Structure of the CEDF Program
CEDF consists of three (3) legal structures, The CEDF Foundation,
Inc., CEDF Corporation, and CEDF, LLC.
CEDF Foundation, Inc.
The CEDF Foundation, Inc. is the parent organization. The CEDF
Foundation is a non-stock non-profit organization that has been
recognized as a charitable organization under Section 501 (C) 3 of
the Internal Revenue Code. The CEDF Foundation, Inc. is responsible
for the oversight of three major functions of the CEDF program: (1)
providing support to encourage community-based economic development
strategic planning; (2) providing business counseling to small
businesses and entrepreneurs which increases their ability to
operate their businesses successfully, access financing and benefit
their neighborhoods and (3) providing micro loans ($35,000 and
under) to small business borrowers.
CEDF Corporation
The CEDF Corporation, a wholly owned subsity of the CEDF Foundation,
Inc., is a for-profit corporation incorporated in the State of
Connecticut. The CEDF Corporation is responsible for the fourth
major function of the CEDF Programs: administration of the
investing, underwriting and lending function. The Corporation
manages all of the small business lending activities through the
CEDF 1, LLC. The CEDF Corporation owns 14.8737% of CEDF 1, LLC and
accounts for its investment using the equity method of accounting.
CEDF 1, LLC
The CEDF Corporation is an investment partner in CEDF1, LLC along
with eight Connecticut financial institutions : Fleet, First Union,
Chase Manhattan, People's, Sovereign, Citizens, Webster, and New
Haven Savings. CEDF 1, LLC is a $9.5 million loan pool managed by
the CEDF Corporation, pursuant to the terms of the LLC operating
agreement.
Our Investors
The following banks and institutions working with the State of
Connecticut and members of our communities, have committed time,
resources and investment to the CEDF Program:
- Bank of America
- ChelseaGroton Bank
- Citizen’s Bank
- Connecticut Housing Finance Authority
- Dime Bank
- Eastern Federal Bank
- First County Bank
- Fleet Development Ventures
- Jewett City Savings Bank
- J.P. Morgan Chase Bank
- Liberty Bank
- Mohegan Indian Tribal Council
- NewAlliance Bank
- People’s United Bank
- Savings Institute Bank and Trust
- Sovereign Bank
- TD Banknorth
- U.S. Trust Company
- Wachovia Bank
- Webster Bank
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CEDF will be
moving its offices to 965 East Main Street in Meriden in May of 2008. The new
location, on the site of the former Lane Construction building,
will make us more centrally accessible to community partners and clients
throughout the state.