Author: Ben Ambalong

News & Spotlight Small Business Growth

News & Spotlights MMG CAPITAL GROUP HOSTS INSPRIRING SMALL BUSINESS GROWTH & IMPACT LEGISLATIVE RECEPTION On January 23, 2025, MMG Capital Group hosted a Small Business Growth & Impact Legislative Reception at Latitude 38° Waterfront Dining in Annapolis, Maryland. The event welcomed key partners, including the Maryland Department of Commerce (“Commerce”) and the Legislative Black […]

MSBDFA SSBCI - A Short Primer

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

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)