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Nonprofit Overview
Causes: Economic Development
Mission: To strengthen neighborhood economies by providing flexible financing and technical support to businesses, community organizations and initiatives in communities throughout connecticut. We help to stabilize and grow small businesses so individuals can realize their dreams, families can celebrate increased financial independence, and communities can prosper. Community economic development fund (cedf) was created in 1994 to revitalize distressed neighborhoods in low to moderate income communities throughout connecticut by improving the business and community economic conditions. We help small businesses stabilize and grow: we provide access to capital to start up, existing businesses, and community organizations who cannot obtain financing elsewhere and we offer educational workshops, business advisory services, and other resources necessary to ensure businesses are successful.
Programs: Small business lending: cedf is a business lender. We provide loans to ct small business owners that are unable to obtain a traditional bank loan in economically disadvantaged communities and/or low-to-moderate income households. For the fifth year in a row, cedf is ct's leading sba microlender. In 2017, cedf originated 25 microloans, $640,300 in capital and an additional 29 term loans and lines of credit for its affiliated organization, $2,143,455 in capital to a total of 37 businesses. Cedf has 212 small business clients with 322 loans in its total portfolio, and commitments of $16,242,893 for cedf organization. In 2017, these small business created/retained 1,414 jobs.
cedf business advisors serve our borrowers as coaches and relationship managers to help foster business growth and reduce risk of business closure. Regular contact with the business advisor is a condition of all cedf lending. Business advisors are seasoned former business owners who provide guidance on best practices in management, marketing and finance; help investigate, diagnose or research business challenges and opportunities in order to identify paths to improved results; and coach on matters of leadership, accountability, action planning, idea generation, motivation and management of the emotional components of business ownership. Business advisors serve our 212 small business clients and all new originated loans during the year.
cedf business education center offers learning in a variety of formats. In 2017, we launched online learning initiatives through our "we teach success" in partnership with santa clara university and linked-in learning program; our "chalkboard" instructional email and "small business as usual" podcast series provide convenient ways to stay informed and inspired on current issues impacting small business operations; and our traditional, in-person workshops and seminars focus on hot topics instructed by an expert in the field. In 2017, we provided educational instruction to 645 individuals reaching 478 or 286% more business owners than in 2016.
cedf strongly believes in the concept of community-driven economic development through community-owned projects. We work with low-to-moderateincome communities on projects that support business growth and job creation in connecticut by providing assistance to cities/towns, community residents, merchant groups, and others who have a vision for ways their community may support the economic environment. We offer assistance in project-related expenses because community development grants help the local business environments grow.