Financial Support for Nonprofit Child Care Providers
This new act aims to make it easier for nonprofit child care providers, such as daycares and preschools, to access loans. This means more such facilities can obtain financial support for development or ongoing operations, potentially increasing the availability of child care for parents. The act specifies which providers are eligible for these loans and what conditions they must meet.
Key points
Nonprofit child care providers (daycares, preschools) can now apply for small business loans.
Providers must meet state licensing requirements, be non-profit organizations, and conduct employee background checks.
Loans up to $500,000 do not require additional guarantees; amounts above that do.
The act prohibits denying loan applications based on the provider's religious activities.
Status:
Expired
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