Whoever said, “Never a lender or borrower be” would have missed a wonderful celebration of both sides of that equation.
A celebration of banks’ willingness to reinvest in our communities, at the grassroots, and those who cherish the American Dream and its opportunities, was held at Oak Lane Country Club in Wodbridge on Wednesday night. The collaboration was the work of the Community Economic Development Fund, a statewide financial resource for small businesses, providing flexible financing and technical assistance while strengthening neighborhood economies. They also provide grants to community organizations for economic development projects. There are few other resources for the higher risk, undercollateralized entrepreneurs.
The 2006 sponsors included the Connecticut Housing and Finance Authority, Wachovia, NewAlliance , and Citizen’s banks and the State Department of Economic and Community Development. Each table of 10 was arranged so that equal numbers of lenders might learn more about the borrowers, the guests of honor for the evening.
Ron Shaw (president of Pilot Pen and author of Pilot Your Life), last year’s keynote speaker, returned to introduce John Bello (founder of SoBe Beverages and serial entrepeneur). Bello is also involved with Original Soup Man, KnowFat Lifestyle Grills, Izze and Bear Naked Granola in addition to being CEO of Firefighter Brands, a business he started to help fire-related worthy causes and activities in response to 9/11. After only six years in business, he sold SoBe to PepsiCo for $370 million. He held the attention of the audience as he told his story and provided inspiration. Both Shaw and Bello have scholarship endowment funds in their names to assist in the continuing business educations of the entrepreneurs. These two men showed how luck can be defined as preparation meeting opportunity.
Notable among the attendees were State Banking Commissioner John Burke, DECD Commissioner Jim Abromaitis, CHFA President and CEO Gary King. Diana Urban and Claire Janowski, state representatives involved in creating legislation to enable microenterprise, were applauded. Donna Wertenbach, president and CEO of CEDF, gave award presentations, while her foundation board chairman, Stephen Hudd of Wachovia Bank, presided as master of ceremonies. Linda Townsend, executive director of the Greater Dwight Development Corporation, was one of the recipients; Brian McGrath accepted in her absence. Bob Mantilia is back in town and newly affiliated with the Bank of Southern Connecticut.
Cornell Wright of the Parker Wright Group serves as chairman of the CEDF corporate board. Jerry Poole was there, this time to promote the support if his economic development vision for the West End NRZ. NewAlliance Foundation and Bank were represented by Kim Healey and Paul McCraven. DECD’s Rich LoPresti and Lindy Lee Gold were also there, chatting with Raquel Santiago Martinez of the Greater New Haven Community Loan Fund.
True to the mission and ever mindful of the level of support it takes to turn dreams into realities, all of the photography and centerpieces were created by clients of CEDF. It was an uplifting evening, ALL FOR THE GREATER GOOD!!
