The Office of Prince George's County Executive Rushern L. Baker recently announced seven imdividuals who will comprise the Financial Advisory Committee (FAC) for the $50 million Economic Development Incentive (EDI) Fund.
Under the law that created the EDI Fund, the Committee is responsible for reviewing and providing credit guidance to Brad Seamon, the County's Chief Administrative Officer (CAO), regarding financial assistance applications of loans and grants from the EDI Fund. The Committee members are all County residents with backgrounds in business and finance.
"I want to thank the members of the EDI Fund Financial Advisory Committee for volunteering their time and talents to help spur economic growth in Prince George's County," said Baker. "Now with the Financial Advisory Committee in place we can approve our first EDI loans and grants and allow this investment money to begin creating jobs and opportunities for County residents."
The EDI Fund, signed into law on November 17, 2011, became operational on March 1, 2012. Applications for financial assistance from the Fund are being accepted by the Economic Development Corporation and as of this date, 39 discrete applications have been received. Those applications have been undergoing review for consistency with the statutory goals and priorities of the EDI Fund law, as well as for credit underwriting.
The first applications are nearing the completion of internal review by the EDC, FSC First, and the Prince George's County Economic Development Team and CAO. FAC review is a necessary step prior to the submission of applications to the County Council for notice or approval.
By law, the seven-member FAC shall be comprised of independent financial services professionals experienced and skilled in banking, finance, real estate, commercial development, accounting, or business. Three of the members were recommended to the CAO by the County Council and serve at their pleasure. The remaining four members were nominated by the CAO from the business community and from the general public, and serve at the pleasure of the CAO. The members shall serve for a term of 5 years with no compensation.
"The individuals selected to serve on the EDI Fund Financial Advisory Committee bring a broad range of backgrounds and experiences to the important task of protecting the County's interests and ensuring responsible stewardship of EDI funds," said Prince George's County Council Chair Andrea C. Harrison. (District – 5) "We look forward to their insight and recommendations as we move the County forward in the area of economic development with new opportunities for residents and businesses."
Members of the Financial Advisory Committee are:
Rochelle S. Andrews was raised in Montclair, New Jersey. She received her B.S. Degree in Management from Rutgers University, and her MBA in Marketing and HR Management from Vanderbilt University. While at Vanderbilt; Rochelle co-founded a class called the Initiative for a Competitive Inner City (ICIC).
Earl W. Checkley A Controller in Deloitte Consulting's Federal Government Services Practice, Earl W. Checkley has almost 20 years of experience leading and transforming organizations in the military, commercial and public sectors. He currently serves as the Lead Controller for the Department of Defense Segment within the National Project Controller Practice.
Kimmey Doney is Vice President of Wells Fargo Bank and has 15 years of professional banking experience with Wells Fargo. This includes the role of Financial Advisor managing an investment portfolio valued at $25 million, a Financial Sales Leader for Prince George's County area with responsibilities over a banking portfolio valued at $440 Million and a District Manager of the Prince George's Community Banking Market with responsibilities over 8 branches and 100 employees. He currently serves as the Chairman of the Prince George's Financial Service Corporation Bankers' Task Force.
Mia N. Pittman has over 20 years of experience in banking and finance. She currently works with the Federal Deposit Insurance Corporation (FDIC) as a bank examiner with expertise in commercial loan review. Prior to FDIC, Ms. Pittman worked for BB&T as a commercial lender covering Prince George's County, MD. She has been an instructor at a community college in Blue Bell, Pennsylvania where she taught the inaugural classes of a well-regarded small business program for women.
Timothy Sanders is currently President, Capital Lending and Mortgage Group, a Capital Funding Group affiliated organization. Mr. Sanders joined Capital Funding Group (CFG) in October 2008, where he is responsible for managing the operations of the bridge loan business, Capital Lending and Mortgage Group. In addition, he currently oversees Capital Spend Management, a supply chain management company owned by CFG.
Dion W. Smith is a career banker with over 30 years of experience in the suburban Maryland market. He is currently a Vice President and Commercial Loan Officer with Old Line Bank located in Bowie, MD., where he is primarily responsible for business development and portfolio management. Prior to joining Old Line Bank in 2003, Mr. Smith held commercial loan officer positions with local banks in Montgomery and Anne Arundel Counties.
Maurice C. Taylor is Vice President for University Operations at Morgan State University in Baltimore. In addition to his responsibilities at Morgan, Dr. Taylor has served as a member of several task forces and work groups for the Maryland Higher Education Commission. Prior to moving to Bowie, he served for six years as the Chair of the Baltimore County Human Relations Commission.