May 10th was a red letter day as EDC-VC joined local officials, First 5 Ventura County and Gus and Alma Ferrel, owners of ABC Kids Preschool, to cut the ribbon at the grand opening of the ABC Kids new Oxnard location on the campus of the Boys & Girls Clubs of Greater Oxnard and Port Hueneme (the Club). The Ferrels made available 78 new preschool slots in the Oxnard community, which has a high, unmet need for early childhood education.
- By extending its services to younger children, the Club could add value to member families, providing a more comprehensive suite of services and creating a feeder for its youth development activities.
- By creating 78 new child care spots, the operation could help close the gap in access to quality care, particularly for low income children in the area.
- By contracting the childcare and preschool service out to a private, professional provider, the Club could lease the space to a business, generating rental income, essential for supporting and expanding the Club’s youth development offerings
The Club worked with First 5 Ventura County to develop the evaluation criteria for selecting the care provider, assuring that the partnership with a quality care provider would maintain alignment with the Club’s mission and values. EDC-VC provided the Club and the qualified child care provider with technical assistance with the business plan, assuring a sustainable service and partnership.
- 318+ new high-quality preschool spots have been established, 107 of which are for the especially scarce and high-value infant and toddler age group.
- Created more than 52 full-time equivalent jobs in early child education.
- Secured a total lending, from all funds, of $1,665,000, with $1,196,868 in First 5 Tobacco Tax fund-leveraging an additional $468,132 in private lending.
- Achieved a return on investment for each new child care spot for an affordable $5,236 in loan capital. Full-day preschool at age four for low-income children has the highest ratio of adult earnings benefits to costs, at over 5-to-1.