About Us
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 has 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 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 four 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; (3) providing micro loans ($35,000 and under) to small business borrowers; and (4) providing small business skills through our Small Business Training Institute.
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 fifth 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.
CEDF 1, LLC
The CEDF Corporation is an investment partner in CEDF1, LLC along with twenty other investor institutions. CEDF 1, LLC is a $22 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
Jewett City Savings Bank
J.P. Morgan Chase Bank
Liberty Bank
Mohegan Indian Tribal Council
First Niagra 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
