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Staff Directory

Business Development Officers

Western Massachusetts and Connecticut:

Carol Cedrone Brennan 413-237-6648
Carol Cedrone Brennan is the Director of Business Development for BDC Capital. She is responsible for keeping the BDC Capital name before the business, banking, and investment communities. Carol is a board member of the New England Chapter of the Risk Management Association (RMA) and the Westmass Area Development Corporation.

Carol has been with BDC Capital since January of 1998. Her professional career extends over 25 years during which she has held positions with a finance and marketing consulting firm, an injection molding company, and a computer manufacturer. She earned a B.A. in finance from the University of Massachusetts at Amherst and a master’s degree in management from the MIT Sloan School of Management.

Southeastern Massachusetts & Rhode Island:

Nancy M. Gibeau 508-254-7891
Nancy Gibeau, Vice President, covers the state of Rhode Island and southeastern Massachusetts. Nancy has over fourteen years of experience in banking and lending. She most recently served as the Senior Manager of Lending Services for the New Bedford Economic Development Council. Prior to that, she was a Small Business Lender for Compass Bank for Savings. Nancy graduated from the University of Massachusetts at Dartmouth with a B.S. in Management.

Central & Eastern Massachusetts:

John C. Figmic 781-928-1122
John C. Figmic is Vice President for Business Development covering eastern Massachusetts. John has over 15 years experience in banking and lending. He spent most of his career with GE Commercial Finance, where he most recently served as Vice President, Senior Account Executive responsible for business development focusing on commercial real estate and equipment financing. He also held positions as a credit officer and commercial lender with USTrust Bank. John graduated from Georgetown University with a Bachelor degree in Business Administration and has earned an MBA from Suffolk University.

Maine, New Hampshire & Vermont:

R.P. Field Rider 207-749-0322
R.P. Field Rider, Senior Loan and Investment Officer, covers the states of Maine, New Hampshire, and Vermont. Field is based Portland, Maine and previously, served as a Director of the Business Assistance Division of the Finance Authority of Maine (FAME), and the senior commercial loan officer for Androscoggin Savings Bank in Lewiston, ME.

Ray Dugdale 603-573-9650
Ray Dugdale, Vice President of Business Development, covers the states of Maine, New Hampshire, and Vermont and is based out of Concord, NH. Ray previously served as Vice President, Commercial Lending Division, at North Shore Bank for 7 years and Danvers Bank for 18 years. His experience includes extensive experience in both C&I and commercial real estate lending. He was an SBA specialist at both banks. Ray earned a B.A. in Mathematics from Keene State College, Keene, NH.


Connie Karsh 203-200-7055
Connie Karsh, Business Development Officer, covers the State of Connecticut focusing on SBA 504 loans for CDC New England. Connie has over 14 years of experience in the Finance and Telecommunications industries. She is an expert in SBA 504 loans having worked at two SBA 504 Certified Development Companies (CDCs) in other states. Prior to 1998, Connie owned her own successful furniture business earning the award of SBA Small Business Person of the Year. Given her personal business experience and her extensive knowledge of the SBA 504 program, Connie offers a wealth of expertise to both bankers and businesses.

BDC Staff Directory

Kenneth J. Smith
Ken has been the President and Chief Executive Officer of BDC Capital since 1984. During his tenure the company has grown from a small, single state lending operation to a six state, diversified loan and investment company with offices throughout New England. BDC Capital now manages several mezzanine investment funds, to compliment a broad array of small business loan programs that they have used to serve local area businesses for more than 50 years. BDC Capital now has more than $600 million in loans and investments to hundreds of companies throughout New England. Ken is a graduate of the University of Massachusetts and Northeastern University and he has won numerous accolades over the years, including being named one of Boston’s Ten Outstanding Young Leaders. BDC Capital has been named the top performing Business Development Corporation in the country and is noted for its innovative programs for small business lending and investing.

Carol Fleit Cipriani 781-928-1104
Carol is a Senior Vice President of BDC Capital responsible for direct lending. Carol joined BDC Capital in January 1995 after spending three years with Bank of New England and five years with Eastern Bank as a commercial lender. Prior to her career in banking, Carol was a corporate paralegal, first with Stroock & Stroock & Lavan, New York, NY and then with Goodwin, Procter & Hoar, Boston, MA where she specialized in blue sky compliance for IPOs and private placements. Carol earned a B.A. from the University of Connecticut and a M.B.A. from Boston University.

Thomas J. Barry 781-928-1106
Tom Barry is a Senior Vice President at BDC Capital and serves as Director of the Brownfield Redevelopment Access to Capital (BRAC) program. Tom was a lender at BDC Capital from 1985-1991when he returned to commercial banking as a Lender for Eastern Bank and later for GE Capital. He re-joined BDC Capital in 2001 to manage the BRAC Program and is also active in BDC Lending and in overseeing credit operations of BDC’s affiliate, CDC New England. Tom is a seasoned and highly-skilled financial professional with extensive experience in all facets of commercial lending. He holds a B.S. in Business Administration from Salem State College and pursued MBA studies at Babson College.

