Child Daycare Loan Program

Category: Community Development

Overview

This loan fund is targeted toward new and existing child day care facilities. The funds are designed to help create, expand, or improve childcare facilities, and enable them to become properly equipped and licensed.

Benefits

• The creation of new and projected employment opportunities which match the abilities of the target area’s unemployed and underemployed, and which provide sufficient income to sustain families within the area’s rural communities.
• The creation and retention of viable businesses within the target area.
• Last resort financing.
• Gap financing.

Eligibility Requirements

Maximum to Borrow: $25,000
Uses: Working Capital, Inventory, Equipment, Minor remodeling, Minor upgrading of facilities to meet licensing and code requirements (no acquisition of real estate, major construction, re-financing of existing debt, or franchises)
Type of Entity: Licensed Daycare Facility
Rates: 2/3 of current prime (minimum of 9%) at loan closing
Terms: Maximum term of five years
Fees: $50 application fee plus applicable closing costs and $20 late fee if payment is not received by the 10th of the month, $20 fee for non-sufficient funds

Eligible Counties

Erie, Hancock, Huron, Lorain, Lucas, Ottawa, Richland, Sandusky, Seneca, Wood

Contact Information

Angie McConnell (Loan & Grant Specialist)