CEDF’s Small Business Institute Fall classes begin in February! Business Finance & Tax Related Issues and QuickBooks classes will be held in East Hartford, Norwalk, and Meriden beginning in February. 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!
August 2011
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.
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.
