Garrett County Government - Department of Business Development

MD Commerce Announces New Child Care Capital Support Revolving Loan Fund

Last Updated on Aug 2, 2023 at 10:06am | Business Resources

Photo of an African American woman sitting at a desk with pen in hand. Child Care Capital Support Revolving Loan Fund - Accessible, high quality childcare is key to a thriving workforce.The Child Care Capital Support Revolving Loan Fund is a financing resource operated by the Maryland Department of Commerce, with support from the Maryland State Department of Education, to provide no-interest loans for capital expenses to child care providers who participate in the State Department of Education's Child Care Scholarship Program.
 

ELIGIBILITY REQUIREMENTS:

 

Qualifying Borrowers:


The Child Care Provider must be licensed by the State Department of Education and a participant in the State Department of Education’s Child Care Scholarship Program. Priority is given to Maryland child care providers:
 
  • Located in underserved communities or areas designated by the State Department of Education as lacking available child care slots,
  • Located in rural communities,
  • Serving primarily low-income populations in areas of high poverty,
  • Serving children with special needs, and
  • Serving children ages 2 and younger.
 

Qualifying Capital Expenses:

 
The Child Care Provider must be licensed by the State Department of Education and a participant in the State Department of Education’s Child Care Scholarship Program. Priority is given to Maryland child care providers:
 
  • Located in underserved communities or areas designated by the State Department of Education as lacking available child care slots,
  • Located in rural communities,
  • Serving primarily low-income populations in areas of high poverty,
  • Serving children with special needs, and
  • Serving children ages 2 and younger.
 
 

Restrictions:

 
  • Businesses other than child care providers are not eligible.
  • Loans are intended for current projects and may not be used to refinance existing debt.
  • Proceeds cannot be used for working capital or operations (for example: marketing, payroll, lease or rent expense, supplies, utilities, etc).
 
For additional information, visit the Child Care Capital Supporting Revolving Loan Fund webpage or contact Caroline Kimani at (410) 767-0939 or caroline.kimani@maryland.gov.