CDC Focus

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What is the CDC?

The Community Development Corporation of Northeast Indiana (CDC) is a City of Fort Wayne-sponsored non-profit business development organization. The CDC’s primary objective is to promote growth and development of small commercial and industrial businesses in the Northeast Indiana area through creative financing programs.

Who qualifies for CDC loans?

CDC loans are made to new and existing small and medium-sized companies that are growing but unable to obtain conventional financing. A loan can be made in conjunction with a loan from a bank or, in some cases, can be made to the business without requiring a matching bank loan.

CDC loans can be used to finance land and building acquisition, new construction, renovations, equipment and working capital. Most programs offer a fixed interest rate for the term of the loan. Generally, loans may not be used to refinance existing debt (except for the SBA504 Refinance Program).

Collateral is generally required for loan approval. CDC loans are usually secured by business assets such as real estate, equipment, inventory and accounts receivable. All loans require the personal guarantee of the owners. In addition, SBA loans must have a bank involved in the project and non-SBA loans must have a bank involved or have been denied by a bank to be eligible.

CDC has programs that can be utilized in the City of Fort Wayne, as well as, the outlaying counties and statewide for SBA loans.

Who makes up the CDC Board of Directors?

Per the bylaws, the board must consist of at least 15 members, with 5 representing private lending, 5 representing private business, and 5 representing government and community organizations. The banks are set up on a rotating basis and generally name their own representative when a vacancy occurs.

Recommendations for new board members are always welcome. Please forward your recommendations to the executive director (whether or not there is a current vacancy).

Aside from the lenders on the board, the rest of the board members do not have term limits. Officer terms are one year and there is no limit on how many years a director may serve in a particular office. It is a requirement that all board members attend in-person and online meetings at least 51% of each year or risk removal of the board.

Attendance

Per the CDC By-Laws, each board member must attend (full participation) for at least 51% of in-person and online meetings annually or risk removal of the board. We must ensure we meet our quorum requirements. In addition, we value your expertise when reviewing our loan requests and board agenda items.

Subcommittees

Several subcommittees exist to allow more efficient board meetings by delegating certain tasks to smaller groups. Each board member is asked and expected to serve on at least one subcommittee.

Punctuation

Our board consists of a large number and broad variety of professionals. We strive to start in-person meetings on time as the CDC staff understands that many board members have limited time available due to other commitments. Please honor the time of your team members by being punctual to every meeting. If you know you will be late, please notify the CDC staff by phone or email.

Leadership

After you've become a 'veteran' board member, opportunities will arise to serve in leadership positions such as a CDC Officer or Subcommittee Chair. Obviously, our board is volunteer only and we recognize these leadership roles may require additional time. The CDC, however, is dependent upon your continued support and leadership to continue its growth and success.

Preparedness

Referrals

Word of mouth is our most used and successful marketing tactic. All of you are community leaders, business owners and/or commercial lenders, each with your own circle of influence. This enables you the opportunity to spread the word about the services and opportunities available at the CDC. You are an important part of the CDC’s marketing!

And, as if all that is not enough, there are some other duties:

Quarterly, the directors will receive financial reports of the CDC pertaining to operational income and expenses and balance sheet. In addition to the financial reports will be the loan portfolio reports consisting of loan status, delinquencies, etc. along with other relevant organizational reports and discussions.
Annually, the directors will receive the audited financial statements and report from the contracted independent auditors. Each director should read this thoroughly, understand it and voice any questions or concerns. The finalized reports will be presented at the annual/1st Qtr. board meeting.
Speaking of the annual meeting, the annual meeting and luncheon is usually held at the end of March. The annual meeting has been combined with our 1st Quarter Board meeting and is held for current board of directors only. This meeting provides an annual summary of the CDC’s accomplishments and goals for the following year.