Whether you’re a small business owner looking for alternative financing, small business training and support, or you’re a community-based group hoping to improve the economic viability of your neighborhoods, CEDF is here to try to help you. [read more…]
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Loan Applicants–we are here to help! Please attend our 2nd upcoming Loan Session in Meriden on February 23, 2012 from 5:30 pm – 7:30 pm. Loan sessions assist potential borrowers to navigate the application process. The loan sessions are interactive and designed to answer questions and provide an opportunity to meet with lenders for personal assistance. If you are interested in applying for funds through CEDF in the coming months, you may want to sign up for a free session. Please email Laurie Maniscalco at lmaniscalco@cedf.com to confirm your attendance. We hope to see you soon!
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Loan Applicants–we are here to help! Please attend our upcoming Loan Session in Meriden on January 24, 2012 from 5:30 pm – 7:30 pm. Loan sessions assist potential borrowers to navigate the application process. The loan sessions are interactive and designed to answer questions and provide an opportunity to meet with lenders for personal assistance. If you are interested in applying for funds through CEDF in the coming months, you may want to sign up for a free session. Please email Laurie Maniscalco at lmaniscalco@cedf.com to confirm your attendance. We hope to see you soon!
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Businesses with 50 or fewer workers that want to take advantage of the state’s new lending programs for small businesses can apply for the money through the non-profit Community Economic Development Fund (CEDF).
The State of Connecticut Department of Community and Economic Development established the two lending programs in October, as part of the jobs bill, to stabilize and grow Connecticut small businesses. CEDF is administering part of a $100-million fund to be lent out at a fixed rate of 4 percent. The loans can be either term loans or lines of credit.
Small businesses can apply for the loans through the CEDF in partnership with the state Department of Community and Economic Development. To qualify, the businesses must employ 50 or fewer workers, be current on state taxes (or have a repayment plan), and have been in operation for at least one year. The two programs are as follows:
In addition, for business owners who are applying for a loan at CEDF and have their own working capital to invest in their businesses, the state of Connecticut may match that investment with a dollar-for-dollar grant.
“We’re proud to announce these three new state programs are available through CEDF,” said Donna Wertenbach, president and CEO of the Meriden-based CEDF. “This is a great opportunity for businesses to strengthen their companies.”
Wertenbach emphasized that CEDF, under this program, can now lend to any Connecticut small business owner, no matter where the business is located. ”CEDF specializes in lending money to small businesses which have had difficulty getting conventional bank loans. We don’t have a cookie-cutter approach; we can lend on flexible terms to fit many different needs,” she said.
CEDF was created in 1994 to revitalize Connecticut’s distressed neighborhoods by providing small businesses greater access to capital and technical assistance. Since then CEDF has provided millions of dollars in small business loans and helped small businesses create or retain thousands of jobs for the state’s residents.
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CEDF’s Small Business Institute Fall classes begin in October! Business Finance & Tax Related Issues and QuickBooks classes will be held in Torrington, East Hartford, Norwich, Meriden, Bridgeport, and Stamford beginning in October. If you need to strengthen your financial, tax reporting and compliance responsibilities, don’t miss this opportunity! Also, if you receive a loan from CEDF you will be eligible for an interest rate discount for having completed our courses! Small business owners or their staff can register online as of today by visiting the Training Institute page of our website or by calling CEDF at 203 235-2333 Ext. 2001. We hope to see you in class!
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Loan Applicants–we are here to help! Please attend our upcoming Loan Session in Norwich on September 8th from 11:00 am – 1:00 pm! The session will be held at the Norwich Community Development Corporation (NCDC), 77 Main Street in downtown Norwich. Parking is available directly across the street in the public garage. Loan sessions assist potential borrowers to navigate the application process. The loan sessions are interactive and designed to answer questions and provide an opportunity to meet with lenders for personal assistance. During the Norwich session, businesses will have an opportunity to learn about some new incentives for businesses interested in locating in the downtown. Please email Marie Dumas at m.dumas@cedf.com to confirm your attendance.
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Great News! Community Economic Development Fund was selected Thursday to run the city of Norwich’s $1 million revolving loan fund, one of three downtown revitalization programs approved by voters. The Norwich Community Development Corp. board of directors unanimously endorsed CEDF’s proposal to run the revolving loan as a guaranteed-loan program that is expected to bring more private investment dollars to downtown through banks and other funding institutions. With the selection Thursday, NCDC will start working with business owners interested in applying for the loan immediately. Applications should be ready in August, and CEDF should be on board to process loans by September.
The revolving loan fund is one of three downtown Norwich revitalization programs approved by voters in a referendum. NCDC officials already are taking applications for building-code improvements in a $1.84 million matching grant program to property owners and a $500,000 rental subsidy program for downtown commercial facilities. The loan-guarantee money will be used as a 50 percent guarantee to primary lenders willing to work with start-up businesses and small businesses expanding in downtown Norwich. The city’s money – up to $50,000 for a maximum loan of $100,000 – would be held until the loan is paid off and then released back to the city for future loans. With the guarantee in place, businesses may be able to obtain more favorable loan terms from the bank or qualify for higher loan amounts. CEDF already has a presence in eastern Connecticut, with a $4 million loan fund in partnership with several local banks. Arnold will run a loan information session at NCDC from 11 a.m. to 1 p.m. on Sept. 15 to discuss the loan-application process. To register for the program, contact Marie Dumas at m.dumas@cedf.com or (888) 835-2333.
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CEDF has closed 16 loans for 12 Connecticut businesses under the Department of Economic and Community Development (DECD) 4% loan program. The program was launched in January 2011 and has seen significant interest. Under the terms approved by the state, businesses may borrow up to $100,000 at 4 percent interest for repayment over a 10-year period. These loans can also be used in combination with other CEDF loans up to a maximum of $500,000.
The money comes from a state loan pool that the state Department of Community and Economic Development (DECD) is making available to CEDF for distribution to small businesses.
Businesses which borrow the money must be based in Connecticut and have 50 or fewer employees. The loan can either be in the form of a term loan or a line of credit. Loan proceeds can be used for working capital, inventory, purchase or rehab of commercial real estate etc. While there are some restrictions such as it cannot be used to refinance existing debt, CEDF has other funds available to cover these needs.
This is a great opportunity for small businesses in need of new capital. For more information, contact CEDF at 203 235-2333 ext. 2020 and ask for Scott Arnold, CEDF’s director of lending. CEDF staff would be delighted to walk you through all the options available.
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The second of a five part series of programs for small businesses in Stamford will take place on Wednesday evening June 15th at Stamford High School, 55 Strawberry Hill Avenue, from 5:30 – 8:00 pm. CEDF is partnering with Mayor Michael Pavia on his Small Business Advantage Series as a part of Stamford’s effort to support small business job growth. The seminar, “Facebook, LinkedIn, Twitter” is designed to help small businesses understand the various forms of social media and to determine what is best to promote their businesses. Programs are free to the public and reservations can be made on the City of Stamford website: http://smallbusiness.cityof stamford.org . We hope to see you there!
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Loan Applicants–we are here to help! Please attend one of our upcoming Loan Sessions in Meriden on either July 14th from 5:00 pm – 7:00 pm or September 22nd at the same time!! Loan sessions assist potential borrowers to navigate the application process. The loan sessions are interactive and designed to answer questions and provide an opportunity to meet with lenders for personal assistance. If you are interested in applying for funds through CEDF in the coming months, you may want to sign up for a free session. Please email Marie Dumas at m.dumas@cedf.com to confirm your attendance. We hope to see you soon!
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