In 1970, the Nixon administration established the Opportunity Funding Corporation (OFC). The OFC’s mission was to help Black-owned businesses with capital, credit, and business mentoring in an effort to create jobs and business opportunities in African American neighborhoods.
Now the OFC has merged with the Thurgood Marshall College Fund (TMCF), a group representing 47 publicly operated historically Black colleges and universities.
Johnny C. Taylor, Jr., chief executive officer of the Thurgood Marshall College Fund, stated: “Entrepreneurs are key to the American enterprise and TMCF will now ensure the HBCU community does its part to guarantee that there is a talented and diverse pipeline of future entrepreneurs. The announcement of the TMCF-OFC merger is a very special moment for TMCF because it represents a natural evolution of our business model from that of a purely scholarship granting organization to a business-creating and job-producing one.”