Microloan Guarantee Program (CEDF/DECD)

Microloan

A loan program that helps business development and employment growth for women- and minority-owned businesses.

Is this resource a good fit for you?

If you are a woman- or minority-owned business looking for up to a 30 percent guarantee of principal on loans under $50,000.

Description

The Community Economic Development Fund (CEDF) was created in 1994 to revitalize Connecticut's distressed neighborhoods by providing greater access to capital, technical assistance to small businesses and support for community economic development. Since then CEDF has provided millions of dollars in loans to small businesses, created and retained hundreds of jobs for the state's residents, and funded numerous community planning efforts. Joining forces with the state, leading lenders and representatives from low- and moderate-income communities, CEDF is bringing help for Connecticut's small businesses and neighborhoods.

The mission of CEDF is to strengthen neighborhood economies by providing flexible financial and technical support to small businesses, community organizations and initiatives in targeted communities and to low- and moderate-income individuals throughout Connecticut.

Services

  • The program offers a 30 percent guarantee of principal on loans $50,000 and under.
  • Technical assistance to fine-tune a business plan is available.

Criteria

  • Must be woman- or minority-owned where 51 percent percent is owned by a woman or a minority who is actively engaged in the daily affairs of the business and has the power to direct the management and policies of the business.
  • Applicants are required to have a business plan.
  • Business must be located in Hartford, Stamford or West Haven.
  • Can be used in industrial, commercial, agricultural, retail and service businesses.

Contact Info

Contact: Scott Arnold

Street: 965 East Main St

City: Meriden

State: CT

Zip: 06450

Phone: 203-235-2333 x 2020

Email: info@cedf.com

Website: Community Economic Development Fund

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