2007 was another year of CEDF seeking new strategies and resources in order to better fulfill our mission of serving clients and stimulating Connecticut’s economy in distressed neighborhoods and individuals. In addition to continued growth, CEDF experienced its strongest year of success, both from a client and a financial perspective.

The Small Business Skills Training Institute was a leader in this growth effort. The Institute was developed to provide an opportunity for businesses to develop solid business skills in a group setting with a methodology designed specifically for our market. These hands on workshops are offered at a minimal cost to our clients. The first set of topics focuses on the various aspects of financials. As the Institute progresses a wide array of other topics are slated to be added. In addition to helping the business owner, this method of training and instruction allows CEDF to utilize its one-on-one small business counselors in a more focused, high impact fashion. As CEDF is also dedicated to stimulating Connecticut’s local economy, these workshops have been opened up to any existing small business owner throughout the state. Currently, these programs are offered in Norwich, Hartford, Hamden and Stamford. The success of the Institute is largely attributed to our new collaborating partner, Connecticut Accounting Aid and Services (CAAS), that became associated with CEDF in January of this year. CAAS is a private not-for-profit organization whose purpose is to provide free accounting and financial counseling to economically disadvantaged businesses, individuals and not-for-profit organizations in Connecticut. Since its formation in 1974, CAAS has offered these services along with educational programs to further the economic development of small businesses, individuals, and other not-for-profit organizations. As part of this joint effort, CAAS provides CEDF with Certified Public Accountants who teach all of the financial related topics.

CEDF’s loan resources were once again expanded with the addition of the Southwestern Connecticut Segmented Loan Fund. This is the second phase of Governor Rell’s strategy to stimulate small business growth through public/private partnerships. This initiative is a $4 million small business loan pool consisting of $2 million in private sector investments generated by CEDF, matched with $2 million in state funds. It is modeled after the first segmented loan fund in Eastern Connecticut which has been a resounding success. The Southwestern Connecticut Segmented Loan Fund will provide loans to small businesses and mixed use projects that are not bankable in the area from Bridgeport to Stamford. CEDF welcomes First County Bank, NewAlliance Bank, TD Banknorth and Connecticut Housing Finance Authority (CHFA) back to the table with an additional round of investments. In addition, CEDF is working with a number of new banks who are considering joining the CEDF family of investors.

2007 also brought the expansion of several new community development projects under the capable leadership of UCAN and AMS who serve as managing consultants to CEDF. This year, projects were implemented in Hartford, Willimantic, Winsted, New Haven, Stamford, Pawcatuck, and six projects in Bridgeport.

Of course following tradition, CEDF continued to increase the services provided to our clients. Over $4 million in new loans were booked, thousands of hours of business consulting was provided, in addition to training and support for community economic development. CEDF was also pleased to welcome a number of new staff to the team as part of this growth. Nadine Cabrera assumed the responsibility of lender for all microloans, Timothy Andre has expanded the workout collections division, Shelly Koehler has joined the small business counseling team, Margie Marrero joined CEDF as the receptionist and Mike Sweeney assumed the responsibilities of CFO. Each of these professionals is a treasured addition to the staff and have already made significant contributions to the organization. In addition to welcoming new staff, under the leadership of Mike Sweeney and Julie Gamble, the entire financial department has been upgraded with new systems software and other efficiencies, positioning CEDF to further expand the services that we offer our clients.

As always, CEDF has many people to thank for its creative strategies and multiple successes. At the top of the list are the members of our two Boards, lead by our Chair/Co-Chairs Steve Hudd from Wachovia Bank and John Lobon from CT Development Authority, Cornell Wright from the Parker Wright Group, our numerous organization partners and generous funders. Staff also needs to be commended on an excellent job of working together to guide the organization through tremendous growth. Of course, most of all, we would like to thank our borrowers and community leaders who gave us the honor and privilege of working with them to help them grow their dreams.

~ Donna Wertenbach