Perhaps you are carrying the meaning of the word "early" too far back to the very early universe. The early, universe, during which time necleosynthesis, occurred universe did produce sufficient material which led to black holes.
Here is an early universe timeine provided by Wikki:
1 Very early universe
1.1 Planck epoch
1.2 Grand unification epoch
1.3 Electroweak epoch
1.3.1 Inflationary epoch
1.3.2 Reheating
1.3.3 Baryogenesis
2 Early universe
2.1 Supersymmetry breaking
2.2 Quark epoch
2.3 Hadron epoch
2.4 Lepton epoch
2.5 Photon epoch
2.5.1 Nucleosynthesis
2.5.2 Matter domination: 70,000 years
2.5.3 Recombination: ca 377,000 years
2.5.4 Dark ages
3 Structure formation
3.1 Reionization: 150 million to 1 billion years
3.2 Formation of stars
3.3 Formation of galaxies
3.4 Formation of groups, clusters and superclusters
3.5 Formation of our solar system: 8 billion years
3.6 Today: 13.7 billion years
Black Holes and Quasars
http://dnausers.d-n-a.net/dnetGOjg/Black/Holes.htm
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Excerpt:
Ker Than
for National Geographic News
Published October 8, 2010
Monster galaxies with supermassive black hole hearts released fierce blasts that superheated the early universe, new Hubble observations suggest. The scorching conditions also stunted the growth of smaller dwarf galaxies, the new research shows.
Between 11.7 to 11.3 billion years ago, ultraviolet (UV) light emitted by quasars—enormous galaxies with supermassive black holes at their centers—stripped electrons of cosmic helium, according to observations made with the Cosmic Origins Spectrograph (COS) on NASA's Hubble Space Telescope. The big bang that created our universe occurred around 13.7 billion years ago.
http://news.nationalgeographic.com/news/2010/10/101008-black-holes-universe-galaxies-space-science/