In 2008, the Maryland General Assembly passed and in November 2008 the general public
endorsed a bill which sets the stage for video lottery terminals (VLT), commonly called slot machines, at race tracks and other venues. This legislation also establishes the guidelines for distribution of slot proceeds. The law (Section 9-1A-35) allocates 1.5% of all slot proceeds generated by gaming venues to a fund for small, minority and women-owned businesses (Targeted Businesses) in an account under the authority of the Board of Public Works (VLT Fund Pool). The Board of Public Works has executed a memorandum of understanding with the Department of Business and Economic Development (DBED), to administer the VLT Fund Pool by contracting management to private/public sector fund managers.
The Meridian Management Group (MMG), has been designated by DBED, as one of the managers for the Video Lottery Terminal Fund Pool (VLT Fund Pool). The Company will manage and invest the capital into businesses located within the Targeted Areas and throughout the State of Maryland. The name MMG has chosen for the fund is the Maryland Casino Business Investment Fund (“MCBIF”).
The purpose of the MCBIF is to provide access to capital for small businesses, minority owned businesses, women owned businesses and veteran owned businesses (Targeted Businesses) in Maryland. MCBIF’s geographic focus is in areas which are in the designated radius (designated by zip code) of casino facilities. However, Targeted Businesses outside of the designated radius of casino facilities are also eligible for assistance. MCBIF will provide 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 will also provide working capital assistance for maintaining and improving business cash flow; marketing; adding personnel; inventory expansion; and obtaining professional consulting assistance. In addition, it will refinance existing debt under certain circumstances.
MMG has partnered with Prince George’s Financial Services Corporation (FSC First) to provide assistance in managing MCBIF’s portfolio and the BIZ CENTER, Inc., both in Prince George’s County to provide micro loans.
The MMG President, Stanley Tucker, is a member of the SMBCC Board of Directors. The SMBCC President/CEO, Doris J. Cammack-Spencer, is a member of the MCBIF Committee, which reviews and approves MCBIF applications.
Meridian Management Group, Inc. (MMG) is a professional asset manager for economic development and private equity funds. The Management Group and its affiliates bring in excess of 100 years of experience in financing and fostering small, minority, women, and veteran owned businesses.
MMG offers a complete portfolio of financing products and strategic services. Each financing product and service package is designed to advance companies to the next level. The firm manages four comprehensive program funds, which provide our clients with the essential and critical tools needed for a company to grow, succeed and leverage opportunities: the Maryland Small Business Development Financing Authority (MSBDFA); Maryland Casino Business Investment Fund (MCBIF); Community Development Ventures, Inc. (CDV); and MMG Ventures, L.P. (MMGV). We also employ a concierge approach by providing strategic management consulting services through our affiliate company, Morgan Advisory Group, L.L.C.