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.
Samanta Descombes-Roseme and Caleb Roseme of Assured Quality Homecare,LLC, were among the state’s essential businesses during COVID-19. Their training room is equipped with a “patient” to allow new staff to learn required care procedures. CEDF provided the company with a line of credit to support working capital and payroll.
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 in 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.
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, statewide small business lending operation funded by 25 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, Community Representative, Chair
Kim Healey, New Alliance Foundation, Community Representative, Vice Chair
David Cantor, Liberty Bank, Treasurer
Frank MacHugh, Webster Bank, Secretary
Directors
Ana Alfaro, Eversource, Community Representative
Art Casavant, People’s United Bank
LaKisha Jordan, KeyBank
Kerry Kelley, CT Office of Policy & Management
Thomas Malloy, Altus Multinational Group, LLC, Community Representative
Pastor Carl McCluster, Community Representative
Ted Murphy, Connecticut Innovations
Commissioner Jorge L. Perez, CT Department of Banking
Richard Stern, Citizens Bank
Officers
Glenn Geathers, City of Hartford, Community Representative, Chair
Carolyn Welch, Chelsea Groton Bank, Community Representative, Vice Chair
Gerson DaSilva, Webster Bank, Treasurer
Cornell Wright, The Parker Wright Group, Inc., Community Representative, Secretary
Directors
Jerri Bonnell, People’s United Bank
Jessica Cabanillas, CT Office of Policy & Management
Elton Cocoli, Bank of America
Dawn Reshen-Doty, Benay Enterprises, Inc., Community Representative
Allison Standish Plimpton, KeyBank
Rodney Thomas, Community Representative
Sandra Williams, Liberty Bank
James S. Bzdyra, President and CEO
Finance & Administration
Karen Maciorowski, Vice President & CFO
Kathy Domijan, Director of Accounting
Marie Dumas, Loan Servicing Specialist
Emilsa Santana, Administrative and Program Assistant
Lending
Ricardo Vidal, Director of Lending
Tom Lenahan, Chief Underwriter
Michael Bianchi, Loan Officer
Client Services
Frederick Welk, Director of Business Education and Communications
Andrew Scarpa, Director of Business Advisory Services
Steven Adamo, Business Advisor
Jennifer Avallone, Business Advisor
James Babcock, Director of Workout/Asset Management
Bank of America
Berkshire Bank
CEDF Corporation
Chelsea Groton Bank
Citizens Bank of Connecticut
Connecticut Housing Finance Authority
Dime Bank
DR Bank
Eastern Connecticut Savings Bank
First County Bank
Jewett City Savings Bank
J.P. Morgan Chase
KeyBank
Liberty Bank
Mohegan Tribe
Newtown Savings Bank
People’s United Bank
Santander Bank
Savings Bank of Danbury
TD Bank
Torrington Savings Bank
Union Savings Bank
U.S. Trust Company
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 Charitable Foundation
Citizen’s Bank of Connecticut
Eversource Energy Foundation, Inc.
KeyBank
People’s United Bank Foundation
Santander Bank, N. A. Charitable Contributions Program
TD Charitable Foundation
Union Savings Bank
Webster Bank
Wells Fargo Foundation
A special thank you to sponsors of CEDF’s 25th Anniversary Celebration of Success.
Platinum Sponsor
People’s United Bank
Gold Sponsors
First County Bank
KeyBank
Liberty Bank
Silver Sponsors
Chelsea Groton Bank
Dime Bank
Eversource Energy Foundation, Inc.
Seiger Gfeller Laurie, LLP
Webster Bank
Citizens Bank
Supporter
John D. Morawski, Attorney at Law
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