Community Economic Development Fund Foundation Inc

STRENGTHEN NEIGHBORHOOD ECONOMIES BY PROVIDING FLEXIBLE FINANCING/ TECHNICAL SUPPORT TO BUSINESSES IN LOW TO MODERATE INCOME COMMUNITIES OR WITH LOW TO MODERATE INCOME HOUSEHOLDS.

SMALL BUSINESS LENDING PROGRAM: AS A MISSION LENDER, CEDF OFFERS EASIER-TO-OBTAIN SMALL BUSINESS LOANS TO STARTUP AND SMALL BUSINESSES THROUGHOUT CONNECTICUT THAT CANNOT OBTAIN FINANCING FROM TRADITIONAL LENDING INSTITUTIONS. OUR BORROWERS MUST ALSO OPERATE A BUSINESS IN A TARGETED OR PUBLIC INVESTMENT COMMUNITY (AS IDENTIFY BY CT OFFICE OF POLICY AND MANAGEMENT) OR HAVE A LOW-TO-MODERATE HOUSEHOLD INCOME EQUAL TO OR LESS THAN HUD'S PUBLISHED STATE MEDIAN HOUSEHOLD INCOME CAP. BY ALLOWING CLIENTS THE OPPORTUNITY TO START A SMALL BUSINESS ENTERPRISE, EXPAND AN EXISTING BUSINESS, TAKE ADVANTAGE OF ECONOMIES OF SCALE, BUY THEIR OWN BUILDINGS, OR MOVE INTO NEW MARKETS, CEDF PROVIDES INDIVIDUALS THE CHANCE TO REALIZE POSITIVE CHANGE FOR THEMSELVES, THEIR FAMILIES, AND THEIR COMMUNITIES. THE COMMUNITIES IN WHICH THESE ENTREPRENEURS OPERATE THEIR BUSINESSES OFTEN EXPERIENCE A WIDE RANGE OF SOCIAL BENEFITS, INCLUDING AN INCREASE OF ECONOMIC ACTIVITY IN NEIGHBORHOODS, COMMUNITY WELLNESS, BLIGHT REDUCTION, AND JOB CREATION AND RETENTION. IN 2021, CEDF FOUNDATION ORIGINATED 24 MICROLOANS, $621,000 IN CAPITAL AND ANOTHER 26 TERM LOANS/LINES OF CREDIT/OWNER-OCCUPIED MORTGAGES FOR $3,039,750 IN CAPITAL FOR ITS AFFILIATE, CEDF FUND I, LLC, COMPRISING THE TOTAL LENDING FOR CEDF ORGANIZATION. CEDF ORGANIZATION'S TOTAL LOAN PORTFOLIO CONSISTS OF 182 CLIENTS WITH 245 LOANS TOTALING $11,772,015 IN LOAN COMMITMENTS. IN 2021, CEDF'S CLIENTS CREATED/RETAINED 1,112 JOBS IN CONNECTICUT.

BUSINESS ADVISORY SERVICES PROGRAM (BA): ASSIST BORROWERS WITH RESPONSIVE, EXPERT BUSINESS ADVISORY SERVICES WITH A FOCUS ON CONTINUAL IMPROVEMENT. BA'S ARE FULL-TIME EMPLOYEES OF CEDF WITH DEEP EXPERIENCE OWNING AND OPERATING SUCCESSFUL SMALL BUSINESSES. THIS EQUIPS THEM WITH EXPERT TECHNICAL KNOWLEDGE AND THE WILLINGNESS TO PROVIDE ATTENTIVE, UNDERSTANDING SUPPORT TO THOSE FACING DIFFICULT CIRCUMSTANCES. A BA IS ASSIGNED TO EACH OF OUR LOAN RECIPIENTS FOR THE LIFE OF THEIR LOAN(S) AT NO CHARGE TO THEM. BA'S SERVE OUR BORROWERS AS COACHES AND RELATIONSHIP MANAGERS TO HELP FOSTER BUSINESS GROWTH AND REDUCE RISK OF BUSINESS CLOSURE. THEY OFFER GUIDANCE ON BEST PRACTICES IN MANAGEMENT, MARKETING, FINANCE AND OPERATIONS; HELP INVESTIGATE, DIAGNOSE OR RESEARCH BUSINESS CHALLENGES AND OPPORTUNITIES IN ORDER TO IDENTIFY PATHS TO IMPROVED RESULTS; AND COACH ON MATTERS OF LEADERSHIP, ACCOUNTABILITY, ACTION PLANNING, IDEA GENERATION, MOTIVATION, AND MANAGEMENT OF THE EMOTIONAL COMPONENTS OF BUSINESS OWNERSHIP. CEDF'S BUSINESS ADVISORS PROVIDED 6,950 SERVICE HOURS TO 182 CLIENTS WITH 245 LOANS ACROSS 80 CITIES/TOWNS IN CT IN 2021.

