Our Mission

The mission of the Community Economic Development Fund (CEDF) is to strengthen neighborhood economies by providing flexible financing, technical support and educational opportunities to businesses, community organizations and initiatives in communities throughout Connecticut.

Mary Ortiz, owner of Borinquen Bakery in New Britain, purchased a building, bought new equipment and greatly expanded her bakery in 2017 with the help of CEDF. Mary was honored with the 2018 SBA Minority-Owned Business award.

Our History

CEDF was founded in 1994 through a public act of the Connecticut Legislature resulting from an initiative of then Governor Lowell Weicker. He saw an urgent need for small business lending for the state’s economically distressed cities at a time when traditional banking institutions were scaling back lending activity. Today, CEDF continues the vision of small business formation, job creation and growth as a catalyst for meaningful economic development throughout Connecticut.

Gov. Lowell Weicker

Our Structure

The Community Economic Development Fund (CEDF) is composed of four affiliated organizations, all focused on a single mission of economic development.

The Community Economic Development Fund Foundation, Inc.
A statewide 501(c)(3) nonprofit that manages lending and operations of  the Small Business Administration MicroLoan program and administration of the CEDF organization.

The Community Economic Development Fund Corporation
A wholly-owned subsidiary of the Foundation and manager of the lending and operating functions of Fund 1, LLC. and Pool 2, LLC.
(Shown below.)

The Community Economic Development Fund 1, LLC.
A mission-driven loan pool funded by 26 investors, primarily banks.

The Community Economic Development Fund Pool 2, LLC.
Formed for the origination and continued servicing of loans made through capital provided by the Department of Economic and Community Development’s Small Business Express Program.

Our Team

The mission  of CEDF is accomplished with the leadership of our directors, executed by our staff and funded by our investors and supporters.

Officers
David Le Vasseur, CT Office of Policy & Management (Chair Jan.-May)
Kim Healey, NewAlliance Foundation, Vice Chair (Acting Chair Jun.- Dec.)
Mark Nolan, Nolan Enterprises Real Estate, Treasurer
Frank Mac Hugh, Webster Bank, Secretary

Directors
Ana Alfaro, Eversource
Pastor Jean – Lubin Beaucejour, Meriden Community Representative
William Callion, Jr., Stamford Public Safety, Health & Welfare (Retired)
Art Casavant, People’s United Bank
Catherine Cordero Domenech, Wells Fargo
Rev. Bonita Grubbs, Christian Community Action
Kerry Kelley, CT Office of Policy & Management
Thomas Malloy, Altus Multinational Group, LLC
Pastor Carl McCluster, Bridgeport Community Representative
Ted Murphy, Connecticut Innovations
Commissioner Jorge L. Perez, CT Department of Banking
Tim Zhakselekov, Citizens Bank

Officers
David Cantor, Liberty Bank, Chair
Paola Mantilla, City of Meriden, Economic Development, Vice Chair
Robert Saracino, Bank of America, Secretary
Gerson DaSilva, Webster Bank, Treasurer

Directors
Jerri Bonnell, People’s United Bank
Jessica Cabanillas, CT Office of Policy & Management
Patty Dyer-Powers, Citizens Bank
Glenn Geathers, Hartford Community Representative
Michael Levinson, Santander Bank
Joseph Morrissey, Union Savings Bank
Rodney Thomas, Stamford Community Representative
Carolyn Welch, Wallingford Community Representative
Cornell Wright, The Parker Wright Group, Inc., Community Representative

James S. Bzdyra, President and CEO

Finance & Administration
Karen Maciorowski, Vice President & CFO
Kathy Domijan, Director of Accounting
Marie Dumas, Loan Servicing Specialist
Olga Gautier, Administrative Assistant

Lending
Karen Tessman, Director of Lending
Ricardo Vidal, Loan Officer
Jim Geraghty, Chief Underwriter

Client Services
Andrew Scarpa, Director of Business Advisory Services
Steven Adamo, Business Advisor
Jennifer Avallone, Business Advisor
Frederick Welk, Director of Business Education & Communication, Business Advisor

Bank of America
CEDF Corporation
Chelsea Groton Bank
Citizens Bank of Connecticut
Connecticut Housing Finance Authority
Darien Rowayton Bank
Dime Bank
Eastern Savings Bank
First County Bank
Jewett City Savings Bank
J.P. Morgan Chase
Key Bank
Liberty Bank
Mohegan Tribe
Newtown Savings Bank
People’s United Bank
Santander Bank
Savings Bank of Danbury
Savings Institute Bank and Trust
TD Bank
Torrington Savings Bank
Union Savings Bank
United Bank
U.S. Trust Company N.A.
Webster Bank
Wells Fargo Bank

Thank you to the following supporters for their generous grants and other funding in support of CEDF’s four programs: Small business lending, Business Advisory services, Business Education training and Community Development:

Banks
Bank of America
Citizens Bank of Connecticut
People’s United Bank Foundation
Santander Bank
Union Savings Bank
Webster Bank
Wells Fargo Bank

Equity Investments
Citizens Bank of Connecticut
Key Bank
Union Savings Bank
Webster Bank

Government
CT Department of Economic and Community Development
U.S. Small Business Administration

Loan Guarantees (active)
North West (NW) CT Small Business Revolving Fund
Sachem Fund Program
DECD Women-Owned and Minority-Owned Business Program