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Board of Directors
Ellen Brown
Nathaniel V. Henshaw
Catherine D. Lockhart
L. Raymond Moncrief, chairman
Nick Smith
Edward Tasch (Director Emeritus)
Kerwin Tesdell
Ellen Brown
Ellen L. Brown is the Director for Strategic Initiatives for the New Jersey Institute for Social Justice. Previously, she served as an economic development and development finance program officer for the Ford Foundation in the United States and South Africa using grants, program-related investments and equity investments to strengthen small, job creating firms in inner city and rural areas in both countries. She administered a $15 million budget over several years.
Previously, she worked as an investment manager in the corporate finance division of PruCapital, Inc., an investment subsidiary of The Prudential Insurance Company of America completing over $500 million in high-risk private placements and direct investments.
She received her undergraduate degree from the University of California at Los Angeles and her Masters of Business Administration from Columbia University.
Nathaniel V. Henshaw
Nathaniel V. Henshaw has served as President of CEI Ventures, Inc. in Portland, Maine since it was founded in 1994. CEI Ventures is a for-profit subsidiary of Coastal Enterprises, Inc., formed to sponsor the Coastal Ventures Limited Partnership and to direct the investment of venture capital into progressive Maine companies. CEI has raised over $5 million in venture capital to date. Mr. Henshaw also continues to serve as a Loan and Investment Officer for Coastal Enterprises, Inc., in Wiscasset, Maine, where he has loaned and invested social investment capital in over 122 projects totaling over $8 million in industries such as environmental clean-up, child care, electronic instruments, publishing, marine products, medical equipment and computer service industries. He raised over $1 million in additional funds for CEI's revolving loan fund pools. Mr. Henshaw has also initiated and managed a successful MBA summer intern program.
Prior to coming to work with CEI in 1988, Mr. Henshaw was an Associate with Intersouth Partners, L.P., at Research Triangle Park, North Carolina and with Kitty Hawk Capital, Ltd. in Charlotte, North Carolina. He also served for two years as Assistant to the President of Chemical Venture Capital Corporation in New York City. Mr. Henshaw earned his MBA from the Fuqua School of Business at Duke University, and has a certificate from the NASBIC Venture Capital Institute.
Catherine D. Lockhart
Catherine D. Lockhart has over 24 years of experience in commercial lending, venture capital investing, and program development, primarily in the minority and small business arena. Ms. Lockhart is currently the Executive Vice President and co-founder of Meridian Management Group previously known as MSBDFA Management Group, Inc., ("MMG") founded in 1995, and a principal of the corporate General Partner for MMG Ventures, L. P. a "Specialized Small Business Investment Company".
Prior to the formation of MMG, Ms. Lockhart was the Chief Executive Officer and President of the Greater Detroit BIDCO, Inc., a private, for-profit, minority-owned and operated business and industrial development corporation, from its inception in 1990 until December 1994. The BIDCO is the first minority-owned BIDCO in the nation. Under her leadership, the BIDCO invested over $6 million in minority and distressed area businesses in metropolitan Detroit and was awarded the Detroit Minority Business Development Center contract through the U.S. Department of Commerce in 1993.
Prior to taking the helm of BIDCO, Ms. Lockhart was the Deputy Director of the Maryland Small Business Development Financing Authority (MSBDFA) for seven years. In addition to her analysis oversight responsibilities, while at MSBDFA, Ms. Lockhart assisted in the development of several legislative initiatives that targeted assistance to socially or economically disadvantaged businesses. Upon her departure in 1989, Ms. Lockhart was awarded the Governor's Citation for outstanding service to Maryland.
Ms. Lockhart is a national and international speaker and consultant on minority business development. She is on the Board of the Community Development Venture Capital Alliance. She previously served on the Board for the Wayne County Metropolitan Growth and Development Corporation (MGDC), a certified development corporation, for three years, and was a member of the Executive Loan Committee for MGDC, and served two years on the board of the National Association of Investment Companies.
Ms. Lockhart received her B.B.A. from the Columbus State University, Columbus, Georgia and her M. B. A. in Finance from Morgan State University, Baltimore, Maryland. She also attended the Graduate School of Banking at the University of Maryland, College Park, and the Venture Capital Institute in St. Charles, Illinois. She has completed the course requirements for a certified economic developer with the National Development Council.
L. Raymond Moncrief, chairman
Ray Moncrief is Executive Vice President and Chief Operating officer of the Kentucky Highlands Investment Corporation (KHIC), where he was first employed in 1984. He is also President and Chief Executive Officer of Mountain Ventures, Inc., a Small Business Investment Company that is wholly-owned by KHIC. He also serves as Chief Executive Officer of four of KHIC's investee companies, and is on the boards of eight.
