Board of Directors

CDVCA’s Board of Directors is composed of leading practitioners and outside experts in the community development venture capital industry all of whom operate funds focused on low-income communities and populations. 

Alan J. Bernstein

Alan Bernstein is Managing Director at the Community Development Venture Capital Alliance, responsible for the Puerto Rico Fund for Growth and other investment activities.

He was a partner at the Wall Street law firm of Carter Ledyard & Milburn LLP, and currently holds the title of Senior Counsel at the firm. His corporate practice concentrated on transactions involving venture capital investments, public offerings and private placements representing issuers and underwriters, mergers and acquisitions, secondary offerings, negotiated stock and asset purchases representing buyers and sellers, and licensing and strategic partnering.

Mr. Bernstein is the President of the New York Network of Investors Circle, the national angel impact investing group. Alan also serves on the Board of Directors of 118 Capital Inc., which designs programs to involve millennials in impact investing, of Lavan, which promotes impact investing for organizations and individuals in the Jewish Community, and of Kehilat Romemu, his synagogue.

He received his B.A. from Stanford University and his J.D. from Boalt Hall School of Law, University of California, Berkeley.


Nathaniel V. Henshaw

Nat Henshaw is Managing Director of CEI Ventures, which he co-founded in 1994 to manage socially responsible venture capital funds. He capitalized CEI Ventures’ first fund at $5.5 million in 1996, its second fund in 2001 ($20 million), its third fund in 2011 ($10.1 million), and its forth fund in 2016 ($10.1 million). In 1993, he co-founded the Community Development Venture Capital Alliance (CDVCA) and serves as its corporate Secretary. CVI has invested over $30 million in 58 companies employing over 3,600 people.

Prior to forming Coastal Ventures, Mr. Henshaw was a Loan and Investment Officer at Coastal Enterprises, Inc. (CEI), now a $100 million community development corporation headquartered in Brunswick, Maine. During eight and a half years at CEI, Mr. Henshaw loaned and invested social investment capital in over 125 projects totaling over $6.0 million, including environmental clean-up, child care, electronic instrument, publishing, marine products, medical equipment and computer service industries. From May 1984 to June 1986, Mr. Henshaw was an Analyst and Assistant to the President of Chemical Venture Capital Corporation (now J.P. Morgan Partners). He also served as an Associate at Intersouth Partners, L.P. (Research Triangle Park, NC) and Kitty Hawk Capital, Ltd. (Charlotte, NC).

Mr. Henshaw holds M.B.A. (1988) and B.A. (1984) degrees from Duke University and a Certificate from the NVCA Venture Capital Institute. Mr. Henshaw serves on the Boards of: Tilson Technology Management, Inc. (telcom IT); Pika Energy (Solar Inverters); Coast of Maine Organic Products, Inc. (compost); Gelato Fiasco (local food) Navigator Publishing (magazines); Taction (call center); Red Zone Wireless (Internet Services); and Smart Pak, LLC (equine pharmacy). He is also Past Commodore of the Harraseeket Yacht Club (where he represented the club in the Marion-Bermuda, Marblehead-Halifax, Yarmouth Cup and Monhegan ocean races) and a Trustee of Maine’s Episcopal Diocesan Funds.


Tom LoyLoy pic 2013

Tom Loy is a banker, professor, consultant, author, public speaker, and entrepreneur. He is the founder, chairman, and CEO of MetaFund, and he also serves on the board of directors and as chairman of the audit committee of First Bethany Bank, a community bank in Oklahoma City. Additionally, Mr. Loy serves on the boards of directors for the Community Development Venture Capital Alliance and the CDFI Coalition.

Mr. Loy served at Oklahoma City University as Executive Director of both the Graduate Banking School and the Bank Directors’ College, as well as visiting and adjunct professor of finance and banking. In 1992-93 he was the Resident Banking Advisor for U.S. Treasury Dept/KPMG in Prague, Czech Republic, where he helped establish banking schools in Prague and Bratislava (the capital of Slovakia), taught banking courses, and advised bankers and government officials.

Mr. Loy has been a lecturer and public speaker for many banking organizations, including the American Bankers Association; Federal Reserve System; Comptroller of the Currency; Office of Thrift Supervision, and executive education programs at universities throughout the U.S. He has organized and taught at more than one hundred banking schools and conferences on a wide range of topics, including community development venture capital, bank performance and financial analysis, bank asset/liability management, mergers and acquisitions, strategic planning, banking history, investments and cash management, and business ethics.

