Heat oil in a medium pot. Add onions and bacon and cook until the onions are just starting to soften and the bacon is cooked (the bacon will not be crispy).
Add in the beans and broth. Bring to a boil and reduce to a simmer and cook until the beans are done, 30-45 minutes.
Note: As a variation, you can cook the bacon in a separate skillet. Drain most of the fat. When the beans are done cooking, place them in the skillet over high heat just long enough to toss and coat with the bacon drippings. Serve.