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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 Will Run Norwich Revolving Loan Fund!

August 3, 2011

Great News! Community Economic Development Fund was selected Thursday to run the City of Norwich's $1 million revolving loan fund, one of three downtown revitalization programs approved by voters. The Norwich Community Development Corp. Board of Directors unanimously endorsed CEDF's proposal to run the revolving loan as a guaranteed-loan program that is expected to bring more private investment dollars to downtown through banks and other funding institutions. With the selection Thursday, NCDC will start working with business owners interested in applying for the loan immediately. Applications should be ready in August, and CEDF should be on board to process loans by September.

The revolving loan fund is one of three downtown Norwich revitalization programs approved by voters in a referendum. NCDC officials already are taking applications for building-code improvements in a $1.84 million matching grant program to property owners and a $500,000 rental subsidy program for downtown commercial facilities. The loan-guarantee money will be used as a 50 percent guarantee to primary lenders willing to work with start-up businesses and small businesses expanding in downtown Norwich. The city's money - up to $50,000 for a maximum loan of $100,000 - would be held until the loan is paid off and then released back to the city for future loans. With the guarantee in place, businesses may be able to obtain more favorable loan terms from the bank or qualify for higher loan amounts. CEDF already has a presence in eastern Connecticut, with a $4 million loan fund in partnership with several local banks. Arnold will run a loan information session at NCDC from 11 a.m. to 1 p.m. on September 15 to discuss the loan-application process. To register for the program, contact Marie Dumas at m.dumas@cedf.com or (888)835-2333.

 
 

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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