Mr. Loy served for twelve years in various positions as an Oklahoma City community banker, including Auditor, Chief Financial Officer, and Executive Vice President. He was also Chairman/President of a check and data processing company, co-founded a fully-registered broker/dealer of which he was Chairman/President, and coordinated a bank holding company’s IPO. He earned general securities principal, registered representative, and various insurance licenses, and has served on the boards of numerous banking, securities, and civic organizations.

Mr. Loy has also lived and worked in Dallas, Hawaii, and Switzerland, been a coin-op laundry developer, dog food manufacturer, bank stock and tennis ball arbitrageur, and speed reading and mnemonics teacher. He is the author of many published articles and opinion columns, a monograph for the Oklahoma Academy entitled A Macro Vision for Civil Society (1996), and two books: Merger/Acquisition Handbook For Community Banks (1994), and Cash Management Handbook For Community Banks (1989).

Mr. Loy holds a B.A. in Letters and a Master of Liberal Studies from the University of Oklahoma. He was named an Outstanding Alumnus of the College of Arts & Sciences at OU, and he has received the National Association of Community Leadership’s Distinguished Leadership Award.


L. Raymond Moncrief

Ray Moncrief has held various positions within Kentucky Highlands Investment Corporation since 1984 and is the former Executive Vice President and Chief Operating Officer. He is President and Chief Executive Officer of Mountain Ventures, Inc., a Small Business Investment Corporation (SBIC) licensed by the U. S. Small Business Administration and a wholly-owned subsidiary of Kentucky Highlands Investment Corporation. In these capacities, Mr. Moncrief is responsible for the investing activities of Kentucky Highlands and Mountain Ventures including analyzing new investments and portfolio management. He has served as Chief Executive Officer of five of Kentucky Highlands’ investee companies and has been instrumental in providing financial and operational leadership in many turnaround and financial restructuring situations. Mr. Moncrief has in-depth experience in startup, expansion, and divestiture of businesses. He provides technical and management assistance to entrepreneurs during every phase of business development beginning with the creation of their business plans and the startup and capitalization through the expansion of their companies, and the eventual sale of their companies.

Mr. Moncrief is President and Chief Executive Officer and a board member of Southern Appalachian Management Company, LLC, the General Partner of the Southern Appalachian Fund, L.P., organized to make equity investments in small business enterprises as defined by the New Markets Venture Capital regulations of the U. S. Small Business Administration. Mr. Moncrief is a Manager of the Southern Appalachian Fund.

Additionally, Mr. Moncrief is President and a board member of Eclipse Management, LLC, the General Partner of Meritus Ventures, L.P., organized to make equity investments in small business enterprises as defined by the Rural Business Investment Company regulations. Mr. Moncrief is one of two fund managers for Meritus Ventures.

President George W. Bush appointed Ray to the Community Development Advisory Board in 2008 and most recently Ray received a second appointment to the board from President Donald Trump. This national board advises the director of the Community Development Financial Institutions Fund on policies regarding activities and programs.

Mr. Moncrief served on the Board of Directors of the National Consumer Cooperative Bank located in Washington DC for six years, with his term ending May 2016. The National Consumer Cooperative Bank is a US government-chartered, member owned cooperative corporation. NCB provides nontraditional community development finance coupled with technical assistance, public policy outreach and development services.

Ray also served on the Board of Directors of Capital Impact Partners for six years, with his term ending May 2016. Capital Impact Partners is an affiliated non-profit corporation of NCB providing financial and technical services both directly and indirectly through separate subsidiary LLC’s. For 30 years, NCB has been a valued strategic partner in delivering capital for mission related investments and assistance to underserved communities.

Ray is a founding director of the Community Development Venture Capital Alliance (CDVCA). CDVCA honored Ray with a special Lifetime Achievement Award in March 2004. This award recognized his deep-rooted commitment to using venture capital tools as a means of creating lasting change in the lives of low income individuals and the economies of distressed communities. Mr. Moncrief is a past member of the board of directors of the New Markets Tax Credit Coalition and the Community Development Financial Institution Coalition.

Ray is a founding director and is currently the Chairman of the Board of Directors of Appalachian Community Capital, Inc.

