FUNDING THE FUTURE OF CHILD CARE

Supporting our county’s future and the next generation’s education and career success starts with quality preschool programs. Historically, Ventura County has had too few licensed commercial child care and preschool spaces to meet demand. The Economic Development Collaborative and First 5 Ventura County are committed to building more child care and early childhood education capacity in our community through the Child Care Investment Loan Fund.

The Ventura County Office of Education and Child Care Planning Council has documented that Ventura County is as many as 50,000 childcare slots short. Only 36 percent of children ages 0-14 whose parents are in the workforce have access to a licensed child care space. Further, studies find that children who are most likely to benefit from a high-quality preschool program are least likely to attend.

Not only do these programs help children grow socially, emotionally and academically, they also support local businesses and our economy. Quality child care spaces support working parents, enhance business recruitment and retention, create local stable jobs and creates a thriving community that spends fewer dollars on expensive remedial and social service programs. As we increase our investment in our children’s educational and career success, we produce higher academic achievers and better prepared adults for our society.

For-profit businesses, nonprofit organizations, school districts, public entities, employers, and private developers may take advantage of this below-market funding and no-cost high quality business advising for the development of commercial child care and preschool spaces.

Funding May be Used For:

The following activities related to a commercial child care or preschool facility in Ventura County.

• Planning
• Construction

• Expansion
• Rehabilitation

Terms & Eligibility:

• Loans may range from $10,000-$800,000
• Maximum loan term 84 months
• $200 loan origination fee, plus out-of-pocket expenses
• Three years of financial statements and/or projections

• Letter of loan rejection from bank
• Collateral for loans such as personal real estate of guarantor and/or any assets purchased by the loan and UCC-1 filing on all business assets
• Funds may only be used for the development of commercial spaces