Current All-In Rates: 7.067% (10-year), 6.867% (20-year), and 6.812% (25-year)
Rappahannock Economic Development Corporation

Staff & Board


710 Princess Anne Street, Suite 2
Fredericksburg, Virginia, 22401

Main: 540-373-2897
Fax: 540-526-9898

Joe DiStefano, President
Office: 540-373-2897 | Cell: 540-226-6131 | Email:

Joe is a seasoned financial services professional with a depth of both local market knowledge and business management skills. Drawing on nearly 20 years of professional leadership and commercial banking expertise, Joe brings particular competencies in small business lending, risk analysis, and relationship management. Joe directs and oversees all aspects of REDCO credit underwriting and the full loan process, as well as marketing, strategic planning, and business development throughout the entire state of Virginia.

Prior to joining REDCO, Joe spent nearly 15 years as a commercial lender with a regional, Northern Virginia-based bank, most recently serving as Senior Vice President & Market Executive. Joe is also an Army veteran, serving 10 years on both active duty and in the reserve. From 2004-2005, he served as an infantry team leader in Afghanistan in support of Operation Enduring Freedom.

Joe holds a Bachelor of Arts degree in English from George Mason University, and is a graduate of the Virginia Bankers Association School of Bank Management. He is also a 2014 graduate of the Fredericksburg Regional Chamber of Commerce Leadership Fredericksburg program. Joe gives back to the community as a volunteer and contributor to many local organizations and non-profits, with a particular focus on veteran initiatives and youth soccer. He participates in member organizations including the Fredericksburg Regional Chamber of Commerce and the University of Mary Washington Center for Economic Development Veteran Owned Business Executive Roundtable.

Allison Clift, Director of Operations
Office: 540-373-2897 |Cell: 540-273-1774 | Email:

Allison brings several years of experience as a paralegal, with a specific focus on corporate real estate law, and in her career has worked with both locally-based practices as well as one of the largest law firms in the world. As Director of Operations, Allison is responsible for REDCO’s loan closings and servicing. Her responsibilities include working with our borrowers and partners to ensure an efficient, smooth loan closing process, and also servicing loans throughout their life cycle. Her responsibilities also include ensuring that the portfolio remains compliant with all SBA requirements. Allison also manages the administration of employee benefits and payroll, and assists in REDCO’s annual audit and annual report.

Board of Directors

Brian Baker, Chairman
UMW Center for Economic Development

Teri Tosti, Vice Chairman
BCT- Bank of Charles Town

Brenda Hisghman, Immediate Past Chairman
Atlantic Union Bank

Mike Kennison, Treasurer

Kristin Shields, Secretary

Bill Oeters, Assistant Secretary
Carter Bank & Trust (Retired)

Steven Apicella
Federal Government
Stafford County Planning Commission

Jim Howard
Federal Government (Retired)
King George Board of Supervisors (Retired)

Matt Kelly
Loudoun Mutual Insurance Company
Fredericksburg City Council

Curry Roberts
Fredericksburg Regional Alliance

Jeff Rouse
Burke & Herbert Bank