Before stepping onto the public stage as a candidate, Delaney made a name for himself in the financial arena as the founder of CapitalSource, a multibillion-dollar commercial finance firm. The Chevy Chase outfit provides loans of up to $100 million to small and mid-size businesses.
Delaney, who lives in Potomac, is a father of four who has portrayed himself as a political outsider whose experience in the business world would make him an effective leader. In addition to his companies, he founded Blueprint Maryland, a nonprofit group that aims to create jobs in the state. If elected, Delaney said his first priority would be “jobs and our economy.”
“I understand how to create jobs and the needs of small businesses — and it’s small businesses that are the job creation engine,” Delaney said in a statement announcing his candidacy.
Because Delaney, 48, is new to the political world, Garagiola has focused his attacks almost exclusively on Delaney’s business record.
Industry experts said that CapitalSource has traveled an usual path, from commercial lender to real estate investment trust to bank, in its 12 years in business. But those moves kept the company afloat during the downturn, when borrowers struggled to repay loans and real estate values plummeted, said analyst Henry Coffey of Sterne Agee.
“Delaney has built up a successful business and proven himself to be nimble in tough financial environments,” Coffey said.
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