President’s Message

Few among us welcome difficult times, but as the state enters a period of budget-tightening, there may be a greater awareness of what the Community Economic Development Fund has understood for years: the smallest businesses in this state are among Connecticut’s biggest strengths.

Such small businesses, including microbusinesses, which employ fewer than 10 people, are easy for others to underestimate. We don’t make that mistake. Instead, we have worked since 1994 to help low-income people start their own small enterprises. Unsatisfied with just loaning them money for startup costs, CEDF provides free advice, training and accounting so they have the opportunity not only to survive, but thrive.

This past year, we’ve focused on the basics: improving services to better serve our clients, and strengthening the organization to assure our long-term sustainability.

In a global economy, helping small businesses flourish is a challenge, but one that the CEDF is especially well-positioned to meet. It is our responsibility to provide programs that will serve the low-income community on a long-term basis.

That means we have a commitment to do everything we can to make our agency strong. We’ve done that by working with other organizations to offer better services; by decreasing the agency’s reliance on outside funds and  strengthening the CEDF’s financial position to become more self-sufficient. Our new headquarters in Meriden has room for our future growth as well as for new and innovative programs to assure our clients’ success.

They deserve the backup. The population we serve has had the odds stacked against it for years; part of our commitment is to help entrepreneurs function in a business environment that includes challenges unforeseen 20 years ago. In return, nearly all borrowers repay their loans and many hire workers, contributing to Connecticut’s economy.

It is our passion to help them succeed, and in so doing, make their communities and our state better and more vibrant places in which to live. If we do our job with vision, commitment and creativity, we, and the small businesses we serve, will get through the difficult times ahead and be stronger when the turmoil subsides.

CEDF thanks all of the partners that made our success possible.