Child care in southwest Minnesota is in high demand, with an estimated 3,000 kids who lack access to quality, affordable care. In rural areas, it isn’t unusual for a parent to drive 40 miles round trip or more to drop their child off with a provider. Through the Bright Beginnings loan program, we are working to expand the number of child care providers so parents have access to care close to home.
Rural Minnesota, including our region, is facing a child care crisis. We need a 25 percent growth in licensed child care just to fill the shortfall. Bright Beginnings is one way to support solutions that help families, employers, and communities.
Bright Beginnings is all about the business of child care. This program is designed to provide capital and business education to home or center-based licensed child care providers in southwest Minnesota. Technical assistance is provided during the life of the loan through a partnership with First Children’s Finance.
Loans up to $15,000 are available, and the funds can be used for:
- Start-up or expansion expenses
- Code requirements
- Repairs, renovations or upgrades
- Educational toys and materials
- Playground equipment
Bright Beginnings Loans have a 3% fixed interest rate and up to a four-year term. Loan security is dependent on available collateral. Providers must hold a Parent Aware Rating or be working towards obtaining a rating.
Contact us to learn more about this program.
Economic Development Officer
(320) 583-2180 | email@example.com