MONTHS****ENDED****JUNE                  30, 2005** | ** **     | **SIX                  MONTHS****ENDED****JUNE                  30, 2005** |   |
|------------------------------------------------|--------|------------------------------------------------------------------------------|----------------|----------------------------------------------------------------------------|--------|
| **INVESTMENT                  INCOME:**        |   |                                                                         |           |                                                                       |   |   |   |
| Interest                  income               |   | $                                                                            | 273            |                                                                       | $      | 310 |   |
| **TOTAL                  INVESTMENT INCOME**   |   |                                                                         | **273**        |                                                                       |   | **310** |   |
| **EXPENSES:**                                  |   |                                                                         |           |                                                                       |   |   |   |
| Professional                  fees             |   |                                                                         | —        |                                                                       |   | 1,500 |   |
| Consulting                  fees               |   |                                                                         | 1,000          |                                                                       |   | 12,000 |   |
| Filing                  fees                   |   |                                                                         | 1,075          |                                                                       |   | 1,560 |   |
| Other                                          |   |                                                                         | —        |                                                                       |   | 455 |   |
| **TOTAL                  EXPENSES**            |   |                                                                         | **2,075**      |                                                                       |   | **15,515** |   |
| **NET                  INVESTMENT (LOSS) AND** |   |                                                                         |           |                                                                       |   |   |   |
| **NET                  DECREASE IN ASSETS**    |   |                                                                         |           |                                                                       |   |   |   |
| **RESULTING                  FROM OPERATIONS** |   | **$**                                                                        | **(1,802**     | **)**                                                                      | **$**  | **(15,205** | **)** |
| **LOSS                  PER COMMON SHARE,**    |   |                                                                         |           |                                                                       |   |   |   |
| **BASIC                  AND DILUTED**         |   | **$**                                                                        | **(0.00008**   | **)**                                                                      | **$**  | **(0.00088** | **)** |
| **WEIGHTED                  AVERAGE SHARES**   |   |                                                                         |           |                                                                       |   |   |   |
| **OUTSTANDING,                  BASIC AND**    |   |                                                                         |           |                                                                       |   |   |   |
| **DILUTED**                                    |   |                                                                         | **23,521,286** |                                                                       |   | **17,193,896** |   |

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**BLACKHAWK        CAPITAL GROUP BDC INC.**

|                                                                                                     |   | **SIX                  MONTHS****ENDED****JUNE                  30, 2005** |        | **FROM                  INCEPTION****(APRIL                  22, 2004)****TO****DECEMBER                  31, 2004** |   |
|----------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------|-------------|----------------------------------------------------------------------------------------------------------------------|--------|
| **DECREASE                  IN NET ASSETS FROM OPERATIONS**                                              |   |                                                                       |        |                                                                                                                 |   |   |   |
| Net                  investment loss                                                                     |   | $                                                                          | (15,205     | )                                                                                                                    | $      | (12,515 | ) |
| **NET                  DECREASE IN NET ASSETS**                                                          |   |                                                                       |        |                                                                                                                 |   |   |   |
| **RESULTING                  FROM OPERATIONS**                                                           |   |                                                                       | **(15,205** | **)**                                                                                                                |   | **(12,515** | **)** |
| **CAPITAL                  STOCK TRANSACTIONS:**                                                         |   |                                                                       |        |                                                                                                                 |   |   |   |
| Proceeds                  from common stock sold                                                         |   |                                                                       | 88,917      |                                                                                                                 |   | 21,069 |   |
| Conversion                  of a portion of amounts owed to affiliate into common                  stock |   |                                                                       | 61,432      |                                                                                                                 |   | - |   |
| Offering                  costs                                                                          |   |                                                                       | (30,708     | )                                                                                                                    |   | (4,272 | ) |
|  **NET                  INCREASE IN NET ASSETS FROM**                                               |   |                                                                       |        |                                                                                                                 |   |   |   |
| **CAPITAL                  STOCK TRANSACTIONS**                                                          |   |                                                                       | **119,641** |                                                                                                                 |   | **16,797** |   |
| **TOTAL                  INCREASE IN NET ASSETS**                                                        |   |                                                                       | **104,436** |                                                                                                                 |   | **4,282** |   |
| **NET                  ASSETS - BEGINNING OF PERIOD**                                                    |   |                                                                       | **4,282**   |                                                                                                                 |   | **-** |   |
| **NET                  ASSETS - END OF PERIOD**                                                          |   | **$**                                                                      | **108,718** |                                                                                                                 | **$**  | **4,282** |   |

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**BLACKHAWK        CAPITAL GROUP BDC INC.**

|                                                                                                                       |   | **—COMMON                  STOCK—** | ** ** | **—PREFERRED                  STOCK—** | ** ** | **ADDITIONAL****PAID-IN****CAPITAL** | ** ** | **ACCUMULATED****NET****INVESTMENT****LOSS** |       |
|----------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|------------|----------------------------------------------------|------------|--------------------------------------|------------|----------------------------------------------|------------|
|                                                                                                                       |   | **TOTAL**                                       | ** ** | **SHARES**                                         | ** ** | **AMOUNT**                           | ** ** | **SHARES**                                   | ** ** | **AMOUNT** |   |
| Sale                  of formation stock to founders                  (at $.00001 per share)                               |   |                                            | 150        |                                               |       | 6,500,000                            |       | $                                            | 65         |   |   | 8,500,000 |   | $ | 85 |   | $ | — |   | $ | — |   |
| Sale                  of stock pursuant to offering 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 | ) |
| Sale                  of stock pursuant to offering                  plan (at $.01 per share)                              |   |                                            | 88,917     |                                               |       | 8,891,680                            |       |                                         | 89         |   |   | — |   |   | — |   |   | 88,828 |   |   | —  |   |
| Conversion                  of a portion of                  amount owed to affiliate (at                  $.01 per share) |   |                                            | 61,432     |                                               |       | 6,143,200                            |       |                                         | 61         |   |   | — |   |   | — |   |   | 61,371 |   |   | —  |   |
| Offering                  costs                                                                                            |   |                                            | (30,708    | )                                                  |       | —                              |       |                                         | —    |   |   | — |   |   | — |   |   | (30,708 | ) |   | — |   |
| Net                  loss                                                                                                  |   |                                            | (15,205    | )                                                  |       | —                              |       |                                         | —    |   |   | — |   |   | — |   |   | — |   |   | (15,205 | ) |
| Balance                  - June 30, 2005 - (Unaudited)                                                                     |   | $                                               | 108,718    |                                               |       | 23,626,781                           |       | $                                            | 236        |   |   | 8,500,000 |   | $ | 85 |   | $ | 136,117 |   | $ | (27,720 | ) |

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**BLACKHAWK        CAPITAL GROUP BDC INC.**

|                                                                                                       |   | **SIX                  MONTHS ENDED****JUNE                  30. 2005** | ** **  | **FROM                  INCEPTION****(APRIL                  22, 2004)****TO****JUNE                  30, 2004** |   |
|------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------|-------------|------------------------------------------------------------------------------------------------------------------|--------|
| **CASH                  FLOWS FROM OPERATING****AND                  INVESTING ACTIVITIES:**               |   |                                                                    |        |                                                                                                             |   |   |   |
| Net                  investment loss and decrease in net assets resulting from                  operations |   | $                                                                       | (15,205     | )                                                                                                                | $      | — |   |
| ** **Adjustments                  to reconcile net decrease:                                          |   |                                                                    |        |                                                                                                             |   |   |   |
| Decrease                  in accrued expenses                                                              |   |                                                                    | (3,500      | )                                                                                                                |   | — |   |
| **NET                  CASH USED IN OPERATING**                                                            |   |                                                                    |        |                                                                                                             |   |   |   |
| **AND                  INVESTING ACTIVITIES**                                                              |   |                                                                    | **(18,705** | **)**                                                                                                            |   | — |   |
| **CASH                  FLOWS FROM FINANCING ACTIVITIES:**                                                 |   |                                                                    |        |                                                                                                             |   |   |   |
| ** **Net                  proceeds from the issuance of stock                                         |   |                                                                    | 88,917      |                                                                                                             |   | 150 |   |
| Loan                  from affiliated company                                                              |   |                                                                    | 6,999       |                                                                                                             |   | - |   |
| Due                  to former stockholder in connection with common stock                  rescission     |   |                                                                    | -           |                                                                                                             |   | 45 |   |
| **NET                  CASH PROVIDED BY FINANCING ACTIVITIES**                                             |   |                                                                    | **95,916**  |                                                                                                             |   | **195** |   |
| **NET                  INCREASE IN CASH**                                                                  |   |                                                                    | **77,211**  |                                                                                                             |   | **195** |   |
| **CASH                  - BEGINNING OF PERIOD**                                                            |   |                                                                    | **13,600**  |                                                                                                             |   | **-** |   |
| **CASH                  - END OF PERIOD**                                                                  |   | **$**                                                                   | **90,811**  |                                                                                                             | **$**  | **195** |   |
| **Non-cash                  financing activities:**                                                        |   |                                                                    |        |                                                                                                             |   |   |   |
| Conversion                  of amount due affiliated company into common stock                             |   | $                                                                       | 61,432      |                                                                                                             | $      | - |   |
| Deferred                  offering costs charged to additional paid-in capital                             |   | $                                                                       | 30,708      |                                                                                                             | $      | - |   |