Mr. Moncrief received the NASVF Lifetime Achievement in Seed Investing Award. This award was presented to him by the National Association of Seed and Venture Funds in 2012.

Mr. Moncrief is an active Director on seven corporate Boards of Directors and is a past member of the Board of Governors of the National Association of Small Business Investment Companies (NASBIC) and its Executive Committee. He is a founding board member of Southern Kentucky Economic Development Corporation. Mr. Moncrief has traveled nationally and internationally speaking about the use of equity investment as an economic development strategy. He has participated in several study groups analyzing capital needs in rural areas including an economic round table at the White House. Ray is often called upon to conduct training sessions at various conferences and meetings. Ray is a graduate of Leadership Kentucky and a 1972 graduate of Louisiana Tech University with a B.S. Degree in Accounting and completed graduate courses at Lamar University.

Kerwin Tesdell, President

Kerwin Tesdell is president of the Community Development Venture Capital Alliance (CDVCA), which promotes the availability of startup and growth risk capital for businesses to create good jobs, productive wealth, and entrepreneurial capacity that advance the livelihoods of low-income people and the economies of distressed communities.  CDVCA manages $300 million, including the $45 million Puerto Rico Fund for Growth, the $46 million Innovate NY Fund, smaller funds focused on Arkansas, Kentucky, Florida, Illinois, Nebraska, Nevada, and Mississippi, as well as national pools of capital.  In addition to managing its own capital, CDVCA builds the capacity of the community development venture capital impact investment industry by providing education and networking opportunities, developing best practices, and supporting positive public policy. Kerwin has been an adjunct professor at New York University for more than 25 years, teaching Social Venture Capital at the Stern School of Business and Community Development Law at the School of Law.

Prior to joining CDVCA, Kerwin was a program officer at the Ford Foundation, where he had primary responsibility for the Foundation’s investments and grantmaking for small business finance and job creation. Before that, he was the Director of the Community Development Legal Assistance Center, an associate with the law firm of Debevoise & Plimpton, and a law clerk to federal judge Constance Baker Motley, Chief Judge of the Southern District of New York. Kerwin is a board member and the past board chair for seven years, of the Coalition of Community Development Financials Institutions (CDFIs). He serves on the boards or advisory boards of the Center for Community Development Investments of the Federal Reserve Bank of San Francisco; Impact Reporting and Investment Standards (IRIS) of the GIIN; the Financial Innovations Roundtable at the Carsey Institute, as well as eleven impact investment funds around the nation.  Kerwin 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.

Stanley Tucker


Stanley W. Tucker has more than 30 years of diversified business experience with a strong emphasis on lending, venture capital investing and the development of socially or economically disadvantaged small businesses. Mr. Tucker is President, Chief Executive Officer and co-founder of Meridian Management Company, Inc (MMG). The firm manages four comprehensive program funds: the Maryland Small Business Development Financing Authority (MSBDFA); Maryland Casino Business Investment Fund (MCBIF); Community Development Ventures, Inc. (CDV); and MMG Ventures, LP (MMGV) which provides its clients with every opportunity a company needs to grow and succeed.  Mr. Tucker also serves as the Managing Partner of MMG Ventures, LP and President of Community Development Ventures, Inc.  Prior to forming Meridian Management Group, he was the Executive Director of the Maryland Small Business Development Financing Authority (MSBDFA), 1981 to 1995. MSBDFA is a self-sufficient state agency that assists socially or economically disadvantaged businesses.  Combined, MMG managed programs have provided over $232 million financing to small, minority, and women owned businesses located in Maryland.

Mr. Tucker provides the vision for the overall organization.  He is involved in the marketing strategy; initiating, structuring, syndicating and monitoring of investments, as well as review of financial reports and financial plans for MMG and its family of funds.  He will be materially involved in the analysis, review and approval of investment proposals, and the continual monitoring of portfolio investments.

Mr. Tucker was Vice President of the Park Heights Development Corporation (PHDC), a community-based economic development corporation located in one of Baltimore’s highest crime and unemployment areas from 1980 to 1981.  At PHDC, he raised $1.2 million for the first stage development of a community industrial park and garnered additional funding for a community business loan fund, which he oversaw. Prior to joining PHDC, he was a credit analyst for Equitable Trust Company of Baltimore.

