Community Economic Development Fund Foundation Inc
Public records show a registered, tax-exempt organization in good standing.
What it says it does
TO STRENGTHEN NEIGHBORHOOD ECONOMIES BY PROVIDING FLEXIBLE FINANCING AND TECHNICAL SUPPORT TO BUSINESSES, COMMUNITY ORGANIZATIONS AND INITIATIVES THROUGHOUT CONNECTICUT. WE HELP TO STABILIZE AND GROW SMALL BUSINESSES SO INDIVIDUALS MAY REALIZE THEIR DREAMS, FAMILIES MAY CELEBRATE INCREASED FINANCIAL INDEPENDENCE, AND COMMUNITIES MAY PROSPER. THE COMMUNITY ECONOMIC DEVELOPMENT FUND (CEDF) WAS FOUNDED IN 1993. THERE WAS AN URGENT NEED FOR SMALL BUSINESS LENDING IN CONNECTICUT'S ECONOMICALLY DEPRESSED AND STAGNANT CITIES AT A TIME WHEN TRADITIONAL BANKING INSTITUTIONS WERE SCALING BACK LENDING ACTIVITY. TODAY CEDF CONTINUES TO ACTIVELY LEAD AND SUPPORT SMALL BUSINESS FORMATION AND GROWTH AS A CATALYST FOR MEANINGFUL, DIVERSE AND INCLUSIVE ECONOMIC DEVELOPMENT. OVER THE LAST 31 YEARS, CEDF HAS FULFILLED ITS MISSION OF SMALL BUSINESS LENDING, TECHNICAL ASSISTANCE AND BUSINESS EDUCATION FOR ENTREPRENEURS AND SMALL BUSINESS OWNERS ACROSS CONNECTICUT.
- Income
- $2.3 million
- Spending
- $2.2 million
- Spent on programs
- 67%
- Reserves
- 53.9 months of spending
- Largest source of income
- fees for its services, 54%
- Employees
- 14
- Volunteers
- 0
- Highest pay
- $243,981, president/ceo
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Good: 85 out of 100. Higher than 67% of charities in its peer group (community improvement, $1m to $10m).
Reserves
35 of 35Spendable reserves would cover 53.9 months of spending.
Debt
10 of 20It owes 32% of what it owns.
Living within its means
15 of 15Income exceeded spending by 6% of income.
Income trend
10 of 15Income fell 4% on the year before.
Spending floor
15 of 1567% of spending went to programs and raising each dollar of donations cost 8 cents.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 100 out of 100. Higher than 68% of charities in its peer group (community improvement, $1m to $10m).
Independent board
25 of 2516 of 16 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (3)
- $897,046 spent. 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 AN ECONOMICALLY DISADVANTAGED CENSUS TRACT (AS IDENTIFIED BY THE STATE OF CT AND/OR U.S. TREASURY) 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 2024, CEDF FOUNDATION ORIGINATED 37 MICROLOANS/LINES OF CREDIT/OWNER-OCCUPIED MORTGAGES FOR $1,084,000 AND ANOTHER 32 FOR $2,899,811 FOR AFFILIATE, CEDF FUND I, LLC, COMPRISING THE TOTAL LENDING FOR CEDF ORGANIZATION. OF THE CEDF FUND I, LLC TOTALS, 7 LOANS FOR $1,080,000 WERE ORIGINATED ON BEHALF OF CT DECD SMALL BUSINESS BOOST PROGRAM, OF WHICH 95% WERE REQUIRED TO BE SOLD BACK TO THE CT SMALL BUSINESS BOOST FUND.
- $414,744 spent. 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 5,470 SERVICE HOURS TO 193 CLIENTS WITH 239 LOANS ACROSS CT'S 169 TOWNS/CITIES IN 2024 AND SUPPORTED THE CREATION AND RETENTION OF 1,092 JOBS.
- $149,954 spent. 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 2024, WE EXPERIENCED 7,535 LEARNING ENGAGEMENTS AND OFFERED 74 EDUCATIONAL PROGRAMS OF WHICH 39 WERE IN SPANISH.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2024.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since December 1994.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.
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