About CEDF
Our Mission...CEDF was created in 1994 to revitalize
Connecticut's distressed neighborhoods by providing greater
access to capital, technical assistance to small businesses and
support for community economic development. Since then CEDF had
provided millions of dollars in loans to small businesses,
created and retained hundreds of jobs for the state's residents,
and funded numerous community planning efforts. Joining forces
with the state, leading lenders and representatives from low and
moderate income communities, CEDF is bringing help for
Connecticut's small businesses and neighborhoods.The mission
of the Community Economic Development Fund (CEDF) is to
strengthen neighborhood economies by providing flexible
financial and technical support to small businesses, community
organizations and initiatives in targeted communities and to low
and moderate-income individuals throughout Connecticut.
Structure of the CEDF ProgramCEDF 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 CorporationThe 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, LLCThe 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 InvestorsThe 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
Union Savings Bank
Wachovia Bank
Webster Bank
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