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Community Economic Development Fund News
Web Site:
http://www.cedf.com
965 East Main Street,
Meriden, CT 06450
Tel: (203) 235-2333
Fax: (203) 235-2913
CEDF serves Connecticut small business owners, primarily in the low-to-moderate income communities, who are not able to obtain traditional bank financing. We offer loans, business advice, education and more.
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New Low Interest Loan Money For Small Businesses Available Through CEDF
December 14, 2010
Community Economic Development Fund (CEDF) is announcing the immediate availability of new, low-interest loan money for small businesses in need. Under the terms approved by the state, businesses may borrow up to $100,000 at 4 percent interest for repayment over a 10-year period. These loans can also be used in combination with other CEDF loans up to a maximum of $500,000. The money comes from a state loan pool that the state Department of Community and Economic Development (DECD) is making available to CEDF for distribution to small businesses, said Donna Wertenbach, CEDF president and CEO. Businesses which borrow the money must be based in Connecticut and have 50 or fewer employees. The loan can either be in the form of a term loan or a line of credit. Loan proceeds can be used for working capital, inventory, purchase or rehab of commercial real estate etc. While there are some restrictions such as it cannot be used to refinance existing debt, CEDF has other funds available to cover these needs. This is a great opportunity for small businesses in need of new capital," said Wertenbach. This latest money is in addition to the existing CEDF loan pools available to businesses throughout the state to help meet their needs during this difficult recession. "It's important that businesses in Connecticut towns understand that they can get help even during these difficult times," said Wertenbach. "CEDF specializes in lending money to small businesses with less-than-perfect credit, or those which have had difficulty getting conventional bank loans. We don't have a cookie-cutter approach; we can lend on flexible terms to fit many different needs," she said. CEDF was created in 1994 to revitalize Connecticut's distressed neighborhoods by providing small businesses greater access to capital and technical assistance. Since then CEDF has provided millions of dollars in small business loans and created or retained thousands of jobs for the state's residents. For more information, contact CEDF at 203 235-2333 ext. 2020 and ask for Scott Arnold, CEDF's director of lending. CEDF staff would be delighted to walk you through all the options available.
Member News is provided as a service of the Midstate Chamber of Commerce and is also featured in the monthly "Chamber News" newsletter mailed to members.
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