Thomas F. Lee 781-928-1112
Tom Lee is the Director of Private Equities, with responsibility for managing BDC Capital’ mezzanine funds and private equity investments. He has more than 30 years of experience in the banking, finance and investment industries, most recently as director and founding partner of Marathon Investment Partners, LP, a Small Business Investment Company (SBIC). Tom has held positions at BTM Capital Corporation (formerly a subsidiary of Bank of Tokyo), Fleet Bank, Bank of New England, Walter E. Heller of New England, Inc. and the U.S. Treasury Department in Boston. Tom earned a B.S. in Business Administration with a concentration in finance from Boston College.

John L. Hackett
John L. Hackett is the Chief Financial Officer for BDC Capital. He is primarily responsible for the oversight of the financial management and reporting of the Company. In addition, John is responsible for the administration of the BDC Capital loan portfolios and the ongoing maintenance of relationships with existing customers. John earned a B.S. with a concentration in Accounting from Boston College in 1987. He is a Certified Public Accountant in the state of Massachusetts. He is also a member of the AICPA. John began his accounting career in the Audit Department of Coopers & Lybrand. After leaving public accounting, John has held various financial management positions for companies in a diverse set of industries. He brings with him nearly 20 years of financial experience in both the public and private sectors.

Barbara McGuire 781-928-1118
Bobbie McGuire is a Commercial Loan assistant at BDC Capital.  Bobbie began her banking career at State Street Bank.  After leaving State Street, she joined Boston Federal Savings Bank. She joined BDC Capital in 2006.

Joe O’Garro

Joe is a Vice President at BDC Capital. He oversees the Capital Access Program (CAP) and the Community Investment Loans. Joe is also portfolio manager for SBA 504 loans portfolio through our affiliate CDC New England. Joe began his banking career at Mutual Bank for Savings in 1981. After leaving Mutual Bank, he joined Shawmut Bank, N.A., in 1987 and subsequently became a Branch Manager and Business Retirement Plan Specialist. He then served from 1992 to 1997 as a Business Development Officer at BankBoston before joining BDC Capital. Joe was educated in London, England at the Hackney College of Further Education

Joseph G. Herzog 781-928-1109
Joe Herzog, Commercial Loan Officer, is primarily involved in managing the Recycling Loan Fund and underwriting of the SBA 504 and 7A Commercial Loan Portfolio, as well as the Business Development Loan portfolio. Joe graduated from Bentley College with a Bachelor of Science degree in Finance.

Stanley Horsman

Stanley Horsman is Director of Business Finance. In this role, Stan provides – revolving lines of credit to small and medium size businesses throughout – New England. He has more than 30 years of experience in the commercial finance industry. Most recently as SVP at Wells Fargo Business Credit in New England. Stan was founding partner in Beacon Business Credit Corp, which was sold to Norwest Bank. Stan has held positions Walter E. Heller & Co., and Norwest Bank. Stan has earned a B.S. in Business Administration in Economics with a minor in Finance from Marquette University. Stan is a veteran, having served in the U.S. Army.

Dave Harrington 781-928-1117
Dave is the Director of Business Development for the Capital Access Program (CAP). He joined BDC Capital in August 2010 after spending two years as a financial and operational consultant and twelve years with Sports Images, Inc as the VP of Finance and Operations. Prior to that he was in senior treasury and managerial positions with companies such as The Timberland Company, Honeywell, WR Grace (Chomerics), First National Bank of Boston and Dun & Bradstreet. Dave graduated from Cambridge College with a Masters in Education in Management, attended Bentley College and the American Institute for Banking.

Rosemary Rosano 781-928-1126
Rosemary Rosano is Vice President – ABL Operations.  Rosemary is responsible for managing and servicing all Asset Based Lines of Credit and accounting functions.  She has worked in Asset Based Lending for over 25 years.  Background includes VP-Operations Manager at Wells Fargo Business Credit, Beacon Business Credit Corp, which was sold to Norwest Bank, Yankee Bank and Walter E. Heller & Co.

Carmen Posteraro 781-928-1127
Carmen Posteraro is the Senior Loan Analyst for the Asset Based revolving lines of credit portfolio.  His responsibilities include pre-loan and recurring collateral examinations, reviewing daily collateral reports from our Asset Based borrowers, and developing new Asset Based business.  He also underwrites loans for the CDC New England SBA 504 program.  Carmen is a Cum Laude graduate of Merrimack College with a Bachelor of Science degree in Finance.

Jarrad Herzog 781-928-1129
Jarrad is a Commercial Loan Analyst, primarily involved in the managing and servicing of the SBA 504 and 7A Commercial Loan Portfolio, as well as the Business Development Loan portfolio. Jarrad graduated from Endicott College with a Bachelor of Science degree in Business Management and a concentration in Finance.

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