Application Process: MCBIF

The process from financing application through closing is set forth below. The process is basically the same regardless of whether you’re applying for financing from MSBDFA or MCBIF. Differences are noted in each chart. This chart is intended to provide you with the standard processing of our financing applications. However, the processing of any particular application may be delayed or altered depending on the facts and circumstances of that application.

Apply

You will be required to register and complete the application form via the MMG Capital Group online platform (“MMG Platform”).

You will be required to pay the applicable application fee.

You will be required to complete the online application and upload all required documents to the Platform prior to your application being considered for financing.

Review / Underwriting

Your application will be assigned to a Loan/Investment Officer(“LIO”) for review upon completion of your application and payment of the application fee.

The LIO may contact you for additional documents or information, with questions about your application, and/or to discuss your application.

Generally, LIOs attempt to complete their reviews between 2 – 4 weeks. However, the review process may get extended depending on the quality, accuracy and completeness of the information contained in the application or in any responses to additional information requests.

Once the LIO completes their review and determines the financing request should be considered for approval, the application along with supporting documentation is submitted for approval.

Approval

All MCBIF applications for financing over $350,000 are  reviewed and considered by  the MCBIF Board.

Applications for financing for $350,000 or less are reviewed and considered by the MMG Capital Group Internal Loan Committee.

The MCBIF Board and MMG Capital Group Internal Loan Committee meet on an as-needed basis to consider applications.

If the application is approved, you will receive a commitment letter and term sheet outlining the terms upon which MCBIF will provide financing within approximately 3 business days. If your application is not approved, you will be sent a declination letter.

Commitment Letter

You will have 14 days to review and decide if you wish to move forward with the financing.

You will be required to sign and return the commitment letter along with the applicable non-refundable commitment fee. The Non-refundable Commitment Fee ranges from $500 to $3,500 and is required at acceptance of the Commitment Letter.

If you sign and return the commitment letter and subsequently decide not to move forward with the financing, you will be responsible for all expenses incurred in connection with the financing including the legal fees.

Closing

Upon receipt of your signed commitment letter and administrative fee, we will have our attorney contact you to begin the document preparation for the financing and closing.

You will receive a letter from our attorney outlining the documents you will need to send him/her to close the financing.

Our attorney will schedule the closing once they have drafted the financing documents and have all other documents requested from you. The process may get extended if any issues arise or the documents you provide are inadequate, incomplete or inaccurate.

You are responsible for all expenses in connection with the financing including legal fees. These fees consist of document preparation, MCBIF’s legal counsel, credit reports, lien reports, judgement reports, lien filing fees, and other incidental costs.

Upon closing of the financing, our attorney will forward the executed copies of the financing documents.

If the financing does not close, these costs remain as the applicant’s responsibility.
Once we receive the executed financing documents, MMG will initiate the process to disburse the loan/investment proceeds. The loan/investment proceeds will be sent to you by either check or ACH direct deposit. This funding process generally takes 1- 3 business days.

Ready to start the process?

Start your journey toward securing the financing your business needs today. Whether you’re a small business owner, entrepreneur, or part of a minority, women, or veteran-owned enterprise, our tailored funding options can help you grow, create jobs, and build lasting wealth. Don’t wait—explore the process and take the first step toward your business success!

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826 E. Baltimore Street
Baltimore, MD 21202

(410) 333-4270
mmgdeal@mmgcapitalgroup.com

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Taber J. Small

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)

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:

  • Principals must be of good moral character and have a reputation for financial responsibility;
  • Company must have its principal place of business in Maryland;
  • Company must be unable to obtain adequate business financing on reasonable terms through normal channels because of:
    • o An identifiable physical handicap that severely limits the ability of the applicant to obtain financial assistance;
    • o Its principal(s) belongs to a group that historically has been deprived of access to normal economic or financial resources because of race, color, creed, sex, religion, or national origin; or
    • o Any other social or economic impediment that is beyond the control of the applicant, such as lack of formal education, financial capacity or geographical or regional economic distress.
  • Company must have applied for and been denied a loan by a financial institution, evidenced by a turndown letter.
  • If the applicant is other than a sole proprietorship, at least 70 percent of the business enterprise must be owned by individuals who meet the qualifications for applicants.
  • Issuance of a loan must generate substantial economic impact (i.e. job creation or retention, and tax revenue for the state) in relation to the amount of the loan.
 

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)