Local childcare business to continue providing needed service in community
Kris and Cory Otte, owners of Kidz Junction, Inc., recently received loan assistance from the Southwest Initiative Foundation’s(SWIF) Microenterprise Loan Program for the purchase of Beans Plus Daycare in Hutchinson.
Beans Plus, Inc. opened in January 2005 with the purchase of the existing daycare centers at South Central Technical College in Mankato and Ridgewater College in Hutchinson. Since then, the program has expanded in both communities to include additional facilities for before- and after-school programs and summer care.
Kris Otte has directed Beans Plus for the past four years and previously served as assistant director. She has worked in childcare centers for more than 15 years, bringing a wealth of experience to her new ownership position.
Kidz Junction will continue to offer a much-needed service to the community by providing care for up to eight infants, 14 toddlers, 12 infant/toddler combinations and 27 preschoolers. The business is located at 267 4th Ave. NW. in Hutchinson and can be reached at 320-234-7121.
“The purchase of this business by the Ottes was a natural next step for Kris and Cory,” said SWIF Microenterprise Program Officer Berny Berger. “Kris has been an integral part of the operation of the daycare since its inception and she has the experience, drive and motivation to take over the business.”
Citizen’s Bank and Trust of Hutchinson is a participating lender through SWIF’s Bank Partnership Program. Partnering banks inform small business owners and entrepreneurs about SWIF’s Microenterprise Loan Program and assist with the application, which can be completed at the bank. Loan customers benefit by receiving quality, on-going technical assistance from SWIF throughout the duration of the loan.
SWIF’s Microenterprise Loan Program offers loans of up to $35,000 for starting or expanding for-profit small businesses located within the 18 counties of southwest Minnesota that have a need for additional sources of funds. In addition, technical assistance is available from SWIF as needed for the length of the loan. The program receives funding assistance from the U.S. Small Business Administration, as well as from the U.S. Department of Agriculture.
The Southwest Initiative Foundation is a regional community foundation dedicated to advancing southwest Minnesota through leadership, relationship-building, program development and philanthropy. The Foundation has contributed more than $46 million through its grant and loan programs in southwest Minnesota. It has also helped more than 450 businesses start or expand through its business finance programs, which has created or retained more than 7,400 jobs. To learn more, visit www.swifoundation.org.