Mr. Tucker is a nationally sought-after speaker and consultant on minority business development. His present and past civic responsibilities include: Chairman of the Golden Bears Association, Inc. and the National Association of Investment Companies; President’s Roundtable, Baltimore Youth Alliance, the MD/DC Minority Supplier Development Council; Warner Press; H. John Heinz, III School (Carnegie-Mellon University); Sojourner-Douglas College; and the Morgan State University Foundation. Mr. Tucker received his bachelor’s degree from Morgan State University and graduate degree from Carnegie-Mellon University.


Myrna M. Rivera, CIMA

Myrna M. Rivera, Founder and Senior Adviser of Consultiva Wealth Management Corp. (“Consultiva”), is a 40-year veteran in the field of investment management consulting.

A Certified Investment Management Analyst (“CIMA™”), Ms. Rivera is recognized as a pioneer in the industry, having contributed early on to developing standard investment management practices employed nationally today, for middle market endowments and foundations, public and private pension and insurance entities, credit unions, Taft Hartley Benefit plans and individuals and families. In 1999, she founded Consultiva Internacional, the first locally owned independent asset management advisory firm in Puerto Rico. Under her leadership Consultiva grew its asset oversight to more than $3 billion and gained national prominence, appearing on Wealth Management’s roster of Top 10 US Women- Registered Investment Advisers, ranked #1 in 2015.  She has been listed in the “Top 100 Influential Hispanics” of Hispanic Business Magazine (

Ms. Rivera began her career as a financial advisor at Merrill Lynch Pierce, Fenner and Smith in 1981, and quickly chose the path of investment management consulting, joining EF Hutton & Co. in 1983, for its expertise in her chosen specialty. As Consulting Services Coordinator for the Puerto Rico office, she was part of the organization’s initiative in pioneering the establishment of best practices for investing institutional assets. In 1985, she was given an opportunity to use that expertise when the Puerto Rico Automobile Accident Compensation Administration (AACA) hired Myrna M. Rivera of E.F. Hutton to advise in designing and implementing its investment policies. A year later, the University of Puerto Rico Retirement System did the same, and Ms. Rivera ushered in professional investment management into Puerto Rico. In the process, she paved the way for the Government Development Bank to establish a public policy for investing in public funds.

For 17 years, she kept on track, deftly moving through the changes brought about by EF Hutton’s successors, namely Shearson Lehman Hutton and ultimately Smith Barney. In 1990, she was promoted to Senior VP and Consulting Group Director, responsible for leading a team of researchers, analysts and administrative personnel in providing technical, research and business development support in delivering investment management consulting and personal financial planning services to clients. 

As Consulting Group Director, her concerns about the potential conflicts between her fiduciary role with her clients and the underwriting and distribution of investment products by the brokerage’s parent company motivated her to leave Smith Barney in 1999 to establish Consultiva Internacional Inc, today Consultiva Wealth Management, Corp., an independent Registered Investment Advisor under the Securities and Exchange Commission. She served as CEO and Board Chair until April 2019, when she divested her shares in the company and transitioned her management responsibilities. She continues as Senior Advisor, working with the firm’s most important institutional and retail clients, and also as internal counsel to Management, the investment advisers and the Board of Directors.

Ms.  Rivera is well known for devoting significant time and efforts to educating fiduciaries and the investment community, in general, on fiduciary duty in investing, basic investment principles, how to develop investment policy and objectives and current risks and opportunities in the global capital markets, including Impact Investing in Puerto Rico.

Her investing philosophy reflects her belief in investing “in-situ” for financial returns as well as economic development. She believes that within the framework of fiduciary duties of care and loyalty exists the opportunity to invest for financial return, while simultaneously impacting the landscape from which the investment assets are derived.

Ms. Rivera has been an advocate for such investments for over a decade. Today, thanks to a shared vision with trustees of some of Consultiva’s clients, as well as local entrepreneurs who are committed to Puerto Rico’s economic growth, investment management firms manage over $300 million of local assets, which in turn invest in Puerto Rico companies. In 2015 she spearheaded the creation of the Puerto Rico Fund for Growth, the first fund-of-funds that invests in local private equity and private credit funds based in Puerto Rico, or from elsewhere with an interest in investing in Puerto Rico. Her aspiration is to continue to participate in building out this eco-system to at least $5 billion. Puerto Rico has the assets to do this, she says, as our universe of investable assets stands at close to $40 billion.