SMALL BUSINESS EDUCATION PROGRAM: BUSINESS EDUCATION CENTER (BEC): CEDF EDUCATES ECONOMICALLY MARGINALIZED ENTREPRENEURS ON THE ESSENTIAL KNOWLEDGE FOR OPERATING SUCCESSFUL, SUSTAINABLE ENTERPRISES. BEC OPERATES IN COORDINATION WITH BA SERVICES TO MAINTAIN AN AWARENESS OF THE MOST RELEVANT TOPICS FOR PROGRAMMING. BUSINESS EDUCATIONAL OFFERINGS ARE PROVIDED TO ECONOMICALLY MARGINALIZED ENTREPRENEURS AND ENTREPRENEURS OF COLOR, LOAN INQUIRIES/APPLICANTS AND SMALL BUSINESS BORROWERS (CLIENTS) AT LITTLE TO NO COST. WE DELIVER EDUCATION THROUGH A VARIETY OF CHANNELS, INCLUDING PODCASTS, WEBINARS, INSTRUCTIONAL ARTICLES, ONLINE EDUCATION AND LIVE SEMINARS, WORKSHOPS, WEBINARS OR TELECONFERENCES. PROSPECTIVE BORROWERS LEARN HOW TO FIND AND OBTAIN SMALL BUSINESS LOANS THROUGH ACCESS TO CAPITAL SEMINARS AND APPLICANTS WITH LESS THAN STRONG BUSINESS PLANS AND/OR CREDIT SCORES ARE REFERRED TO SPECIFIC EDUCATIONAL OFFERINGS TO HELP THEM BECOME CREDIT READY AND REAPPLY FOR A LOAN. THE CEDF BUSINESS EDUCATION CENTER OFFERS LEARNING IN A VARIETY OF FORMATS. AS BUSINESS OWNERS HAVE SHOWN A PREFERENCE FOR FORMATS THAT DON'T REQUIRE TIME AWAY FROM THEIR BUSINESSES, WE EXPANDED OUR OFFERINGS TO INCLUDE FREQUENT WEBINARS, ONLINE COURSES, VIDEO TUTORIALS AND REPLAYS OF PROGRAMMING. IN 2021 WE EXPERIENCED 7,863 LEARNING ENGAGEMENTS.

CEDF STRONGLY BELIEVES IN ECONOMIC DEVELOPMENT THROUGH COMMUNITY-OWNED PROJECTS. WE WORK WITH LOW-TO-MODERATE INCOME COMMUNITIES ON PROJECTS THAT SUPPORT BUSINESS GROWTH AND JOB CREATION BY PROVIDING ASSISTANCE TO CITIES/TOWNS, COMMUNITY RESIDENTS, MERCHANT GROUPS, AND OTHERS WHO HAVE A VISION FOR WAYS THEY MAY BETTER SUPPORT THE ECONOMIC ENVIRONMENT. WE OFFER ASSISTANCE IN PROJECT-RELATED EXPENSES BECAUSE COMMUNITY DEVELOPMENT GRANTS HELP LOCAL BUSINESSES GROW AND PROSPER. IN 2021, CEDF PROVIDED A $2,500 COMMUNITY DEVELOPMENT GRANT TO ENTREPRENEURSHIP FOUNDATION FOR SUPPORT OF A 2021 BUSINESS IDEA COMPETITION FOR BRIDGEPORT, CT AREA ENTREPRENEURS AND A $5,000 GRANT TO ONE WORLD MARKET FOR SUPPORT OF A MULTI-INTERNATIONAL OUTSIDE DINING MARKET IN DOWNTOWN HARTFORD.