From 1972 through 1978, he held various accounting positions of progressively increasing responsibility with Firestone Tire and Rubber Company. In August, 1978, he became the Chief Financial Officer of Outdoor Venture Corporation, Stearns, Kentucky, and served there until June, 1983. He became Chief Executive Officer of Medical Management Corp., an emergency room management company, in 1983, and was an owner of that company until 1984. In 1987, he and others founded Shadow, Inc., a manufacturer of high-quality bass boats, with Mr. Moncrief serving as President until December 1989.
Mr. Moncrief on the Board of Governors of the National Association of Small Business Investment Companies. He is a 1972 graduate of Louisiana Tech University with a B.S. degree in accounting.
Nick Smith
Nick Smith is chairman of the board and founder of Northeast Ventures Corporation, a community development venture capital fund in the restructured iron-mining region of northeastern Minnesota. He is a board member and one the founding directors of the Community Development Venture Capital Alliance (CDVCA), a national organization formed in 1993 to provide a network and advocate for community development venture capital in America. Mr. Smith served as chairman of the board from CDVCA's inception through February 2004. He is also founding chair and a director of Great Lakes Aquarium, an international education center focusing on the world's largest lakes. He also serves on the Boards of Directors for North Shore Bank of Commerce, Northwest Area Foundation, and ALLETE, is a Trustee of National Community Investment Fund, and is counsel to the law firm of Fryberger, Buchanan, Smith & Frederick, P.A., where he served as chairman until 1999.
He received the 2001 Guardian Angel Award for efforts to promote and revitalize rural Minnesota, and the Labovitz Lifetime Achievement Award for his contributions to economic development in northern Minnesota. He has also earned recognition as Business Person of the Year, awarded by the School of Business and Economics at the University of Minnesota - Duluth, and was recipient of the Minnesota Financial Services Advocate Award, presented by the United States Small Business Administration, and Volunteer of the Year for the 6th Judicial District Volunteer Attorney Program.
Mr. Smith attended Amherst College and the University of Minnesota Law School, receiving BSL and JD degrees, cum laude, in 1960.
Edward Tasch (Director Emeritus)
Edward ("Woody") Tasch is the Chair of the Investors' Circle, an association of over 150 individual and fund investors dedicated to mission-driven, early-stage venture capital investing. Mr. Tasch serves as the President of Commons Capital, a $12.5 million limited liability company organized to manage the Alternative Investment portfolio of the Jessie Smith Noyes Foundation. He is also chair of the Nantucket Sustainable Development Corporation and a director of Chelsea Green Publishers.
From 1989 to 1992, Mr. Tasch provided consulting services to a number of organizations, including: the Ford Foundation; Aegis Marketing Group, an early-stage health care communications company; Southern Ventures, a socially motivated venture capital fund; and A. de Bekessy & Co., a family investment company. From 1984 to 1989, Mr. Tasch was a principal at Prince Ventures, a $10 million health care and biomedical venture capital fund, where he was involved in all aspects of sourcing, analyzing, negotiating and monitoring investments.
Mr. Tasch was one of the founders of the Community Development Venture Capital Alliance. He has also served as a Director of a number of other companies and non-profits, including National Mentor, Inc.; Greenway, Inc.; Take the Lead, Inc.; Nantucket Education Trust; and CERES.
Kerwin Tesdell, President
Kerwin Tesdell is president of the Community Development Venture Capital Alliance. He is also an adjunct professor at New York University, teaching Double Bottom Line Finance at the Stern School of Business and Community Development Law at the School of Law.
Prior to joining CDVCA, Mr. Tesdell was a program officer at the Ford Foundation, first in its office of program-related investments and then in its economic development unit, where he had primary responsibility for the Foundation’s work in small business finance and job creation for low income people. Before that, he was the director of the Community Development Legal Assistance Center, which provides corporate, tax, and real estate legal assistance to community development organizations in New York. He was also an associate with the law firm of Debevoise & Plimpton, where he represented a variety of clients in the financial services industry, including venture capital firms and an individual angel capitalist. He also performed the legal work in organizing the Community Capital Bank, one of the first community development banks in the nation. Prior to joining Debevoise, he was a law clerk to a federal judge in Manhattan.
Mr. Tesdell is chairman of the board of the CDFI Coalition and vice chair of the CDFI Data Project. He serves on the Board of Directors, Executive Committee and Investment Committee of the New York Community Investment Company, LLC, a CDVC fund. He also serves on the Advisory Boards of the Journal of Tax Credit Investment, the Satter Center for Social Entrepreneurship at NYU, the RISE Project of Columbia Business School, and the Milano Finance Lab of the New School for Social Research.
Mr. Tesdell graduated from Harvard College with a degree in economics and holds JD and MBA degrees from New York University, as well as a certificate from the Venture Capital Institute.
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