Business Development Officers
Connecticut & Western Massachusetts:
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.
Northern Massachusetts, Maine, New Hampshire & Vermont:
Ray Dugdale 603-573-9650
Ray Dugdale, Vice President of Business Development, covers Northern Massachusetts, 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.
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.
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.
Paul F. Flynn, Jr. 781-928-1133
Paul is Executive Vice President and Chief Operating Officer of New England Certified Development Corp., the company’s SBA 504 lending affiliate. Mr. Flynn’s role includes strategic development and oversight of both internal operations and new business development throughout New England. His experience includes over 25 years of lending to the New England business community.
Prior to joining BDC Capital, Mr. Flynn served as Senior Vice President of Berkshire Bank, ABL Department Manager of TD Bank, and Senior Vice President of Banknorth. Mr. Flynn began his banking career at BayBank in 1986.
Mr. Flynn is a member of the National Commercial Finance Association and the Association for Corporate Growth, and is a Past President of the Turnaround Management Association’s Northeast Chapter.
Liz Trifone 781-928-1102
Liz Trifone is Senior Vice President and the Director of SBA Lending, and manages the 504 loan program. Liz also manages conventional government-backed loan guarantees for general business purposes. Liz joined CDC New England/BDC Capital in 1985 to expand the government lending programs after many years as a lending officer at the US Small Business Administration. She earned a B.S. Cum Laude in Business Administration from Northeastern University.
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 781-928-1110
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.
Karen Michalski 781-928-1107
Karen Michalski is a Vice President of BDC Capital. Her primary responsibilities include managing the Recycling Loan Fund and underwriting our direct loan, mezzanine investments and SBA 504 loans. Karen has been with BDC Capital since May 1996. Prior to that, she was with Eastern Bank, where she began her banking career in 1992 upon graduation from college. She completed the bank’s formal credit training program and worked in both commercial lending and loan review. She earned a B.S. in Business Administration with a concentration in finance from Salem State College.
Joe O’Garro 781-928-1105
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.
Susan Forrester 781-928-1108
Susan Forrester is a Senior Administrative Officer at BDC Capital. She is primarily responsible for loan servicing needs and tracking all collateral documentation of the various loan portfolios. In July of 1993 Susan joined the staff of BDC Capital after spending nine years with Bank of New England as a Commercial Loan Assistant.
Thuy Dang 781-928-1113
Thuy is a Commercial Loan Assistant primarily involved in working with the SBA 504 loan program through CDC New England, an affiliate company. She has fifteen years of experience in banking with Bank of America serving in positions from Credit Analyst to Loan Administrator. Thuy graduated from Brandeis University with B.A. in Economics and Education.
Carol Muradian 860-218-2912
Carol Muradian is the Senior Administration Officer in our Hartford, CT office having previously been employed at Commercial Loan Partners, Inc. since January 2004. Ms. Muradian spent 25 years at Fleet National Bank (now part of Bank of America), where she held several Senior Vice President positions in corporate loan administration, risk management, and credit administration, and three years at Webster Bank, where she managed the department responsible for day-to-day servicing of commercial loans. Ms. Muradian holds a Bachelor of Science degree from Providence College and a MBA from Bryant College in Smithfield, Rhode Island.
Miriam Wood 860-218-2912
Miriam Wood is the Senior Credit Officer in our Hartford, CT office having previously been employed by Commercial Loan Partners, Inc. since January of 2001. She worked at a number of banks during an eleven year banking career before becoming responsible for all aspects of the City of Middletown, Connecticut’s JOBS and REINVEST loan programs, which were economic development programs funded through the U.S. Department of Housing and Urban Development. Ms. Wood holds a Bachelor of Science degree from Central Connecticut State University and a Master of Business Administration degree from the University of New Orleans.
Joseph G. Herzog 781-928-1109
Joe Herzog, Assistant Vice President, is primarily involved in managing the Recycling Loan Fund and underwriting of the SBA 504 and 7A Loan Portfolio, as well as the BDC portfolio. Joe graduated from Bentley College with a Bachelor of Science degree in Finance.
Stanley Horsman 781-928-1125
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.
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 BDC portfolio. Jarrad graduated from Endicott College with a Bachelor of Science degree in Business Management and a concentration in Finance.