EIN 06-1380472

The Community Economic Development Fund Foundation

IRS 501(c) type
501(c)(3)
Num. employees
16
Year formed
1993
Most recent tax filings
2022-12-01
NTEE code, primary
Description
The Community Economic Development Fund Foundation provides flexible financing and technical support to small businesses in Connecticut's low-income communities.
Total revenues
$2,219,165
2022
Total expenses
$2,035,384
2022
Total assets
$20,499,835
2022
Num. employees
16
2022

Program areas at The Community Economic Development Fund Foundation

Small business lending program: as a certified Community Development financial institution loan Fund, cedf offers easier-to-obtain small business loans to startup and small businesses throughout Connecticut that cannot obtain financing from traditional lending institutions. Our borrowers must also operate a business in a targeted or public investment Community (as identify by ct office of policy and management) or have a low-to-moderate household income. 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 and retention. In 2022, cedf Foundation originated 36 microloans/lines of credit/owner-occupied mortgages for $964,000 and another 216 for $2,065,000 for affiliate, cedf Fund i, llc, comprising The total lending for cedf organization.
Business education program: cedf educates entrepreneurs on The essential knowledge for operating successful, sustainable enterprises. Business educational offerings are provided to entrepreneurs/small business owners across Connecticut at little to no cost to them. We deliver education through a variety of channels, including podcasts, webinars, instructional articles, online education and live seminars and offer on-demand format all housed on our education website for easy access to educational resources needed by The small business owner www.weteachsuccess.org. Program services in spanish: cedf employs three spanish speaking individuals and prospective clients more comfortable conducting business in spanish can access pre-loan counseling, business education and business advisory services in their own language. In 2022, we experienced 9,806 learning engagements and offered 45 live programs.
Business advisory program: cedf provides a business advisor (ba) to each of our loan recipients for The life of their loan(s) at no charge to them, just prior to loan origination. Ba's are full-time cedf employees and each advisor has owned and operated a successful small business before joining cedf. This equips them with expert technical knowledge and The willingness to provide attentive, understanding and emotional support to those facing difficult circumstances. Ba's serve our borrowers as coaches and relationship managers to help foster business growth and reduce risk of business closure. They offer guidance on best practices in management, marketing, finance and operations; help investigate, diagnose or research business challenges and opportunities in order to identify paths to improved results; and coach on matters of leadership, accountability, action planning, idea generation, motivation, and management of The emotional components of business ownership. Cedf's business advisors provided 6,135 service hours to 175 clients with 215 loans across 80 cities/towns in ct in 2022 and supported The retention of 1,008 jobs.
Cedf strongly believes in Economic Development through community-owned projects. We work with low-to-moderate income communities on projects that support business growth and job creation by providing assistance to cities/towns, Community residents, merchant groups, and others who have a vision for ways they may better support The Economic environment. We offer assistance in project-related expenses because Community Development grants help local usinesses grow and prosper. In 2022, cedf provided a $5,000 Community Development grant to entrepreneurship Foundation for support of a 2022 business idea competition in bridgeport.

Grants made by The Community Economic Development Fund Foundation

GranteeGrant descriptionAmount
Entrepreneurship FoundationProgram Support$5,000

Who funds The Community Economic Development Fund Foundation

Grants from foundations and other nonprofits
GrantmakerDescriptionAmount
Local Initiatives Support CorporationSee Part Iv$150,000
Webster Bank Charitable FoundationProgram Support - Small Business Lending, Business Advisory Services & Business Education$15,000
The Blackbaud Giving FundGeneral Support$10,000

Personnel at The Community Economic Development Fund Foundation

NameTitleCompensation
Jim BzdyraPresident and Chief Executive Officer
Karen MacIorowskiVice President and Chief Financial Officer$144,698
Jay BabcockDirector of Managed Assets
Andrew ScarpaDirector of Business Advisory Services
Kathy DomijanDirector of Accounting
...and 10 more key personnel

Financials for The Community Economic Development Fund Foundation

RevenuesFYE 12/2022
Total grants, contributions, etc.$741,650
Program services$1,191,329
Investment income and dividends$211,243
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$46,451
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$28,492
Total revenues$2,219,165

Form 990s for The Community Economic Development Fund Foundation

Fiscal year endingDate received by IRSFormPDF link
2022-122023-09-29990View PDF
2021-122022-11-14990View PDF
2020-122021-10-14990View PDF
2019-122021-04-05990View PDF
2018-122020-02-10990View PDF
...and 9 more Form 990s

Organizations like The Community Economic Development Fund Foundation

OrganizationLocationRevenue
Black Hills Community Loan FundRapid City, SD$808,910
Seattle Economic Development Fund Business Impact NWTukwila, WA$9,619,486
Credit Builders AllianceWashington, DC$5,600,497
Hartford Community Loan FundHartford, CT$1,607,645
Dakota ResourcesRenner, SD$2,438,799
Community Loan Fund of the Capital RegionAlbany, NY$2,396,345
Working Solutions CdfiSan Francisco, CA$6,684,587
Grow South Dakota / Northeast South Dakota Economic CorporationSisseton, SD$1,331,875
First Southwest Community FundAlamosa, CO$867,703
Renaissance Economic Development CorporationNew York, NY$4,221,507
Data update history
March 16, 2024
Updated personnel
Identified 2 new personnel
January 2, 2024
Received grants
Identified 2 new grant, including a grant for $150,000 from Local Initiatives Support Corporation
November 25, 2023
Posted financials
Added Form 990 for fiscal year 2022
October 23, 2023
Received grants
Identified 1 new grant, including a grant for $10,000 from The Blackbaud Giving Fund
September 19, 2023
Updated personnel
Identified 4 new personnel
Nonprofit Types
Business and community development organizationsHeadquarter / parent organizationsCharities
Issues
Community improvementEconomic development
Characteristics
State / local levelReceives government fundingEndowed supportTax deductible donations
General information
Address
965 E Main St
Meriden, CT 06450
Metro area
New Haven-Milford, CT
County
09170
Website URL
cedf.com/about-cedf/board-of-directors/ 
Phone
(203) 235-2333
IRS details
EIN
06-1380472
Fiscal year end
December
Taxreturn type
Form 990
Year formed
1993
Eligible to receive tax-deductible contributions (Pub 78)
Yes
Categorization
NTEE code, primary
S30: Economic Development
NAICS code, primary
522120: Savings Institutions
Parent/child status
Independent
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