Maryland Casino Business Investment Fund (MCBIF)

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MARYLAND CASINO BUSINESS INVESTMENT FUND (MCBIF)

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):

  • BALTIMORE CITY (Horseshoe Casino)
  • CECIL COUNTY (Hollywood Casino Perryville)
  • ALLEGANY COUNTY (Rocky Gap Casino Resort)
  • ANNE ARUNDEL COUNTY (Maryland Live Casino)
  • WORCESTER COUNTY (Casino at Ocean Downs)
  • PRINCE GEORGE'S COUNTY (MGM National Harbor) Purpose

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.

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)