Community Economic Development Fund Foundation Inc
Community Economic Development Fund Foundation Inc
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About this organization
Mission
Community Economic Development Fund Foundation’s (CEDF) mission is to strengthen neighborhood economies by providing flexible financing and technical support to businesses, community organizations and initiatives in communities throughout Connecticut. 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.
About
As a mission lender, our customers consist solely of existing and start-up small businesses in one of Connecticut's 169 towns. We provide loan capital when they cannot obtain financing from traditional lending institutions and are located in a targeted/public investment community (economically disadvantaged) or have an annual household income less than the state median. For the 6th year in a row, CEDF is CT's leading SBA microlender. Our work has promoted healthier economic bases of neighborhoods, community wellness, blight improvement, and job creation/retention. In 2018, CEDF originated 27 microloans, $606,500 in capital and an additional 38 term loans/lines of credit and $1,994,000 in capital for its affiliated organization. CEDF's total loan portfolio includes 217 small business clients with 339 loans and commitments of $15,968,794 for CEDF organization. In 2018, these small businesses created/retained 1,305 jobs.
Interesting data from their 2020 990 filing
The purpose of the non-profit is outlined in the filing as “To strengthen neighborhood economies by providing flexible financing and technical support to businesses, community organizations and initiatives in communities throughout connecticut. we help to stabilize and grow small businesses so individuals can realize their dreams, families can celebrate increased financial independence, and communities can prosper. community economic development fund (cedf) was created in 1994 to revitalize distressed neighborhoods in low to moderate income communities throughout connecticut by improving the business and community economic conditions. we help small businesses stabilize and grow: we provide access to capital to start up, existing businesses, and community organizations who cannot obtain financing elsewhere and we offer educational workshops, business advisory services, and other resources necessary to ensure businesses are successful.”.
When discussing its operations, they were defined as: “Strengthen neighborhood economies by providing flexible financing/ technical support to businesses in low to moderate income communities or with low to moderate income households.”.
- The state where the non-profit operates has been legally reported as CT.
- The filing indicates that the non-profit's address in 2020 is located at 965 MAIN STREET, MERIDEN, CT, 06450.
- The non-profit has reported 14 employees on their form as of 2020.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is -$36,175.
- The organization has 13 independent voting members.
- The organization was formed in 1993.
- The organization pays $1,317,989 in salary, compensation, and benefits to its employees.
- The organization pays $43,378 in fundraising expenses.
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