State Senator Nathaniel McFadden has been a mainstay in the political fabric of the East Baltimore Community for more than twenty (20) years. Having first served in the Baltimore City Council in 1992, Senator McFadden strategically elevated himself to President Pro Tem and Vice Chair of the Budget and Taxation Committee (arguably the most powerful committee in the Maryland General Assembly). He has exhibited tremendous leadership and diplomacy in his tireless efforts to make Baltimore and the entire State of Maryland the finest in the nation – particularly in terms of business viability and economic opportunity. The Senator has an uncanny ability to collaborate on a wide array of issues among his Baltimore delegation, his other colleagues in Annapolis and trade associations across the state. As a result, he, in conjunction with other members of the Maryland Legislative Black Caucus, has been able to enact a significant number of long-term public policy objectives that will benefit generations to come. Here are just a few them:
1. Sponsored and co-sponsored legislation that developed the financing programs of the Maryland Small Business Development Financing Authority (MSBDFA) into what the Wall Street Journal and the Insight Center for Community Economic Development refer to as “the most comprehensive set of financing programs for minority businesses in the country.” Historically, more than 60% of the funding from MSBDFA has been provided to businesses owned by African-Americans.
2. Helped increase the maximum amount of financing to be provided from each MSBDFA program from $500,000 to $2,000,000, and increase the total amount of available capital for lending and investing from $5.5 million in 1995 to more than $15 million currently.
3. Within the past few years, he has co-sponsored and lobbied for the passage of legislation that:
a. Created a $7 million pool of equity capital to be invested in small, minority and women-owned businesses. Such funding was generated from the sale of state income tax credits to several insurance companies; and
b. Required 1.5% of all of the proceeds derived from the Maryland casino slots machines be set aside to provide financing to small, minority and women-owned businesses. The first pool of funding for this purpose was $7.8 million. This funding is perpetual.
4. Helped pave the way for extensive redevelopment in the East Baltimore Community and for the opportunity for minority businesses and community residents to participate in the economic benefits of such redevelopment.
The Senator and member of the Black Caucus are currently spearheading an effort to enact legislation that will permit Maryland to issue corporate income
tax credits to companies that sell their well-developed businesses to small, minority, women and service disabled veterans. This legislation promises to provide opportunities for African-Americans to own and operate larger and more profitable enterprises.
Senator McFadden is a humble servant of our community. He is also persistant in maintaining a very bold and aggressive posture when it comes to holding public officials and corporate recipients of public funding accountable for providing benefits to his East Baltimore constituents, the broader Baltimore Metropolitan area and people of color across our great State. We must continue our support for a Senator who has displayed an unwavering commitment to those he represents. That Senator is our friend - the one and only, Nathaniel McFadden.
Stanley W. Tucker is the President and Chief Executive Officer and co-founder of Meridian Management Group, Inc., which was established in 1995. Mr. Tucker has more than 20 years of diversified business experience, blending a strong emphasis on lending, venture capital investing in order to develop socially or economically disadvantaged small businesses. Previously, Tucker was the Executive Director of the Maryland Small Business Development Financing Authority (MSBDFA), a self-sufficient state agency that assists socially or economically disadvantaged businesses. Since 1980, MSBDFA has provided approximately $92.7 million in financing to 410 small businesses. Before heading MSBDFA, he was Vice President of the Park Heights Development Corporation (PHDC), a community-based economic development agency located in one of Baltimore's most distressed neighborhoods with high crime and unemployment numbers. Additionally, Mr. Tucker was a Credit Analyst for The Equitable Trust Company of Baltimore. Mr. Tucker received his Bachelor of Science Degree from the Morgan State University and his Masters of Science Degree from the Carnegie-Mellon University.