Black History Month is a time for us to reflect on the past, present, and future of Black free enterprise and its influence on the U.S. business landscape and economy. African American business ownership has provided generations of African Americans the opportunity to build wealth and contribute to our local economies. Black entrepreneurs are vibrant and robust, representing enormous economic potential. This is why the Charles County Economic Development commemorates and recognizes the contributions, potential and accomplishments of black-owned businesses and entrepreneurs, and the economic impact they have made on our economy.
Today, we celebrate the achievement of Mr. Troy Smith, Founder and Chief Executive Officer of Guardian Financial, LLC. Smith has risen to sit amongst the finance world’s elite and is making history by being the first African American Private Mortgage Lender to secure a $100 million dollar warehouse line. Headquartered in Waldorf, his company lends in 44 states and offers bank-alternative mortgage financing for real estate investors.
Smith was born in Phoenix, Arizona, and raised in Springfield, Massachusetts, where his love for finance blossomed through engagement in a Federal Credit Union youth program designed to teach young people how to run a financial institution. Troy sat on the board of directors for many years and traveled around the country, opening other youth credit union programs and teaching youth about the importance of understanding the economy and commerce.
He went to college at Winston-Salem State University, an HBCU in North Carolina, where he studied business management with a concentration in marketing. While in college, Troy developed an insatiable appetite for entrepreneurship and founded several successful small businesses in the entertainment and product development industries.
One of his favorite pastimes was cooking, so he decided to learn the restaurant craft and ultimately open a restaurant. Smith left North Carolina in 2007 and moved back to Phoenix, Arizona, where his restaurant journey began. He managed several multi-million dollar restaurant chains, including The Cheesecake Factory and BJ’s Restaurant & Brewhouse. He worked for celebrity chefs, including Rick Moonen’s RM Seafood in Mandalay Bay, Las Vegas, and Wolfgang Pucks CUT Steakhouse in the Venetian Palazzo Las Vegas.
Smith eventually opened a small bakery in Chandler, Arizona, which had early success. However, his love for finance resurfaced, and he realized that while he loved to cook, the pressure of running a restaurant day to day was not his true calling. He was called to teach and educate people about finance, how to access capital, and how to own and operate a successful business.
He found a position as a retail mortgage loan officer for Home Loan Network in Tempe, Arizona. Troy eventually became an Account Executive for Oaktree Funding Corporation, a wholesale mortgage banker, where he added to his early knowledge of loan underwriting, credit risk, secondary market analysis, and risk mitigation. He became a member of their executive team and built their business from $10 million in monthly sales to over $80 million in monthly sales in just under three years.
Smith decided it was time to open a financial institution in April 2019, and Guardian Financial, LLC was born. The company went through some early struggles but has risen from the ashes to now become a nationwide powerhouse, gaining market share period over period. Guardian Financial also provides investment consultation services where Troy teaches individuals how to leverage debt financing for long-term wealth creation.
Charles County Business Resources
But even with this onward thrust, black enterprises still encounter substantial barriers compared to the average small enterprise, such as access to capital for growth and expansion. The Economic Development Department recognizes how imperative it is that all business owners have access to the resources of funding and education that will assist them to take their business to the next level. Here's a closer look at the programs and resources available to Charles County small businesses.
SMALL LOCAL BUSINESS ENTERPRISE PROGRAM (SLBE)
Charles County supports the vitality of small businesses by encouraging them to participate in County contracts and other procurement opportunities. The Small Local Business Enterprise (SLBE) Program is for all Charles County based businesses, but our local minority and black-owned companies can benefit when competing against larger, non-Charles County based firms.
MINORITY & WOMEN-OWNED BUSINESS ENTERPRISE PROGRAM (MWBE)
The Minority & Women-Owned Business Enterprise Program encourages women, people of color, veterans, and disabled entrepreneurs to take their seats at the procurement table. This program encourages minority business participation in the County procurement process by providing technical assistance with certification, networking, and promoting MBEs as subcontractors on County projects.
LOCAL AND MINORITY BUSINESS TOOLS
For emerging businesses, the College of Southern Maryland’s Small Business Development Center connects the dots between product development and profit.
APEX Accelerators (formerly Maryland PTAC) provide counseling services at no or low cost to Maryland small business owners who want to do business with government and respond to RFPs.
The College of Southern Maryland’s Equity and Inclusive Diversity Office holds workshops and networking opportunities relevant to the modern workplace.
View our Business Resources guide for an overview of resources available to Charles County businesses.
