Senator John Kerry (D-Mass.), a senior member and former chairman of the Small Business Committee, today announced his introduction of legislation that would allow non-profit child care businesses to receive loans from the Small Business Administration (SBA). The Child Care Lending Pilot Act will help improve child care options for working families by providing loans to improve and expand non-profit child care facilities.
"Families are struggling to find quality child care for their children," said Sen. Kerry. "Expanded financing options will help non-profit child care businesses grow and give working parents additional options that are educational, safe, and affordable."
Senator Kerry's Child Care Lending Pilot Act will:
- establish a three-year pilot program enabling small, non-profit child care businesses to be eligible for the SBA's 504 loans;
- revise current rules which prevent non-profit childcare centers from receiving necessary funding; and
- allow non-profit childcare centers to update their services and facilities by offering low, predictable monthly financing payments.