Expanding SBA Loans to Nonprofit Child Care Providers for Investment.
This Act grants nonprofit child care providers access to key Small Business Administration (SBA) loan programs, treating them as small businesses for financing purposes. This change aims to increase the availability of capital for these centers, potentially leading to facility expansion, quality improvements, and greater access to child care for families. Providers must meet strict state licensing, tax-exempt status, and mandatory criminal background check requirements for all staff.
Key points
Financial Access: Nonprofit child care centers gain eligibility for major federal small business loan programs (SBA 7(a) and 504 programs).
Safety Requirements: Eligibility mandates compliance with state licensing and strict federal criminal background checks for all employees and regular volunteers.
Loan Guarantee Threshold: Loans exceeding $500,000 require the provider to secure a guarantee of timely payment from another entity or person.
Status:
Introduced
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