big bang - Loop quantum gravity- is the critical density sufficient to form a 'black hole'?

I think in loop quantum gravity the rate of expansion of the universe is found from:

$H^2=\frac{8\pi G}{3}\rho\left(1-\frac{\rho}{\rho_c}\right)$

And I was wondering whether the critical density $p_c$ in the equation would actually mean that all of the matter was condensed to within its Schwarzschild radius, but quantum effects make it bounce anyway? Or is the Schwarzschild radius never reached? (I think it must be considering observation suggest that there are black holes in our and other galaxies, and if the critical density was not great enough to reach the Schwarzschild radius then loop quantum gravity would predict that ordinary black holes cannot exist either, right?)