The Community Economic Development Fund accepts a contribution from the SI Financial Group Foundation.

Partnering for a Better Economy and Community

Mar 12, 2018

In 1994, the Community Economic Development Fund (CEDF) was formed to help serve the needs of entrepreneurs and small business owners located in Connecticut’s low-to-moderate income communities. Nearly 25 years later, they’re still working to strengthen and stabilize local small businesses through partnerships with organizations like Savings Institute Bank & Trust.

A primary goal of the CEDF is to help entrepreneurs and small business owners who are unable to obtain traditional financing. Sometimes this is due to the business being a start-up, lacking strong credit, or having debt in excess of traditional bank standards. CEDF goes beyond conventional guidelines and considers not only the business plan, but the many facets that make a small business successful, including dedication, drive, and passion for reaching their goals. Aside from providing funding to business owners, CEDF offers educational guidance through their Business Education Center. Savings Institute Bank & Trust’s SI Financial Group Foundation recently awarded the non-profit a $5,000 grant to support the services it provides.

“Small businesses are imperative to the success of our local economy and health of our communities,” stated Jonathan Wood, EVP, Director of Retail Banking at Savings Institute Bank & Trust. “Over 95% of employers in the state of Connecticut are small business owners. The Bank is proud to partner with CEDF to support the businesses that make Eastern Connecticut great.”

Savings Institute Bank & Trust’s commitment to CEDF’s cause goes beyond being an investor in the non-profit. The Bank also works to refer clients to the organization that will benefit from the non-profit’s services and flexible loan programs and just recently announced plans to fund business loans jointly. The new partnership between Savings Institute Bank & Trust and CEDF will provide lines of credit and term loans up to $250,000 and owner-occupied mortgages up to $500,000 for businesses across Eastern Connecticut.

To learn more about CEDF’s lending programs and educational business services, please visit www.cedf.com.

Pictured: Jonathan Wood (Right), EVP, Director of Retail Banking, Savings Institute Bank & Trust presents a grant for $5,000 to CEDF President Jim Bzdyra.

Savings Institute Bank & Trust headquartered in Willimantic, Connecticut offers branch locations throughout Connecticut and south eastern Rhode Island. With $1.6 billion in assets, the Bank is a full service community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses since 1842.