Community Economic Development Fund

Commercial Real Estate Loans

CEDF provides owner-occupied commercial real estate loans up to $500,000. Real estate loans can be combined with other CEDF small business loans up to $750,000. Real estate loans are secured by a mortgage on real property to finance the purchase, development or improvement of real estate for owner-occupied property, including mixed use.

Borinquen Bakery staff and community leaders help New Britain Mayor Erin Stewart & Mary Ortiz, owner, cut the ribbon on the new building.

What types of owner- occupied properties are eligible for a commercial real estate loan?

CEDF will consider making mortgage loans that are secured by the following types of owner- occupied properties:

  • Commercial / industrial
  • Office buildings / office condos
  • Retail properties
  • Mixed-use facilities (retail / office / residential)

What are the requirements for a commercial real estate loan?

Loan Eligibility Requirements ›

  • The owner of the business applying must have been in business for three years or longer
  • The owner must have a business located or to be located in the building occupying 51% or more of the space (i.e. no pure investment real estate)
  • Fixed interest rates with a maximum 25 year amortization
  • Personal guaranty from all principals involved

How can I apply for a commercial real estate loan?

  • Complete the Loan Inquiry Form.
  • Print the Commerical Real Estate Loan Application along with the applicable documents.
  • Complete the application. Be sure to provide all of the needed supporting documents. See the checklist provided. Submit your completed application package to:
    CEDF,  Attention: Karen Tessman, Director of Lending,  965 East Main Street,  Meriden, CT 06450
  Purpose Amount Rate Term Structure
Term Loan Working capital (including start-ups), inventory, equipment, refinance current debt $1,000 up to $50,000 Fixed Up to 6 years Monthly payment of principal and interest. Cannot revolve, no balloon or call provisions. No prepayment penalty.
$5,000 up to $250,000 Fixed Up to 10 years
Line of Credit Seasonal or cyclical operating cash flow needs $5,000 up to $250,000 Variable Short-term financing; one year renewable Monthly payment of interest only, only on the amount outstanding. The line revolves as you use it and repay it. No prepayment penalty.

Not sure which loan or educational service meets your need?

Please give us a call toll-free at 888-835-2333 or contact us online