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Community Economic Development Fund News

Community Economic Development Fund News / Press Releases 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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CEDF Closes 16 Loans to 12 Businesses Under DECD 4% Program

July 26, 2011

CEDF has closed 16 loans for 12 Connecticut businesses under the Department of Economic and Community Development (DECD) 4% loan program. The program was launched in January 2011 and has seen significant interest. 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 business.

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. 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.

The “original publication date” of Member News articles posted on this web site reflects the date this article was added to the Chamber database and may not necessarily reflect the date such news events occurred.