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**BLACKHAWK        CAPITAL GROUP BDC INC.**

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

***Business        description***

***Basis        of presentation***

***Restated        financial statements***

| **2** | **STOCKHOLDERS’                    EQUITY** |
|-------|---------------------------------------------------|

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| **3** | **INCOME                  TAXES** |
|-------|-----------------------------------|

| **4** | **DUE                  TO AFFILIATED COMPANY** |
|-------|------------------------------------------------|

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| **5** | **RELATED                  PARTY TRANSACTIONS** |
|-------|-------------------------------------------------|

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| **6** | **FINANCIAL                HIGHLIGHTS** |
|-------|-----------------------------------------|

|                                                                    |   | **THREE                  MONTHS****ENDED****JUNE                  30. 2005** | ** ** | **SIX                  MONTHS****ENDED****JUNE                  30. 2005** |   |
|-------------------------------------------------------------------------|--------|------------------------------------------------------------------------------|------------|----------------------------------------------------------------------------|--------|
| **Per                  Share Data:**                                    |   |                                                                         |       |                                                                       |   |   |   |
| Net                  asset value - beginning of period                  |   | $                                                                            | 0.00176    |                                                                       | $      | 0.00050 |   |
| Net                  investment loss *                                  |   |                                                                         | (0.00008   | )                                                                          |   | (0.00088 | ) |
| Issuance                  of common stock                               |   |                                                                         | 0.00796    |                                                                       |   | 0.00796 |   |
| Dilutive                  effect of share issuance                      |   |                                                                         | (0.00504   | )                                                                          |   | (0.00298 | ) |
| Net                  asset value - end of period                        |   |                                                                         | 0.00460    |                                                                       |   | 0.00460 |   |
| **Total                  return based on net asset value ****           |   |                                                                         | (5         | %)                                                                         |   | (176 | %) |
| Common                  shares outstanding - end of period***           |   |                                                                         | 23,626,781 |                                                                       |   | 23,626,781 |   |
| **Ratio/Supplemental                  Data**:                           |   |                                                                         |       |                                                                       |   |   |   |
| Net                  assets - end of period                             |   | $                                                                            | 108,718    |                                                                       | $      | 108,718 |   |
| Ratio                  of net investment loss to average net assets**** |   |                                                                         | (11        | %)                                                                         |   | (68 | %) |
| Ratio                  of operating expenses to average net assets****  |   |                                                                         | 13         | %                                                                          |   | 69 | % |

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| **7** | **SUBSEQUENT                EVENTS** |
|-------|--------------------------------------|

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

*Overview*

*Accounting        Policies*

*Basis        of Presentation*

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*Use        of Estimates in the Preparation of Financial Statements*

*Valuation        of Long-Lived and Intangible Assets*

*Income        Taxes*

*Portfolio        and Investment Activity*

*Investment        Strategy*

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*Results        of Operations*

*Sales        Revenues*

*General        and Administrative Expenses*

*Other        Income (Expenses)*

*Liquidity        and Capital Resources*

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

**Item        4. Controls and Procedures.**

**PART        II. OTHER INFORMATION**

**Item        1. Legal Proceedings. **

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**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 |
|                         |                                                                                                                                                  |
| C                            | Blackhawk                  Capital Group BDC, Inc. Code of Conduct                  *                                                                 |

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|                                  |                                                      |                                    |
|---------------------------------------|-----------------------------------------------------------|-----------------------------------------|
|                                  | **BLACKHAWK                CAPITAL GROUP BDC, INC.**      |
|                             |                                                 |                               |
| Date: May                8, 2006 | By:                                             | /s/ Craig                A. Zabala |
|                                  | Craig                  A. Zabala, Chief Executive Officer |

|                                  |                                                             |                                    |
|---------------------------------------|------------------------------------------------------------------|-----------------------------------------|
|                             |                                                        |                               |
| Date: May                8, 2006 | By:                                                    | /s/ Craig                A. Zabala |
|                                  | Craig                  A. Zabala, Acting Chief Financial Officer |
|                                  |                                                             |

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