Easier Access to SBA Loans for Nonprofit Child Care Providers.
This law grants nonprofit child care providers access to key federal Small Business Administration (SBA) loan programs previously reserved for for-profit entities. This change helps stabilize and expand child care options for working families by providing crucial funding for facility improvements and operations. It ensures that more communities have reliable and affordable child care services.
Key points
Nonprofit child care centers (meeting licensing and tax-exempt criteria) are now eligible for major SBA loan and financing programs.
Loans up to $500,000 do not require an additional payment guarantee, making capital more accessible for smaller providers.
Eligibility requires all staff and regular volunteers to pass criminal background checks, prioritizing child safety.
SBA cannot deny eligibility based solely on the use of loan proceeds for a religious activity protected under the First Amendment.
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