The State of Maryland established the Small, Minority, and Women-Owned Business Account which is administered by the Maryland Department of Commerce (the “Account”). The Account receives 1.5% of the proceeds from video lottery terminal (i.e., slot machine) facilities located in Maryland (“VLT Facilities”). Commerce makes grants from the Account to certain fund managers so they may provide loans to small, minority and women-owned businesses in Maryland. At least 50% of the funds received by fund managers must be allocated to businesses in the communities surrounding a video lottery terminal facility. There are currently six (6) areas with VLT Facilities (i.e., casinos):
MMG Capital Group is one of the fund managers that receives funds from the Account. The Maryland Casino Business Investment Fund (“MCBIF”), which is managed by MMG Capital Group, uses the Account funds it receives to provide loans to small, minority and women-owned businesses in Maryland.
MCBIF provides affordable, flexible, and patient capital to assist in the acquisition of businesses, equipment, owner-occupied commercial real estate, vehicles, furniture/fixtures, and lease hold improvements. It also provides working capital assistance for maintaining and improving business cash flow; marketing; adding personnel; inventory expansion; and obtaining professional consulting assistance. In addition, it refinances existing debt under certain circumstances.
The MSBDFA SSBCI funds are being used to expand access to capital for small businesses and Socially and Economically Disadvantaged Individual (SEDI)–owned enterprises.
How MSBDFA Uses SSBCI Funds
Support is available for businesses that may not meet traditional credit or investor criteria. Assistance may take the form of:
• Subordinated term loans
• Demand loans
• Equity investments
Eligible Uses of Funds
SSBCI funds can support a wide range of business needs, including:
Working capital
Equipment and supplies
Owner‑occupied real estate
Business acquisitions
Leasehold improvements
Professional/technical assistance
Refinancing existing debt (with qualifying conditions)
Interest rates can be as low as 3%, making this an attractive option for growth‑minded small businesses.
Private Capital Match Requirement
To qualify, companies must bring private funding—such as bank financing, insurer capital, investor contributions, or owner equity—equal to or greater than the SSBCI amount requested.
MSBDFA Deployment of SSBCI Funds
The following companies represent the successful deployment of SSBCI funds during the first tranche:
Hungry Harvest, LLC (Landover): Rescues farm-fresh produce to provide affordable delivery to 9,000 customers while closing food access gaps.
Señors Market, LLC (Annapolis): Opening a 7,018 square foot supermarket and Mexican restaurant, supported by a $5 million financing package.
Bon AppeSweet, Inc. (Leonardtown): A veteran and African American woman-owned business scaling date-sweetened chocolate to 348 Walmart locations.
Aidar Health, Inc. (Baltimore): A Johns Hopkins University spin-off enhancing chronic disease management through digital medicine.
Stacato, LLC (Rockville): Developing advanced communications equipment for the U.S. military to enable “hyper-enabled warfighters.”
Keep Company, LLC (Bethesda): Provides online group coaching for employees who are parents and caregivers to improve workplace retention.
Fearless DSI, LLC (Baltimore): An 8a certified company providing IT services to the U.S. government with 240 employees.
Compost Crew, LLC (Rockville): The leading food scrap collector in the DMV region, focusing on decentralized composting.
Taber J. Small is a Vice President and Loan Officer for MMG Capital Group. Prior to joining MMG, Mr. Small was an experienced commercial lender with previous employment at Bank of America, Wells Fargo, PNC, JP Morgan Chase and recently WesBanco Bank as a Senior Vice President Commercial Banker in middle market banking. During his tenure as a banker, he received numerous star banker awards and received the Omega Commercial Lending Advanced Credit Training Certificate of Achievement. He is a graduate of the University of Connecticut with a B.A. in Economics.
Mr. Taber is also very involved in the community and serves on numerous boards of organizations such as Associated Black Charities, Baltimore City Chamber of Commerce, 29th Street Community Center and NPOWER. He also serves on the development committee of the Reginald F. Lewis Museum and is a member of the Platinum Center Club based in Baltimore.
Contract Financing Program (CFP) provides financial assistance to eligible businesses in the form of direct loans. The funds may be used for working capital and the acquisition of equipment needed to begin, continue, or complete work on contracts where a majority of funds are provided by a federal, state or local government agency or utilities regulated by the Public Service Commission. Financing is limited to $2,000,000 and must be repaid during the term of the contract(s). Applicants may qualify for financing prior to contract award. Financings in the form of revolving lines of credit are renewable on an annual basis.
General Eligibility:
Maximum Policy Limits: Loans Provided Directly by MSBDFA $2,000,000
Interest Rates: Generally Prime Rate + 2% Payments: Principal and interest are payable as contract proceeds are received, in amounts satisfactory to MMG and the Authority. All Payments must be assigned to MSBDFA
Term: Duration of the Contract(s)
Use of Proceeds: Working Capital, Purchase of Machinery and Equipment, Supplies and Materials (Required to perform the contracts)