For the fifth consecutive year, the Community Economic Development Fund (CEDF) is the leading SBA Microlender in Connecticut according to a report released to lenders by the Small Business Administration Hartford District Office.
CEDF originated 24 small business loans worth $615,700 at an average of about $25,600 per borrower. Over the past five years, CEDF has originated 103 SBA Microloans.
CEDF is an independent nonprofit, mission-driven lender formed in 1994 to serve the financing needs of entrepreneurs and small businesses in the state that cannot obtain traditional commercial bank financing. Loans may be used by borrowers for working capital, inventory, trade fixtures, machinery and equipment. Loan amounts under SBA regulations can range from $1,000 to $50,000 with a maximum term of six years.
“Besides being an affordable source of capital, CEDF also assigns a business advisor to each borrower to help guide and support clients through the term of their loans,” said Jim Bzdyra, CEDF president. “We also provide a range of educational programs to help focus business owners on developing essential skills. Teaching business success is a crucial part of our mission,” Bzdyra said.
CEDF lends statewide to business borrowers with a special emphasis on low and moderate income individuals. Details are listed at cedf.com, as well information on other small business lending products including larger term loans, lines of credit and owner-occupied commercial mortgages that do not fit into the SBA Microloan program.