Success in Action: CHEFA Successfully Works to Pass Legislation, Expanding Financing Services for CT Nonprofits

On June 7, 2023, Governor Ned Lamont signed Senate Bill 1104 into law, thereby modernizing and expanding CHEFA’s statutory authority. The key feature of the new law, Public Act 23-11 expands the definition of Project beyond brick and mortar to allow CHEFA to finance programs or services that is in furtherance of the organization or mission for any qualified nonprofit in the state. This will allow organizations the ability to finance on a short-term basis to augment their cashflow needs.

While the statutory changes under Public Act 23-11 take effect immediately, guidelines and processes for this new financing option are being developed by CHEFA staff and will be made available on CHEFA’s website in the near future at chefa.com.

In pursuit of its mission, CHEFA identified the necessity for updates outlined in SB 1104, which sought to expand and modernize CHEFA’s statutory authority. By taking the lead in introducing this crucial legislation, CHEFA aimed to build upon its strong history of client service, ensuring that qualified nonprofits would receive the support they require to thrive.

CHEFA lead legislative efforts to introduce Senate Bill 1104, demonstrating its commitment to enhancing client service and driving positive change. Recognizing the need for certain changes to better serve qualified nonprofits, CHEFA proactively engaged with the legislature, and actively collaborated with members of the executive branch and agency officials throughout the legislative session.

Through persistent advocacy and dedicated efforts, CHEFA successfully pursued and passed SB 1104, solidifying its position as a proactive force in promoting positive change for its clients in the legislative arena. This achievement underscores CHEFA’s unwavering commitment to its clients, as well as its commitment to actively engaging with key stakeholders to shape legislation that reflects the evolving needs of the nonprofit sector.

Throughout the legislative process, CHEFA maintained a consistent presence, remaining actively engaged with members of the legislature, the executive branch, and agency officials. By doing so, CHEFA effectively conveyed its expertise and insights, contributing to the development and refinement of SB 1104.

CHEFA’s leading role in pursuing and passing SB 1104 demonstrates its dedication to proactive advocacy, client service, and collaboration with legislative bodies. This significant legislative accomplishment reinforces CHEFA’s commitment to its mission and solidifies its position as a key organization in supporting the success of qualified nonprofits.