Fairfield County Bank and CTCIC Roll Out First Community Reinvestment Fund Loan in Connecticut

Bridgeport laundromat has permanent home thanks to new loan program

Bridgeport, CT, November 19, 2007 – Oliver Lay and his partners opened the Wash Works Laundromat to rave reviews back in 2005.  The laundromat, located at 1332 North Avenue, includes amenities not typically found in an inner city location.  There is access to the internet as well as a children’s play area, multiple televisions and smartcard-operated machines.   Earlier this year the partners had the opportunity to purchase the location to make it the permanent home of the Wash Works Laundromat. 

With the help of Fairfield County Bank, Wash Works was able to access funding through Community Reinvestment Fund, USA (CRF), a national nonprofit organization that connects community development lenders with the capital resources of Wall Street.  CRF loans are available in Connecticut through local economic development lender Connecticut Community Investment Corporation (CTCIC).  “CTCIC helped us provide an attractive, innovative package to a group of young entrepreneurs bringing commerce and investment to Bridgeport. The CRF New Markets Program through CTCIC gave us a competitive advantage while providing the purchaser with very attractive financing" said Charles Woerner, Vice President Fairfield County Bank. This is the first CRF loan closed in the state of Connecticut.  CRF loans are typically combined with bank loans to fund a project.

 “Small, neighborhood, mom and pop businesses, like Wash Works Laundromat are very important to the City of Bridgeport,” said Mayor John M. Fabrizi. “My administration and I have worked hard over the past 4 ½ years to bring in new large-scale business and industry into Bridgeport. However, we did not forget about the smaller businesses that help in bringing stability to local neighborhoods.”  Mayor Fabrizi also thanked Fairfield County Bank and the Connecticut Community Investment Corporation for “believing in Bridgeport. This success story is the result of the commitment of Fairfield County Bank and CTCIC. To them I say thank you.”

(l to r) Richard Cipri, Chuck Woerner (FCB), Oliver Lay, Mark Cousineau (CTCIC), Dean Heinrich

Mark Cousineau, president of CTCIC, referenced his organization’s long standing relationship with the lenders at Fairfield County Bank and commented that “Wash Works is a good example of the kinds of deals we are looking to fund through CRF; owner occupied real estate purchases that help improve and stabilize inner city neighborhoods. We hope other lenders follow Fairfield County Bank’s lead in making CRF loans part of their small business loan offerings.”  

Wash Works owner Oliver Lay was very satisfied with the results.  “We are very pleased with the help and guidance of Tom Lenahan of CTCIC and Chuck Woerner from Fairfield County Bank,” said Oliver Lay, Managing Partner of Wash Works.  He went on to say, “We are very excited about our long term growth in Bridgeport and can not express enough how much CTCIC and Fairfield County Bank can bring to a growing business.”