Forgivable Loan Program for New Childcare Providers
We are excited to announce that through a grant given by Southern Minnesota Initiative Foundation a new incentive for childcare providers has been launched in Freeborn County. The Freeborn County Childcare Loan Program provides a forgivable loan towards actual expenses relating to cost of opening a childcare business in Freeborn County to newly licensed providers. Up to $2,000 is available per licensed childcare provider. The loan will be forgiven if the provider remains in business and in good standing with licensing two years following the distribution of loan funds.
The program is only available for new childcare providers located in Freeborn County. New providers must also be licensed for infants and actively seek to fill that age slot. The funds may be used for expenses such as licensing fees, training, safety equipment, toys, craft supplies, highchairs, cots, strollers, etc. For a full list of guidelines and to apply please visit growalbertlea.com or contact Noelle Hagen, Albert Lea Economic Development Agency – noellehagen@growalbertlea.com, 507-373-3930.
The grant was applied for by the Freeborn County Childcare Committee. This committee meets monthly to address the needs of parents, childcare providers, and employers relating to the shortage in childcare. The group recently held a childcare provider appreciation event to thank current providers for their dedication to the children and families they serve. ALEDA is the local economic development organization made up of two separate entities – the City of Albert Lea Port Authority and Greater Jobs, Inc. If you are a new or expanding business looking for assistance, please contact ALEDA at 507-373-3930 or visit www.growalbertlea.com
View the application here: