Community Economic Development Fund

SBA Microloans

CEDF is Connecticut's leading originator for five years in a row

The program provides financing up to $50,000 to help small businesses start up or expand. The minimum amount is $1,000, however we generally do not encourage loans below $3,000. The maximum repayment term allowed by the SBA is six years.

Jennifer East, owner, Classic Dog Grooming, Niantic, CT.

How can I use the term loan proceeds?

  • Working capital
  • Inventory or supplies
  • Furniture or fixtures
  • Machinery or equipment
  • However, proceeds cannot be used to pay existing debts or to purchase real estate.

How do I know I'm eligible to apply for a loan?

 Loan Eligibility Requirements ›

I am eligible. What do I do next?

  • Submit a Loan Inquiry Form.
  • Print the Loan Application along with the applicable documents.
  • Complete the Loan Application. Don't forget 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
Commercial Real Estate Loan Purchase of owner occupied commercial real estate property Up to $500,000 Fixed Up to 20 years Monthly payment of principal and interest. Cannot revolve, no balloon or call provisions. No prepayment penalty.
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