Community Economic Development Fund Foundation Inc

STRENGTHEN NEIGHBORHOOD ECONOMIES BY PROVIDING FLEXIBLE FINANCING/ TECHNICAL SUPPORT TO BUSINESSES IN LOW TO MODERATE INCOME COMMUNITIES OR WITH LOW TO MODERATE INCOME HOUSEHOLDS.

SMALL BUSINESS LENDING PROGRAM: AS A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION LOAN FUND, CEDF OFFERS EASIER-TO-OBTAIN SMALL BUSINESS LOANS TO STARTUP AND SMALL BUSINESSES THROUGHOUT CONNECTICUT THAT CANNOT OBTAIN FINANCING FROM TRADITIONAL LENDING INSTITUTIONS. OUR BORROWERS MUST ALSO OPERATE A BUSINESS IN AN ECONOMICALLY DISADVANTAGED CENSUS TRACT (AS IDENTIFIED BY THE STATE OF CT AND/OR U.S. TREASURY) OR HAVE A LOW-TO-MODERATE HOUSEHOLD INCOME. BY ALLOWING CLIENTS THE OPPORTUNITY TO START A SMALL BUSINESS ENTERPRISE, EXPAND AN EXISTING BUSINESS, TAKE ADVANTAGE OF ECONOMIES OF SCALE, BUY THEIR OWN BUILDINGS, OR MOVE INTO NEW MARKETS, CEDF PROVIDES INDIVIDUALS THE CHANCE TO REALIZE POSITIVE CHANGE FOR THEMSELVES, THEIR FAMILIES, AND THEIR COMMUNITIES. THE COMMUNITIES IN WHICH THESE ENTREPRENEURS OPERATE THEIR BUSINESSES OFTEN EXPERIENCE A WIDE RANGE OF SOCIAL BENEFITS, INCLUDING AN INCREASE OF ECONOMIC ACTIVITY IN NEIGHBORHOODS, COMMUNITY WELLNESS, BLIGHT REDUCTION, AND JOB CREATION AND RETENTION. IN 2023, CEDF FOUNDATION ORIGINATED 36 MICROLOANS/LINES OF CREDIT/OWNER-OCCUPIED MORTGAGES FOR $1,127,850 AND ANOTHER 39 FOR $3,880,973 FOR AFFILIATE, CEDF FUND I, LLC, COMPRISING THE TOTAL LENDING FOR CEDF ORGANIZATION. OF THE CEDF FUND I, LLC TOTALS, 9 LOANS FOR $1,062,000 WERE ORIGINATED ON BEHALF OF CT DECD SMALL BUSINESS BOOST PROGRAM, OF WHICH 95% WERE REQUIRED TO BE SOLD TO THE BOOST PROGRAM.

CEDF STRONGLY BELIEVES IN ECONOMIC DEVELOPMENT THROUGH COMMUNITY-OWNED PROJECTS. WE WORK WITH LOW-TO-MODERATE INCOME COMMUNITIES ON PROJECTS THAT SUPPORT BUSINESS GROWTH AND JOB CREATION BY PROVIDING ASSISTANCE TO CITIES/TOWNS, COMMUNITY RESIDENTS, MERCHANT GROUPS, AND OTHERS WHO HAVE A VISION FOR WAYS THEY MAY BETTER SUPPORT THE ECONOMIC ENVIRONMENT. WE OFFER ASSISTANCE IN PROJECT-RELATED EXPENSES BECAUSE COMMUNITY DEVELOPMENT GRANTS HELP LOCAL USINESSES GROW AND PROSPER.

BUSINESS ADVISORY PROGRAM: CEDF PROVIDES A BUSINESS ADVISOR (BA) TO EACH OF OUR LOAN RECIPIENTS FOR THE LIFE OF THEIR LOAN(S) AT NO CHARGE TO THEM, JUST PRIOR TO LOAN ORIGINATION. BA'S ARE FULL-TIME CEDF EMPLOYEES AND EACH ADVISOR HAS OWNED AND OPERATED A SUCCESSFUL SMALL BUSINESS BEFORE JOINING CEDF. THIS EQUIPS THEM WITH EXPERT TECHNICAL KNOWLEDGE AND THE WILLINGNESS TO PROVIDE ATTENTIVE, UNDERSTANDING AND EMOTIONAL SUPPORT TO THOSE FACING DIFFICULT CIRCUMSTANCES. BA'S SERVE OUR BORROWERS AS COACHES AND RELATIONSHIP MANAGERS TO HELP FOSTER BUSINESS GROWTH AND REDUCE RISK OF BUSINESS CLOSURE. THEY OFFER 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. CEDF'S BUSINESS ADVISORS PROVIDED 6,174 SERVICE HOURS TO 187 CLIENTS WITH 227 LOANS ACROSS CT'S 169 TOWNS/CITIES IN 2023 AND SUPPORTED THE CREATION AND RETENTION OF 1,087 JOBS.

BUSINESS EDUCATION PROGRAM: CEDF EDUCATES ENTREPRENEURS ON THE ESSENTIAL KNOWLEDGE FOR OPERATING SUCCESSFUL, SUSTAINABLE ENTERPRISES. BUSINESS EDUCATIONAL OFFERINGS ARE PROVIDED TO ENTREPRENEURS/SMALL BUSINESS OWNERS ACROSS CONNECTICUT AT LITTLE TO NO COST TO THEM. WE DELIVER EDUCATION THROUGH A VARIETY OF CHANNELS, INCLUDING PODCASTS, WEBINARS, INSTRUCTIONAL ARTICLES, ONLINE EDUCATION AND LIVE SEMINARS AND OFFER ON-DEMAND FORMAT ALL HOUSED ON OUR EDUCATION WEBSITE FOR EASY ACCESS TO EDUCATIONAL RESOURCES NEEDED BY THE SMALL BUSINESS OWNER WWW.WETEACHSUCCESS.ORG. PROGRAM SERVICES IN SPANISH: CEDF EMPLOYS THREE SPANISH SPEAKING INDIVIDUALS AND PROSPECTIVE CLIENTS MORE COMFORTABLE CONDUCTING BUSINESS IN SPANISH CAN ACCESS PRE-LOAN COUNSELING, BUSINESS EDUCATION AND BUSINESS ADVISORY SERVICES IN THEIR OWN LANGUAGE. IN 2023, WE EXPERIENCED 7,011 LEARNING ENGAGEMENTS AND OFFERED 73 EDUCATIONAL PROGRAMS OF WHICH 34 WERE IN SPANISH.