Lending
The Community Economic Development Fund is a mission-driven, 501(c)(3), Connecticut economic development organization. We provide loans primarily in low-to-moderate income communities and predominantly to low-to-moderate business owners who are not able to obtain bank financing.
We focus on the 53 Targeted Investment Communities (TICs) and Public Investment Communities (PICs) as defined and revised from time-to-time by the CT Office of Policy and Management and CT DECD. In municipalities not recognized as a TIC or PIC, we lend to borrowers with household incomes below the state median income.
For the seventh year in a row, CEDF is Connecticut’s leading SBA Microlender, offering term loans from a few thousand dollars up to $50,000. Through our other sources of loan capital, CEDF also provides term loans and lines of credit up to $250,000 and owner-occupied commercial mortgages up to $500,000.
We lend in a variety of industries. We pride ourselves in providing disadvantaged loan prospects with an open-minded, big picture review of their applications unhindered by arbitrary cut-offs for credit score, time in operation or amount of collateral. Our goal is to help structure the most flexible, individualized funding for a small business.
Manny Delgado, of Rick’s Tree Service, LLC , which obtained a commercial mortgage from CEDF for his property to house its equipment and workshops. Together with his father, Santos, the Delgados provide residential and commercial tree service, primarily in Central Connecticut.
Hugo Aceves owner of Solo Concrete, LLC, obtained a commercial mortgage from CEDF on a mixed-use, light industrial property for vehicle and equipment storage. Solo Concrete LLC is a sub-contractor that specializes in flat slab concrete construction.
Aubrey Schmalle, OTR/L, is a pediatric occupational therapist in Stamford and founder of Sensational Achievements. As a specialist in sensory and learning deficits, Aubrey’s usual business model involved operating a clinic for direct treatment and consultative evaluations of children. When the COVID-19 crisis brought business to a halt, Aubrey organized a series of free webinars with other practitioners in her field to guide parents who now faced home-schooling their special needs children.
Brian Kleinman (center), owner/operator of Riverside Reptiles education center was ready for his grand opening when COVID-19 demanded changes. With schools closed, Director of Education Teralyn LaChance (left) realized the learning didn’t have to stop. The traveling programs went online and continue to be the highlight of birthday parties, and classroom activities with the assistance of Lead Keeper Gina Sciartilli-Jorud.
Lisa Lord, owner of Twist Yarn Shoppe in East Lyme found her access to retail customers cut off by COVID-19 but continues to serve those anxious for knitting lessons online.
Business Advisory Services
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 borrowing.
Our Business Advisors are seasoned former small business owners who provide guidance on best practices in management, marketing, finance and operations; 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.
Purchasing similar business coaching in the marketplace would come at significant cost. Beyond the value delivered to our clients, the business advisory program helps CEDF reduce risk by providing opportunities for early interception of issues that might escape the knowledge of a borrower with less business background.
CEDF Business Advisor Steven Adamo, (left), consults with Duane Beale, manager of Sorrento Fine Woodwork, via Zoom during the COVID-19 crisis when in-person client visits were suspended. Duane models the face shields that his retooled shop produced while the company’s cabinet business was experiencing reduced orders.
Business Education
The CEDF Business Education Center offers learning in a variety of formats. As our clients have shown a preference for formats that don’t require time away from their businesses, we expanded our offerings to include frequent webinars, online courses, video tutorials and replays of programming.
Traditional Formats
Our workshops offer in-depth, hands-on training, primarily in financial-related subjects taught by experts. Focused seminars combine useful content with peer interaction and networking opportunities. Workshops and seminars are offered at the CEDF offices in Meriden and periodically across the state.
Online Courses
In 2019 we added four hours of QuickBooks videos to WeTeachSuccess.org, our online learning site featuring five free courses teaching financial fundamentals. It all supplements our partnership with Santa Clara University's My Own Business Institute.
Monthly Podcast
Our Small Business As Usual podcast series provides a convenient way to stay informed and inspired. It treats issues impacting small business operations usually in the words of CEDF clients. Our website also features replays of seminars and other podcasts in which CEDF clients were participants.
Instruction by Email
Our Chalkboard instructional email newsletter provides reflections on current issues in management, marketing and finance from the perspective of staff members' own experiences or observations on articles in the business press.
CEDF strongly believes in the concept of community-driven economic development through community-owned projects. We work with low-to-moderate income 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.
In 2019, CEDF helped fund the direct programmatic costs of the 2020 Food Business Accelerator in New Haven, a partnership between Collab and CitySeed. Nine ventures were selected for the cohort from 100 entrepreneurs submitting 60 applications. The goals of the Food Business Accelerator are:
• Remove barriers to food entrepreneurship across Connecticut through training, network building, and access to resources;
• Create economic opportunities;
• Increase leadership by people of color and immigrant food entrepreneurs;
• Strengthen the local food system by linking food entrepreneurs and farmers;
• Promote the cultural heritage and stories of entrepreneurs.
Collab is a project fiscally sponsored by the Economic Development Corporation of New Haven. CitySeed Inc. is a 501(c)(3) public charity.
Nine ventures were selected for the cohort from 100 entrepreneurs submitting 60 applications.