Our Mission

The Community Economic Development Fund’s mission is to strengthen Connecticut’s economy by providing flexible small business financing, borrower advisory support, educational programming and focused neighborhood community development initiatives.

Nicole Perry, owner of Affordable Childcare Learning Center, LLC, in Hartford received term loans from CEDF for leasehold improvements, equipment and working capital. With CEDF’s timely and decisive assistance, Nicole was able to move out of a household day care operation into a commercial location. This allowed her to increase her licensed capacity to 53 children and employ an additional 12 local residents.

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 I, LLC. and Pool 2, LLC.
(Shown below.)

The Community Economic Development Fund I, 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
Mark Nolan, Nolan Enterprises Real Estate, Chair
Kim Healey, New Alliance Foundation, Vice Chair
William S. Callion, Stamford Public Safety, Health, and Welfare, Treasurer       
Frank MacHugh, Webster Bank, Secretary

Directors
Ana Alfaro, Eversource
Pastor Jean – Lubin Beaucejour, Meriden Community Representative
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

Officers
David Cantor, Liberty Bank, Chair
Gerson DaSilva, Webster Bank, Treasurer
Robert Saracino, Bank of America, Secretary

Directors
Jerri Bonnell, People’s United Bank
Jessica Cabanillas, CT Office of Policy & Management
Robert Dellatorre, KeyBank
Patty Dyer-Powers, Citizens Bank
Glenn Geathers, City of Hartford, Dept. of Development Services
Michael Levinson, Santander Bank
Joseph F. Morrissey, Union Savings Bank
Dawn Reshen-Doty, Benay Enterprises, Inc., Danbury Community Representative
Rodney Thomas, Stamford Community Representative
Carolyn Welch, Wallingford Community Representative
Cornell Wright, The Parker Wright Group, Inc., Stratford 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
Ricardo Vidal, Director of Lending
Tom Lenahan, Chief Underwriter

Client Services
Frederick Welk, Director of Business Education and Communications
James Babcock, Director of Workout/Asset Management
Andrew Scarpa, Director of Business Advisory Services
Steven Adamo, Business Advisor
Jennifer Avallone, Business Advisor

 

Bank of America
CEDF Corporation
Chelsea Groton Bank
Citizens Bank of Connecticut
Connecticut Housing Finance Authority
Dime Bank
Eastern Savings Bank
First County Bank
Jewett City Savings Bank
J.P. Morgan Chase
Key Bank
Laurel Road 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 and Foundations

Bank of America
CEDF Corporation
Chelsea Groton Foundation
Citizens Bank of Connecticut
Key Bank
New Alliance Foundation
People’s United Bank Foundation
Santander Bank
Savings Institute Bank & Trust
TD Charitable Foundation
Webster Bank
Wells Fargo Bank

Equity Investments
Citizens Bank of Connecticut
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